With mortgage rates under increasing strain, all eyes are on the property market to see whether house prices will continue to rise – and in Sheffield, the increase has been eyewatering.
New figures have pinpointed the Sheffield neighbourhoods where average sale prices are increasing the fastest.
Astonishingly, the average price hike in the 12 Sheffield areas with the fastest rise amounts to over £31,000 – yet are focused on some of the lowest income areas in the city.
The most severe increases were in the Highfield and Lowfield area. The average sale price at the end of December 2021 was £127,500 – by the end of December 2022, this had risen to £182,000, an increase of £55,000 across 74 sales.
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.
Meanwhile, the latest data from the UK House Price Index shows the average UK house price was £286,500 in April 2023, a slight rise from the previous month but £6,500 below the £293,000 all-time high recorded in September 2022.
Below are the 12 Sheffield districts with the highest average price rises between 2021 and 2022.
1. House prices rose dramatically in some parts of Sheffield at the end of 2022
New figures have revealed how property prices in some parts rose dramatically at the end of year in 2022, with an average increase of £31,000 in the 12 districts with the highest leaps Photo: Marie Caley
2. #1 - Highfield & Lowfield, 43 per cent increase
Highfield & Lowfield saw an astronomical rise in property sale prices, with an average price increase of £55,000 in a year, representing a 43 per cent increase. The average property sold for £182,500 at the end of 2022, up from £127,500 in 2021. Photo: Google Maps
3. #2 - Sharrow, 30 per cent increase
Sharrow saw an average price increase of £50,000 in a year. This represents and increase of 30 per cent year on year, as the average property sold for £215,000 at the end of 2022, up from £165,000 in 2021. Photo: Google Maps
4. #3 - Arbourthorne, 25 per cent increase
Arbourthorne saw an average price increase of £26,000 in a year. This represents an increase of 25 per cent year on year, as the average property sold for £130,000 at the end of 2022, up from £104,000 in 2021. Photo: Google Maps