The Sheffield neighbourhood where house prices have soared by 50 per cent - as estate agent gives tips for new property hotspots
Average house prices have rocketed by more than 50 per cent in the last year in one Sheffield neighbourhood, with an estate agent suggesting people moving out of the city centre are fuelling the property boom.
The amount the average house changed hands for in Highfield and Lowfield soared by 53.9 per cent to £170,440 in the year to September 2020, according to the latest figures from the Office for National Statistics – the largest increase in Sheffield and one of the biggest nationally.
Haq Nawaz, the local director at Northwood Estate Agents, said: “I am surprised how much prices are rising there because a 50 per cent increase is much higher than the national average, but I’m not surprised they’re going up.
"It’s the location. Highfield and Lowfield is five minutes from the city centre, you’ve got great bus links, decent schools and good open spaces.
"People who are moving from the city centre don’t want to move too far so it’s ideal for them. A lot of the buyers are people who were in the city centre and realise that for the same price as a one-bedroom flat there they can get a two-bedroom house with a garden. That extra space is quite appealing, especially with most people still working from home at the moment.”
Mr Nawaz says he expects the housing market there to continue to perform strongly, though he predicts the end of the stamp duty holiday will wipe around five per cent off prices nationally and result in a 25 per cent drop in demand.
His tips for upcoming housing hotspots include the top end of Sharrow and the area around Heeley City Farm, including Myrtle Road.
House prices in most parts of Sheffield have risen over the last year, according to the ONS, with an increase recorded in 51 out of 71 neighbourhoods, and 13 seeing double-digit growth.
Overall, house prices in Sheffield rose by 6.4 per cent in the year to September 2020, compared with the previous 12 months, with the average house in the city now worth £208,171.
That was the joint 29th biggest price increase out of 336 local authorities in England and Wales, well above the national average rise of 4.1 per cent.