Booming Sheffield property market bucks national house price fall
The booming Sheffield property market is bucking the national trend of a fall in house prices, experts say.
House prices have dropped by 4.5% since June in England, according to the latest figures and one of the hardest hit regions is Yorkshire, where the figure is almost 7%.
But Sheffield prices appear to be defying the national trend according to city property experts, who say traditionally strong postcodes such as S11, S10 and S17 remain buoyant.
They report properties in areas such as Crookes, Ecclesall, Dore and Totley are selling for at least 10% above the asking price and one expert reported a house in the city selling for £40,000 more than the asking price this week.
Luke William, local property partner for Purplebricks said: "It’s definitely true that desirable and sought-after postcodes in Sheffield are bucking this national trend.
"In the most popular areas, we’re still seeing properties going for at least 10% above asking price.
"One property this week has had an offer accepted for £40,000 over the asking price, for example. It’s not surprising that we’re seeing prices maintaining this level though – because there is a shortage of supply for properties, especially in the locations where everyone wants to be.”
The UK House Price Index showed the average house price in Yorkshire and the Humber was £180,3246, a drop of -6.8%. Nationally, the average property value is £270,973.
The figures support research earlier this month by national estate agent Keller Williams UK which showed the average Sheffield property price was £186,980.
That was dwarfed by the average property in the Dore and Totley ward, which costs £382,750 - a difference of £195,770, more than the price gaps in Leeds and Manchester.
The House Price regional data for England in July shows that no region saw a monthly price rise.
The South East experienced the smallest monthly fall with a movement of -1.3%
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