Are you curious about how house prices are looking in Sheffield? Maybe you’re considering a move to the Steel City. Or perhaps you’d like to see how the market is doing before you take the first steps to sell. In this post, we’ll lift the lid on the average house prices in Sheffield and assess what they mean for buyers and sellers.
Sheffield house prices compared to the rest of England
Sheffield was once known exclusively as an industrial powerhouse in the north. Now it’s just as well known as the Outdoor City of England. Growing more popular every year due to its robust economy and suitability to all lifestyles, Sheffield house prices have increased by 4.0% per year since 2012. That’s more than a 40% increase in just over 10 years.
Of course, many factors play a role in such a steep rise in property prices. But one key factor is the growing demand for housing here. Now, as it stands, the average property in Sheffield costs £209,000. Amazingly, this is still some £150,000 less than the average property in England and Wales. So, despite the hike in house prices, Sheffield is still extremely affordable.
How much do houses cost in Sheffield by property type?
As one of the largest cities in the UK, there’s a wide range of properties available in Sheffield. With the Peak District right on its doorstep, there’s no shortage of massive, detached houses in leafy neighbourhoods like Dore and Fulwood. Closer to the city centre, you’ll find a variety of small, suburban homes and flats.
Naturally, detached houses are the most expensive on the market. In Sheffield, the average price is £352,000. But it might surprise you that detached properties still only take an average of 83 days to sell in 2023. The fact that the most expensive houses sell so quickly demonstrates how strong demand is in Sheffield.
When it comes to semi-detached houses, Sheffield offers excellent value. The average cost is just £195,000 this year. For comparison, let’s take a look at semi-detached house prices in nearby Manchester. In 2023, the average cost in Manchester is £288,000. While the two cities have plenty of differences, Sheffield can offer almost as much as its neighbour while being considerably cheaper for houses. Plus, Manchester is easy to commute to as it’s only about 40 miles away from Sheffield.
How do prices look for terraced properties in Sheffield? As it stands, a terraced property will cost just £152,000. Again, this is very good value, and there could be bargains for homebuyers and investors with this property type in Sheffield. Keep an eye on Crookes or Ecclesall Road for quality terraced housing.
Finally, flats in Sheffield cost just £138,000. It’s common knowledge that the flat market has been precarious for several years. They’re not everyone’s cup of tea in the age of working from home. But even so, there are many flats available in exciting, regenerated areas of Sheffield, like Kelham Island. The average flat takes 147 days to sell, which reflects the wider concerns about the flat market.
Prices of new builds vs established properties
Buy a new build or an established property? It’s an age-old question that’s crossed the mind of many first-time buyers. There’s obviously no right or wrong answer because there are pros and cons to both. Price is just one part of the equation. But it’s usually where people begin when thinking about this dilemma. In Sheffield, there’s actually quite a big difference in prices between the two. While the average established property is priced at just £208,000, the average newly-built property costs £260,000.
How do house prices in Sheffield affect buyers and sellers?
The high demand in Sheffield suggests it shouldn’t be difficult for sellers at present. Although, many variables will affect how easily or quickly you can sell, such as the location and the condition of the property. If you’d like to sell your house in Sheffield on the open market, check in with some local estate agents to get tailored advice to your situation.
Sheffield has a lot to offer homebuyers with families, as well as retirees and young professionals. You may notice the rising property prices in Sheffield and see it as a good opportunity for capital gains. But due to the high demand and competition, it may be difficult to buy a house once you’ve got your eye on it. You’ll need to act fast, and that’s not always possible, especially if you need to sell your own house first. To ensure you don’t break the chain and miss out on your dream property in Sheffield, you can always consider using a cash house buyer to sell your house fast.
Prediction for the future of the Sheffield housing market
It’s never easy to predict what’s going to happen in the housing market. It’s no different in Sheffield. Having said that, there’s reason to be optimistic about the future of the Sheffield property market.
According to Rightmove, property prices are back on the rise in 2023 after a slight blip in the second half of 2022. Due to inflation, which has caused mortgage interest rates to go up, and the cost of living crisis, a downturn in the market was to be expected. But the fact that the market hasn’t been badly affected shows how strong the demand is.
