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.
9. #8 - Malin Bridge and Wisewood
Malin Bridge & Wisewood saw an average price increase of £31,225 in a year. This represents an increase of 17.5 per cent year on year, as the average property sold for £210,000 at the end of 2022, up from £178,775 in 2021. Photo: Google Maps
10. #9 - Beighton, 17 per cent increase
Beighton saw an average price increase of £23,250 in a year. This represents an increase of 17 per cent year on year, as the average property sold for £158,250 at the end of 2022, up from £135,000 in 2021. Photo: Google MAps
11. #10 - Park HIll and Wybourn
Park Hill & Wybourn saw an average price increase of £25,000 in a year. This represents an increase of 16.5 per cent year on year, as the average property sold for £175,000 at the end of 2022, up from £150,000 in 2021. Photo: Google Maps
12. #11 - Crabtree and Fir Vale, 16 per cent increase
Crabtree & Fir Vale saw an average price increase of £17,250 in a year. This represents an increase of 16 per cent year on year, as the average property sold for £126,750 at the end of 2022, up from £109,500 in 2021. Photo: Google Maps