House prices dropped in Sheffield - the average now on the market at £167,332

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Sheffield saw a drop in house prices in March but this goes against the yearly figures which saw an increase in over £4,000 for the average property.

The average Sheffield house price in March was £167,332, Land Registry figures show – a 3.5% decrease on February.

Over the month, the picture was similar to that across Yorkshire and The Humber, where prices decreased 3.6%, but Sheffield underperformed compared to the 0.2% drop for the UK as a whole.

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Over the last year, the average sale price of property in Sheffield rose by £4,200 – putting the area ninth among Yorkshire and The Humber’s 21 local authorities for annual growth.

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drop in house prices | User (UGC)
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The best annual growth in the region was in Richmondshire, where properties increased on average by 12.3%, to £234,000. At the other end of the scale, properties in Ryedale dropped 4.5% in value, giving an average price of £229,000.

Winners and Losers

Owners of terraced houses fared worst in Sheffield in March – they dropped 3.8% in price, to £143,387 on average. But over the last year, prices rose by 2.8%.

Among other types of property:

Detached: down 3.3% monthly; up 2.5% annually; £291,209 average

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Semi-detached: down 3.4% monthly; up 3.2% annually; £182,253 average

Flats: down 3.3% monthly; up 0.7% annually; £112,253 average

First steps on the property ladder

First-time buyers in Sheffield spent an average of £145,500 on their property – £3,500 more than a year ago, and £24,700 more than in March 2015.

By comparison, former owner-occupiers paid £185,700 on average in March – 27.6% more than first-time buyers.

How do property prices in Sheffield compare?

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Buyers paid 5.1% more than the average price in Yorkshire and The Humber (£159,000) in March for a property in Sheffield. Across Yorkshire and The Humber, property prices are low compared to those across the UK, where the average cost £232,000.

The most expensive properties in Yorkshire and The Humber were in Harrogate – £304,000 on average, and 1.8 times as much as in Sheffield. Harrogate properties cost 2.6 times as much as homes in Hull (£115,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.4 million could buy 16 properties in Burnley (average £86,000).

Factfile

Average property price in March

Sheffield: £167,332

Yorkshire and The Humber: £159,208

UK: £231,855

Annual growth to March

Sheffield: +2.6%

Yorkshire and The Humber: -1.0%

UK: +2.1%

Best and worst annual growth in Yorkshire and The Humber

Richmondshire: +12.3%

Ryedale: -4.5%

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