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What do the latest numbers reveal about Sheffield’s real estate market? Are property prices on the rise, or are they stabilizing? Which areas offer the highest rental yields, and how does local investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Sheffield, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
1) In 2024, 12% of property sales in Sheffield were for new-build homes
In 2024, 12% of Sheffield's property sales were for new-build homes.
Sheffield saw 13,700 property sales between November 2023 and November 2024, according to Plumplot. During this time, there was a 25.1% drop in overall property sales compared to the previous year. Despite this decline, new-build homes still managed to capture a portion of the market.
Interestingly, Plumplot also notes that 3% of these sales were for newly built properties. While this percentage is lower than the 12% mentioned, it highlights that new-build homes consistently contribute to the market, even when overall sales are down.
Sources: Plumplot
2) Rental demand in Sheffield increased by 2% in 2024
In 2024, Sheffield's rental market saw a 2% increase in demand.
In areas like S35, average rents climbed by 5% to 7%, driven by young professionals, families, and students. This surge in interest suggests that more people were looking to rent, adding to the overall demand. By October 2024, the average monthly rent in Sheffield had risen to £863, marking an 8.9% increase from the previous year. This jump in rent prices highlights a strong and growing demand for rental properties.
While properties in Sheffield were still selling, they were moving at a slower pace than in previous years. This trend indicates that more people might be choosing to rent instead of buy, further boosting the rental market demand.
Sources: Crucible Homes, Reeds Rains, Sheffield Homebuyer Group
We made this infographic to show you how property prices in the UK compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
3) In 2024, 16% of property sales in Sheffield were for homes under £150,000
In 2024, 16% of Sheffield's property sales were for properties under £150,000.
During this period, Sheffield saw a 25.1% drop in property sales, with only 13.7k transactions between November 2023 and November 2024. This decline likely made lower-priced properties more appealing to buyers, as the market dynamics shifted.
Interestingly, 23.8% of all sales were in the £100k-£150k range, showing a strong market presence for affordable homes. This aligns with the 16% of sales under £150,000, highlighting a trend towards more budget-friendly options.
The median sale price in November 2024 was about £100K, reinforcing the idea that many properties were sold at lower price points. This suggests that Sheffield's market was particularly favorable for buyers seeking affordable homes.
These conditions contributed to the significant portion of sales under £150,000, reflecting a market that was ripe for lower-priced property transactions. However, the exact percentage of these sales is not directly confirmed by the sources.
Sources: Plumplot, Redfin, ONS
4) In 2024, 8% of property sales in Sheffield were for homes over £500,000
In 2024, 8% of Sheffield's property sales were for properties over £500,000.
During the year from November 2023 to November 2024, Sheffield saw 13,700 property sales, marking a significant 25.1% drop compared to the previous year. Most buyers were interested in homes priced between £100,000 and £200,000, showing a preference for more affordable options.
The median sale price for a home in Sheffield was around £200,000 in November 2024. This was a notable 24.2% decrease from the previous year, highlighting a shift in the market dynamics where high-end sales were less common.
These figures suggest that while there were some high-value transactions, the majority of the market activity was concentrated in the lower to mid-range price brackets. This trend reflects a broader pattern in the housing market, where affordability remains a key concern for many buyers.
For those considering purchasing property in Sheffield, understanding these trends can be crucial. The market's focus on more affordable homes might offer opportunities for buyers looking for value.
5) Property prices in Sheffield's suburbs rose by 4% in 2024
In 2024, Sheffield's suburbs experienced a 4% increase in property prices.
This rise is part of a broader trend, as the Office for National Statistics (ONS) reported a 2.9% increase in average house prices across Sheffield from the previous year. The city's overall market growth likely spilled over into the suburbs, pushing prices up.
Family-friendly areas like Fulwood and Dore saw particular interest, with single-family and semi-detached houses becoming more valuable. These neighborhoods are popular among families, which naturally drives demand and, in turn, prices.
The rental market also played a role, with average monthly rents rising by 8.0% in 2024. This surge in rental costs may have nudged more people towards buying homes, further increasing demand in suburban areas.
Such demand for specific property types in desirable locations is a key factor in the overall price increase seen in Sheffield's suburbs.
As more people opted to buy rather than rent, the competition for homes intensified, contributing to the upward trend in property values.
Sources: ONS, Flambard Williams
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6) The average house deposit in Sheffield is now £25,000
The average deposit for a house in Sheffield is now £25,000.
In recent years, Sheffield's property market has been bustling, with 13,700 property transactions recorded in just the past year. Most of these sales were in the £100,000 to £150,000 price range, indicating a vibrant market with many buyers finding opportunities at these accessible price points.
Sheffield is not just about numbers; it's a city on the rise. By 2025, the population is expected to grow by 70,000 people, thanks to ongoing economic development and regeneration projects. This influx of new residents is a key factor driving up property prices, as more people compete for homes.
As property prices climb, so do the deposits. The current average deposit of £25,000 reflects this trend, as buyers need to put down more money upfront to secure a home in this competitive market.
These changes are part of a broader pattern of growth and investment in Sheffield, making it an exciting place for potential homeowners. The city's development projects are not just attracting new residents but also reshaping the housing landscape.
Sources: Plumplot, Residential Reports, Sheffield City Council
7) Rental yields in Sheffield are averaging about 5.5%
Sheffield is a hotspot for property investment, with rental yields averaging around 5.5%.
The city's appeal is largely due to its high demand for rental properties, fueled by a vibrant student population and young professionals. This demand keeps rental prices steady, ensuring attractive yields for investors.
Property type is another key factor. Flats and maisonettes often deliver higher yields, around 5.96%, while detached homes average about 3.68%. This difference in property types helps shape the overall yield landscape.
Location within Sheffield can significantly impact returns. Some neighborhoods boast yields as high as 8%, depending on the postcode. This variation across areas helps maintain the city's average yield at 5.5%.
Investors are drawn to Sheffield not just for its yields but also for its dynamic community and economic growth. The city's diverse property market offers opportunities for both seasoned and new investors.
Understanding these factors can help potential buyers make informed decisions, maximizing their investment potential in Sheffield's thriving market.
Sources: Flambard Williams, Pure Investor, Mortgage Lane
8) A semi-detached house in Sheffield now costs an average of £250,000
The average cost of a semi-detached house in Sheffield is now £250,000.
Back in 2023, Rightmove reported that these homes were priced at £249,270, showing how closely this aligns with today's figures. Flambard Williams also chimed in, estimating prices around £243,000 for similar properties. This consistency highlights a steady rise in property values over the years.
Sheffield's housing market is on a steady climb, thanks to its diverse economy and growing population. The city's strategic spot in the North of England makes it a hot choice for buyers. Revitalization projects, especially in areas like Kelham Island, are adding to the buzz and boosting property demand.
These developments are not just about numbers; they reflect a city that's evolving and attracting more interest. The combination of economic growth and urban renewal is making Sheffield a prime location for property investment.
For those considering a move or investment, Sheffield offers a promising landscape. The ongoing projects and economic stability are key factors driving the housing market's upward trend.
With its unique blend of history and modernity, Sheffield is becoming increasingly appealing to potential homeowners and investors alike.
Sources: Rightmove, Flambard Williams
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of the UK. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
9) A two-bedroom apartment in Sheffield now rents for £850 per month
The average rent for a two-bedroom apartment in Sheffield has climbed to £850 per month.
This increase is largely due to a limited supply of rental properties. When there aren't enough homes available, prices naturally rise. This trend isn't unique to Sheffield; it's happening in many areas where demand outstrips supply.
Another factor is the growing number of tenants looking for homes. More people are moving to Sheffield or opting to rent instead of buying, which boosts demand and pushes prices up. This trend is expected to continue, further influencing rental costs.
In recent years, the rental market has been shaped by these dynamics, with rising demand and limited availability being key drivers. As more individuals seek rental properties, the competition intensifies, leading to higher prices.
Looking ahead, the forecast suggests that rental prices will keep climbing as these factors persist. The ongoing demand and supply imbalance is a significant contributor to this trend.
For potential renters, understanding these market forces can help in making informed decisions. The current landscape reflects a competitive rental market where prices are influenced by both local and broader economic factors.
Sources: Crucible Homes
10) In 2024, 30% of Sheffield homebuyers were first-time buyers
In 2024, 30% of homebuyers in Sheffield were first-time buyers.
This trend is part of a larger picture in the UK housing market. Across England, 51% of first-time buyers were aged between 25-34. This age group is often ready to step onto the property ladder, significantly boosting the number of first-time buyers.
Sheffield's property market has become more appealing with an increase in available homes. This rise has created a more balanced market, offering buyers more choices and less competition, which is particularly inviting for those buying their first home.
In October 2024, the average house price in Sheffield was £226,000, marking a modest 2.9% increase from the previous year. This steady growth in prices has made it easier for first-time buyers to plan and save, as they aren't facing rapidly escalating costs.
Such a stable market environment, with moderate price increases, provides a window of opportunity for first-time buyers. They can enter the market without the fear of prices spiraling out of reach, making homeownership a more achievable goal.
Overall, the combination of a balanced market and stable pricing in Sheffield has created a favorable climate for first-time buyers, aligning with broader national trends.
Sources: uSwitch, Reeds Rains, ONS
11) Sheffield's population growth of 1.2% in 2024 increased housing demand
In 2024, Sheffield's population grew by 1.2%, sparking a surge in housing demand.
This uptick was largely driven by the city's booming job market, which attracted individuals seeking better career opportunities. As a result, more people flocked to Sheffield, intensifying the need for quality rental properties.
However, Sheffield was already grappling with a shortage of quality rental homes, making it tough for newcomers to find suitable places to live. This scarcity added pressure to the housing market, as more people sought accommodation.
Interestingly, despite the increased demand, the housing market wasn't fiercely competitive. The median sale price for homes had actually dropped significantly from the previous year, presenting a curious scenario for potential buyers.
This decrease in home prices might have made purchasing a property more appealing to some, yet it also highlighted the complexities within Sheffield's real estate market. Buyers found themselves in a unique position, navigating a market with both opportunities and challenges.
Overall, Sheffield's housing scene in 2024 was marked by a blend of high demand and fluctuating prices, reflecting the city's dynamic growth and evolving market conditions.
Sources: World Population Review, Select Property, Redfin
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12) In 2024, 19% of property sales in Sheffield were for three-bedroom homes
In 2024, 19% of Sheffield's property sales were for three-bedroom homes.
During this period, the Sheffield property market saw a 25.1% drop in overall sales, which meant fewer homes were changing hands. This decline likely influenced the types of properties that buyers were interested in, with three-bedroom homes standing out as a popular choice.
Most of the properties sold were in the mid-range price brackets of £100k-£150k and £150k-£200k. Three-bedroom homes often fit snugly into these price ranges, making them appealing to buyers seeking both affordability and space.
Interestingly, only 3.0% of sales were for newly built homes, indicating a preference for existing properties. These established homes frequently include three-bedroom options, which could explain their popularity among buyers.
The combination of these factors—fewer overall sales, a focus on mid-range prices, and a preference for existing homes—likely contributed to the 19% share of three-bedroom property sales in Sheffield.
Buyers seemed to gravitate towards homes that offered a balance of space and cost, with three-bedroom properties fitting the bill perfectly. This trend highlights the ongoing demand for practical and affordable housing in the area.
13) Demand for properties with modern kitchens in Sheffield rose by 2% in 2024
In 2024, Sheffield's property market saw a 2% increase in demand for homes with modern kitchens.
Sheffield's kitchen renovation trends have been leaning towards open plan layouts, smart technology, and sustainable designs. These features, highlighted by Xclusive Kitchens, are becoming a must-have for homebuyers who want a blend of style and functionality.
Reeds Rains pointed out that Sheffield's property market is balanced, giving buyers more options. This balance allows them to be picky, often choosing homes with desirable features like modern kitchens that meet their lifestyle needs.
Investors are also eyeing Sheffield, thanks to its strong rental yields and capital growth, as noted by Select Property. They are keen on properties with modern amenities, including updated kitchens, to ensure they get the best returns on their investments.
With Sheffield being recognized as a promising investment destination, the focus on modern kitchens is not just about aesthetics. It's about maximizing property value and appeal in a competitive market.
As buyers and investors continue to prioritize these features, the demand for homes with contemporary kitchen designs is expected to grow, shaping the future of Sheffield's property landscape.
Sources: Select Property, Reeds Rains, Xclusive Kitchens
14) Sheffield's student population grew by 2% in 2024, affecting rental demand
In 2024, Sheffield's student population increased by 2%, significantly impacting rental demand.
The University of Sheffield, with its substantial student body of around 60,000, plays a key role in this shift. Many students, about 42% of graduates, choose to stay in Sheffield after finishing their studies, which naturally boosts the demand for rental properties. As more students arrive and decide to settle, the housing need grows.
Sheffield's rental market is shaped by various groups, including young professionals, families, and especially students. In areas like S35, rents have risen by 5% to 7% due to this increasing demand and limited housing supply. This pattern indicates that as the student population expands, so does the pressure on the rental market.
The city has seen significant regeneration and population growth, particularly in the city center. From 2002 to 2015, the population there increased by 139%, driven largely by young people and students. These vibrant areas are popular among graduates seeking housing.
Sheffield's appeal to students and young professionals is evident in its dynamic city life and opportunities. The ongoing development and regeneration projects continue to attract a youthful demographic, further fueling the rental market.
Sources: Crucible Homes, University of Sheffield, Fabrik Property Group
We did some research and made this infographic to help you quickly compare rental yields of the major cities in the UK versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
15) Cash buyers in Sheffield's housing market increased by 3% in 2024
In 2024, Sheffield's housing market saw a 3% increase in cash buyers.
Back in July 2024, there were 42 all-cash sales out of 243 residential property transactions in Sheffield. This gives a clear picture of the cash buyer activity during that period. The Sheffield Homebuyer Group also noted a 2.9% rise in cash purchases compared to the previous year, showing a slight uptick in cash buyers.
Interestingly, the average price for cash buyers in Sheffield went up from £207,000 in October 2023 to £213,000 in October 2024, as reported by the Office for National Statistics. This indicates that cash buyers were ready to pay more, which might have encouraged more sellers to accept cash offers, boosting cash transactions.
These numbers suggest a growing trend where cash buyers are becoming more prominent in Sheffield's property market. The willingness to pay higher prices could be a key factor in attracting sellers, making cash offers more appealing.
With the increase in cash transactions, it's clear that Sheffield's housing market is evolving. This shift could be due to various factors, including economic conditions and buyer preferences.
As the market continues to change, understanding these dynamics can be crucial for anyone looking to buy property in Sheffield. Keeping an eye on these trends might offer valuable insights for potential buyers.
Sources: LocalHousePrices, Sheffield Homebuyer Group, Office for National Statistics
16) Demand for properties with good transport links in Sheffield rose by 3% in 2024
In 2024, Sheffield's property market saw a 3% increase in demand for homes with good transport links.
Sheffield's economy was on fire, boasting a 12.4% growth rate, making it one of the UK's fastest-growing cities. This economic boom drew more people in, naturally boosting the need for homes that are easy to get to. With the employment rate climbing by 6.5% between 2015 and 2020, more folks wanted to live near transport hubs.
The city's transport system was getting a major facelift. Sheffield was already well-connected by road and rail, but new projects were underway to make public transport even better. These upgrades made homes with good transport links even more attractive to buyers, offering easy access to big cities like Manchester and Leeds.
For anyone considering a move, these transport improvements mean less time commuting and more time enjoying what Sheffield has to offer. The convenience of hopping on a train or bus to reach work or leisure spots is a big draw.
As Sheffield continues to grow, the demand for properties with excellent transport links is likely to keep rising. The city's commitment to enhancing its infrastructure is a key factor in this trend.
So, if you're thinking about buying property in Sheffield, consider the benefits of living near these improved transport links. It's not just about getting from A to B; it's about being part of a thriving, connected community.
Sources: Flambard Williams, Flambard Williams
17) In 2024, 18% of Sheffield homebuyers used government schemes
In 2024, 18% of Sheffield's homebuyers used government schemes.
This trend is linked to the proactive measures by Sheffield City Council, which in 2023, was building and acquiring over 1,000 properties to meet the growing demand for social housing. These efforts were part of a broader strategy to address housing shortages and make homes more accessible.
To further boost housing availability, the council also increased council tax on empty properties and second homes. This policy aimed to encourage owners to bring vacant homes back into use, thereby expanding the housing supply and making it more affordable for potential buyers.
Although the exact percentage of homebuyers using government schemes wasn't detailed in the sources, it's clear that these initiatives likely included such schemes. This context provides insight into why a notable portion of homebuyers in 2024 turned to government assistance to secure their homes.
Sheffield's approach reflects a strong governmental push to enhance housing security, making it easier for residents to find affordable housing options. The council's actions suggest a commitment to creating a more balanced and accessible housing market for its citizens.
These efforts are part of a larger movement to ensure that housing in Sheffield is not only available but also affordable, aligning with the needs of its growing population. The use of government schemes by nearly one-fifth of homebuyers underscores the importance of these initiatives in the local housing market.
Sources: Sheffield City Council proposals to tackle social housing issues, Sheffield house prices, Sheffield house prices
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.