Booming Sheffield property market bucks national house price fall

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The booming Sheffield property market is bucking the national trend of a fall in house prices, experts say.

House prices have dropped by 4.5% since June in England, according to the latest figures and one of the hardest hit regions is Yorkshire, where the figure is almost 7%.

But Sheffield prices appear to be defying the national trend according to city property experts, who say traditionally strong postcodes such as S11, S10 and S17 remain buoyant.

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They report properties in areas such as Crookes, Ecclesall, Dore and Totley are selling for at least 10% above the asking price and one expert reported a house in the city selling for £40,000 more than the asking price this week.

Sold and for sale signs as house prices in Sheffield defy a drop in the national marketSold and for sale signs as house prices in Sheffield defy a drop in the national market
Sold and for sale signs as house prices in Sheffield defy a drop in the national market

Luke William, local property partner for Purplebricks said: "It’s definitely true that desirable and sought-after postcodes in Sheffield are bucking this national trend.

"In the most popular areas, we’re still seeing properties going for at least 10% above asking price.

"One property this week has had an offer accepted for £40,000 over the asking price, for example. It’s not surprising that we’re seeing prices maintaining this level though – because there is a shortage of supply for properties, especially in the locations where everyone wants to be.”

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The UK House Price Index showed the average house price in Yorkshire and the Humber was £180,3246, a drop of -6.8%. Nationally, the average property value is £270,973.

The figures support research earlier this month by national estate agent Keller Williams UK which showed the average Sheffield property price was £186,980.

That was dwarfed by the average property in the Dore and Totley ward, which costs £382,750 - a difference of £195,770, more than the price gaps in Leeds and Manchester.

The House Price regional data for England in July shows that no region saw a monthly price rise.

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The South East experienced the smallest monthly fall with a movement of -1.3%

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