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

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.

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.

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

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?

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%

A message from the Editor:

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.With the coronavirus lockdown having a major impact on many of our advertisers - and consequently the revenue we receive - we are more reliant than ever on you taking out a digital subscription.Subscribe to The Star website and enjoy unlimited access to local news and information online and on our app. With a digital subscription, you can read more than 5 articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content.Visit https://www.thestar.co.uk/subscriptions now to sign up.Our journalism costs money and we rely on advertising, print and digital revenues to help to support them. By supporting us, we are able to support you in providing trusted, fact-checked content for this website.