Sheffield house prices fall while remaining static across Yorkshire and the Humber, new figures show

The 2.3 per cent drop does not reverse the longer-term trend, which has seen property prices in the area achieve 8.3 per cent annual growth.

The average Sheffield house price in February was £217,187, Land Registry figures show – a 2.3 per cent decrease on January.

Over the month, the picture was worse than that across Yorkshire and the Humber, where prices remained static, and Sheffield underperformed compared to the one per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Sheffield rose by £17,000 – putting the area sixth among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The best annual growth in the region was in York, where property prices increased on average by 11.5 per cent, to £332,000. At the other end of the scale, properties in North East Lincolnshire gained just 3.6 per cent in value, giving an average price of £148,000.

Owners of terraced houses fared worst in Sheffield in February – they dropped 2.5 per cent in price, to £187,786 on average. But over the last year, prices rose by 8.3 per cent.

Among other types of property: Detached: down 1.9 per cent monthly; up 8.5 per cent annually; £387,510 average; semi-detached: down 2.3 per cent monthly; up 8.4 per cent annually; £238,986 average; flats: down 2.1 per cent monthly; up 7.4 per cent annually; £135,405 average; first steps on the property ladder.

First-time buyers in Sheffield spent an average of £188,000 on their property – £14,000 more than a year ago, and £49,000 more than in February 2018.

By comparison, former owner-occupiers paid £243,000 on average in February – 29.4 per cent more than first-time buyers.

Buyers paid 4.8 per cent more than the average price in Yorkshire and the Humber (£207,000) in February for a property in Sheffield. Across Yorkshire and the Humber, property prices are higher than those across the UK, where the average cost £288,000.

The most expensive properties in Yorkshire and the Humber were in York – £332,000 on average, and 1.5 times as much as more than in Sheffield.

York properties cost 2.4 times as much as homes in Hull (£136,000 average), at the other end of the scale.