Sheffield house prices increased slightly in May

House prices increased slightly in Sheffield in May, new figures show.
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The boost contributes to the longer-term trend, which has seen property prices in the area achieve 3.6 per cent annual growth.

The average Sheffield house price in May was £169,872, Land Registry figures show – a 0.4 per cent increase on April.

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Over the month, the picture was less good than that across Yorkshire and the Humber, where prices increased 3.1 per cent, but Sheffield outperformed the 0.3 per cent rise for the UK as a whole.

Houses and flats, or residential apartments, are pictured in SheffieldHouses and flats, or residential apartments, are pictured in Sheffield
Houses and flats, or residential apartments, are pictured in Sheffield
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Over the last year, the average sale price of property in Sheffield rose by £5,800 – putting the area 12th among Yorkshire and the Humber’s 21 local authorities for annual growth.

Owners of flats saw the biggest improvement in property prices in Sheffield in May – they increased 0.9 per cent, to £114,181 on average.

Detached properties went up 0.3 per cent monthly, up four per cent annually, with an average price of £295,430.

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Semi-detached went up 0.5 per cent monthly, up four per cent annuall,; with an £184,797 average

Terraced went up 0.1 per cent monthly, up 3.3 per cent annually at an average of £145,663.

Over the last year, prices rose by 2.5 per cent.

First-time buyers in Sheffield spent an average of £147,800 on their property – £4,900 more than a year ago, and £26,400 more than in May 2015. By comparison, former owner-occupiers paid £188,400 on average in May – 27.5 per cent more than first-time buyers.

Buyers in Steel City paid roughly the same as the average price in Yorkshire and the Humber (£170,000) in May.

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Across the region, property prices are low compared to those across the UK, where the average cost £236,000.

The most expensive properties in Yorkshire were in Harrogate – £296,000 on average, and 1.7 times as much as in Sheffield. Harrogate properties cost 2.5 times as much as homes in Hull (£117,000 average), at the other end of the scale. The highest property prices across the UK were in Kensington and Chelsea, where the average sale price is £1.4 million.

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