House prices in Sheffield recover after 2007 financial crisis crash

According to Zoopla, which tracks price movements across the UK’s 20 biggest cities, house prices are now above their 2007 pre-financial crisis peaks for the first time.

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It listed Newcastle as the final city to reach the milestone, 12 years later.

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By contrast, prices in central London took just two and a half years to rebound.

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The firm said the rapid turnaround was due to overseas buyers entering the market after a major fall in the value of sterling made housing appear better value to dollar-backed purchasers.

In Oxford and Cambridge, property values surpassed their pre-crisis peaks within four years, while in Bristol it took just over five years.

As the housing market recovery spread towards the Midlands and northern England, property values rebounded in Nottingham and Leicester around seven-and-a-half years after the crisis, while in Birmingham and Manchester it took around eight years.

In Leeds and Sheffield it took just under nine years for prices to recover.

Richard Donnell, from Zoopla, said: “It has taken 12 years for house prices in all English cities to return to their previous pre-crisis levels.

“Some cities returned to 2007 levels within four years, as the economy and job growth rebounded. In others, it has taken much longer as the mismatch between demand and supply has been less pronounced.”

The average house price in Sheffield in January was £139,500, with qwas up by 12 per cent compared to October 2007.