Top seven Sheffield postcodes for 2016 house price rises revealed

STOCK: Sheffield housing.
STOCK: Sheffield housing.
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House prices in Sheffield are forecast to rise five times as fast as those in London during 2017.

The average value of a home in the city will grow by around five per cent over the next 12 months, property analyst Hometrack predicts.

Prices in the capital are expected to remain fairly stagnant, increasing by no more than one per cent.

The prediction comes after Hometrack revealed the top postcodes in Sheffield for house price rises this year.

They are:

1. S4 (Grimesthorpe, Pitsmoor): 8.1 per cent

2. S9 (Attercliffe, Brightside, Darnall, Meadowhall, Tinsley, Wincobank): 5.9 per cent

3. S7 (Abbeydale, Carter Knowle, Nether Edge, Millhouses): 5.8 per cent

4. S2 (Arbourthorne, Heeley, Highfield, Manor, Norfolk Park, Wybourn, Park Hill): 5.3 per cent

5. S10 (Broomhill, Broomhall, Crookes, Crookesmoor, Crosspool, Fulwood, Ranmoor): 4.8 per cent

6. S20 (Beighton, Crystal Peaks, Halfway, Mosborough, Owlthorpe, Sothall, Waterthorpe, Westfield): 4.8 per cent

7. S8 (Batemoor, Beauchief, Greenhill, Jordanthorpe, Lowedges, Meersbrook, Norton, Norton Lees, Woodseats): 4.7 per cent

Richard Donnell, Hometrack’s research director, said prices in Sheffield were likely to rise faster than those in the south as it has ‘good affordability and is rising off a low base’.

“If Brexit gets pushed down the road a little further and the economy continues improving, I would expect house prices in Sheffield to keep rising,” he said.

But Mr Donnell pointed out Sheffield prices are just one per cent higher than the 2007 peak, compared with 56 per cent for London.

The average Sheffield house is now worth £129,700, according to Hometrack, having risen by 5.3 per cent in the year to November, and 1.3 per cent in the last three months.

Homes with an S4 postcode have been the biggest risers in the last year, surging in value by 8.1 per cent.

But Hometrack’s predictions differ from those of estate agent Maz Iqbal, director of Sheffield Residential Estate Agents & Letting Agents.

He said prices in Sheffield had risen 2.4 per cent in 2016 but would grow by just 0.2 per cent in the coming year.

Mr Iqbal forecast price increases in the city of 2.1 per cent in 2018, 3.1 per cent in 2018 and 2.4 per cent in 2019.

He claimed Brexit had not yet had a ‘sizeable impact’ on the Sheffield property market but an ‘uncertain’ economic outlook would lead to a ‘more subdued’ 2017.

“The main forces for a weaker Sheffield property market relate to economic uncertainty surrounding the Brexit process, which I believe will impact unhelpfully on consumer confidence in the run-up to and just after the serving of the Article 50 Notice by the end of Q1 2017,” he said.

Rob Anderson, director of Sheffield estate agent Andersons Residential, described 2016 as a ‘strong year’ for sales.

But he said there was still a shortage of homes coming onto the market, with a three-bed semi in the south west attracting on average 30-40 views.

Looking ahead to 2017, he predicted the south west of the city would remain ‘as strong as ever’ and new hot spots were emerging in the north east, particularly for buy-to-let investors.