City leading the way with big surge in house prices

News: Sheffield Telegraph online 24-hours a day.
News: Sheffield Telegraph online 24-hours a day.

Sheffield’s property market is racing ahead compared with the rest of the UK, new figures have found – with city house prices rising faster than anywhere outside the south.

Houses in Sheffield now sell for £148,372 on average, which is a price increase of 13.7 per cent over the past year, building society Halifax has said.

The company has pointed to a ‘significant increase’ in employment as a reason for the market’s resurgence, while local estate agents have reported rising demand for homes in the south of the city.

Another study by Nationwide showed the average cost of a Sheffield house rose by over £14,000 during 2014.

Nicola Spencer, director of Spencers Estate Agents, said the city had ‘really come into its own’.

“Sheffield is a great place to live, it’s a large city and it’s got a lot going for it,” she said.

“We could do with more large businesses moving into the city to provide more employment, but we’ve done enough to try and compete with other big cities in the north.”

Meanwhile, James Mee, managing director of Saxton Mee, said: “It has probably been our best year since the financial crash.”

The biggest UK price rise – of 24.6 per cent – was in Greenwich, London.

* Read more: Sheffield house prices lead the way