House prices increase in Sheffield, contributing to the long term trend

House prices increased in Sheffield in February, new figures show.

Thursday, 23rd April 2020, 12:22 pm
Updated Thursday, 23rd April 2020, 12:22 pm

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 5.21 per cent annual growth.

The average Sheffield house price in February was £174,372.18, Land Registry figures show – a 1.7 per cent increase on January.

Over the month, the picture was better than that across Yorkshire and The Humber, where prices decreased 1.0 per cent, and Sheffield outperformed the 0.62 per cent drop for the UK as a whole.

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Over the last year, the average sale price of property in Sheffield rose by £8,600 – putting the area second among Yorkshire and The Humber’s 21 local authorities for annual growth.

The best annual growth in the region was in Harrogate, where properties increased on average by 8.82 per cent, to £302,000. At the other end of the scale, properties in Scarborough dropped 2.0 per cent in value, giving an average price of £162,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Sheffield in February – they increased 2.44 per cent, to £117,197.41 on average. Over the last year, prices rose by 2.99 per cent.

Among other types of property:

Detached: up 1.49 per cent monthly; up 4.77 per cent annually; £302,031.71 average

Semi-detached: up 1.48 per cent monthly; up 5.7 per cent annually; £189,397.74 average

Terraced: up 1.7 per cent monthly; up 5.9 per cent annually; £150,092.46 average

First steps on the property ladder

First-time buyers in Sheffield spent an average of £151,800 on their property – £7,400 more than a year ago, and £30,300 more than in February 2015.

By comparison, former owner-occupiers paid £193,300 on average in February – 27.4 per cent more than first-time buyers.

How do property prices in Sheffield compare?

Buyers paid 7.4 per cent more than the average price in Yorkshire and The Humber (£162,000) in February for a property in Sheffield. Across Yorkshire and The Humber, property prices are low compared to those across the UK, where the average cost £230,000.

The most expensive properties in Yorkshire and The Humber were in Harrogate – £302,000 on average, and 1.7 times as much as in Sheffield. Harrogate properties cost 2.7 times as much as homes in Hull (£113,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average February sale price of £1.3 million could buy 15 properties in Burnley (average £85,000).

Factfile

Average property price in February

Sheffield: £174,372.18

Yorkshire and The Humber: £162,333.9

UK: £230,331.55

Annual growth to February

Sheffield: +5.2%

Yorkshire and The Humber: +1.9%

UK: +1.1%

Best and worst annual growth in Yorkshire and The Humber

Harrogate: +8.8%

Scarborough: -2.0%

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