House prices in Sheffield: Asking price tumbles for second month in a row - bringing income to buy down too

House prices have taken another tumble this month, in light of a record drop in asking prices across the nation in July.

To end August, the average asking price for a home in Sheffield is £171,300, according to Zoopla - down £900 in one month. The drop follows the enormous £5,800 drop in house prices from June to July 2023 - the same time period that saw UK prices fall at the fastest rate since 2009.

Despite the month-by-month decrease, homeowners do not necessarily need to worry yet. £171,300 is still a 0.9 per cent increase on the end of August 2023, which is worth an extra £1,560 on the average asking price.

It is a return to slight normality after the 10 per cent post-lockdown boom from August 2021 to August 2022.

Falling house prices mean the estimate income to buy also falls. This month, prospective housebuyers in Sheffield need to be earning £32,360pa on average in order to secure a mortgage from a lender. This is down from £32,520pa at the end of July.