Buying a house in this Sheffield suburb costs 105 per cent more than the average city property, survey reveals

The price gap is one of the biggest in the country as an average property in Dore and Totley ward costs £382,750, compared to the city average of £186,980.

That’s a difference of £195,770, more than the price gaps in Leeds and Manchester, says the research from national estate agent Keller Williams UK.

It comes as house prices have been hitting historic highs across England, soaring by more than 13 per cent in the last year alone.

Sheffield was one of hottest cities for property deals during the stamp duty holiday after it clocked up almost 5,000 sales in 11 months. The figure put the city in the top 11 areas for houses sold from May 2020 to June 2021, when the stamp duty holiday ended for deals below £500,000.

All housing markets, urban or rural, have their expensive areas and Keller Williams has identified where they are, showing exactly how much money homeowners will need to spend in order to live at the very top of their local market.

Dore and Totley are in demand due to large, spacious houses with good gardens or tranquil, luxurious corners of otherwise frantic metropolitan areas, says the agent.

For buyers, the price gap in Sheffield is only beaten by traditional hotspots such as Bournemouth, Oxford and London.

The capital is the most expensive city in England. The average house price is currently £510,299, a sum that dwarfs the national average and yet pales in comparison to the capital’s most expensive neighbourhoods.

And none are more expensive than Knightsbridge and Belgravia where the average house price is a shade below £3 million – that’s almost £2.5 million, or 478 per cent, more than the London average.

Ben Taylor, Chief Executive Office of Keller Williams UK, said: “The housing market has taken off and demand is pushing prices through the roof. Industry commentators keep predicting a sudden drop as demand lightens or at least evens out, but the truth is this is unlikely. The market will be as lively in a year’s time as it is now.

“But even if prices do drop slightly, these pinnacles of the UK property market will continue to command the highest house prices in their respective cities.

“The reason many of these wards are so expensive is that they offer rarified properties - large, spacious houses with good gardens; or tranquil, luxurious corners of otherwise frantic metropolitan areas.

"There will always be demand for these types of homes, as well as buyers with money to buy them. Especially when you factor in the foreign investor interest that our cities attract.

“If you’re lucky enough to be able to afford a step up into one of these wards, you can be sure that your financial stake will be well protected.”

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