Sheffield homes gain more than £2,500 in the last year
Sheffield homeowners have seen over £2,500 added on to the value of their property - amid a UK-wide boom in house prices.
UK property values increased 3.7% year-on-year in this month's House Price Index, worth an additional £9,000 on average.
Property owners in Sheffield saw a 1% increase from June 2024 to June this year, worth £2,764 being added to the average homes in the city, according to Purplebricks Mortgages.
From May to June of this year, locals in Sheffield also saw a 2% decrease in property prices, losing around £3,402 from property prices.
This means house prices in Sheffield are now £212,622, lower than the UK average by around £57,000.
The average UK home is now worth £269,000 following the 3.7% rise over the last 12 months which added £9,000 to prices.
House prices in England saw an annual price rise of 3.3%, making the average property worth £290,956, while Wales had a 2.6% increase and homes stood at £209,728 on average.
North of the border in Scotland there was a 2.2% monthly increase but an even more impressive annual 5.9% rise, meaning the average Scottish home now costs around £191,927.
Tom Evans, sales director at Purplebricks Estate Agency said: “Great news again for the homeowners across the nation. First-time buyers will also be rejoicing.
“The falling interest rates over the year combined with an ever improving forecast after the Bank of England base rate cut earlier this month should continue to see mortgage rates falling with property prices getting higher.
“Here at Purplebricks we are confident that house prices should keep rising into next year, meaning that by the start of 2026 there is even more money to be made on your property.”
Robert Nichols, managing director of Purplebricks Mortgages said:“Now is the best time in a while to be looking to be a first-time buyer.
“Interest rates, especially lower interest rates now mean that mortgage rates will be lowered as more people become eligible for a mortgage which will see house prices rise with excess demand.
“Many buyers who might be sitting on the sidelines with money ready to invest in a starter home should be ready to make this Autumn their time to buy.”