Average Sheffield house price dips to £209,000, latest figures show
House prices have gone up nationally but dropped in Sheffield in the month of May
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House prices dropped slightly to an average of £209,308 in May - a dip of 0.2 per cent.
But the drop does nothing to reverse the longer-term trend, which has seen property prices in the area grow by 4.5 per cent over the last year.
The average Sheffield house price in May was £209,308, Land Registry figures show – a 0.2 per cent decrease on April. The average house price nationally is £286,000.
It comes after new figures show how the average house sale price in some areas of Sheffield rose by as much as £55,000 over the course of 2022, such as in Highfield and Lowfield, where prices increased 43 per cent to an average of £182,500.
When coupled with how houses in the area sold for £110,000 on average at the end of 2018, it means Highfield and Lowfield have seen an average sale price increase of £72,000 in just five years.
Even so, in the same time period, some areas saw the average price fall by as much as 17.7 per cent, such as in Darnall where prices fell from £121,000 down to £100,000.
Meanwhile, by the end of 2022, the most expensive area to buy a house in Sheffield was Bents Green and Millhouses, where the average sale price was £538,000.
Over May, the picture was similar to that across Yorkshire and the Humber, where prices decreased 0.4 per cent, but Sheffield was lower than the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Sheffield rose by £9,000 – putting the area third among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.
The highest annual growth in the region was in Wakefield, where property prices increased on average by 6.2 per cent, to £199,000. At the other end of the scale, properties in Rotherham gained 1 per cent in value, giving an average price of £175,000.
First-time buyers in Sheffield spent an average of £180,600 on their property – £7,600 more than a year ago, and £40,000 more than in May 2018.
By comparison, former owner-occupiers paid £234,400 on average in May – 29.8 per cent more than first-time buyers.
Owners of semi-detached houses saw the biggest fall in property prices in Sheffield in May – they dropped 0.4 per cent in price, to £230,258 on average. But over the last year, prices rose by 4.3 per cent.
Buyers paid 2.3 per cent more than the average price in Yorkshire and the Humber (£205,000) in May for a property in Sheffield. Across Yorkshire and the Humber, property prices are low compared to those across the UK, where the average cost is £286,000.
The most expensive properties in Yorkshire and the Humber were in York – £319,000 on average, and 1.5 times the price as in Sheffield. York properties cost 2.4 times the price as homes in Hull (£135,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.