House prices in Sheffield: Average asking price drops nearly £6,000 in one month

House prices in Sheffield took a tumble in July, with just under £6,000 coming off of the average figure, according to Zoopla data.

Figures obtained from the property site have revealed the average Sheffield house price sat at £172,200, at the end of the month. In June, similar data showed the average price was £178,000.

It marks the third month in a rollercoaster period for Sheffield's property prices. Zoopla data from April revealed the average price at the time was £171,600.

The up-and-down state of our local property market has also been shown through 'income to buy' data.

Zoopla estimates prospective buyers will need an annual income of £32,520 in order to secure a mortgage from a lender. This also fell in July, down from £33,800 last month, returning to levels similar to those in April.

Despite the £6,000 tumble, local house prices are still up on the year from July 2022. The 1.6 per cent growth in prices remains in line with months prior. Just dropping down 0.1 per cent from the 1.7 per cent growth seen in June.