House prices in Sheffield: Annual income required to buy a house in city revealed - as prices jump 3.2%

People in Sheffield need to be earning over £32,000 per year in order to secure a mortgage for a house in the city, Zoopla data has revealed.

It is reported Sheffielders need to be earning at least £32,420 per year in order to secure a mortgage from a lender. This is after prospective buyers have also already saved the necessary amount for a deposit.

The data comes with the news house prices in the city have risen by 3.2 per cent since April 2022, equal to £5,600 being added to asking prices.

This is a significant decrease from the same statistics seen last year, when house prices had risen over 10 per cent on the year from April 2021. This increase was equivalent to an additional £15,360 being needed to purchase a house.

Interestingly, the Zoopla data suggests there was no change in house prices over the previous month, with house prices shrinking for the quarter, by 0.4 per cent.

The property site suggests the average house price in the city is now £171,600.