Quote from Anthony Riddle of ELR in the latest RICS Housing Market Survey...

"Less second hand houses coming on to the market than in Jan in recent years. Agents are reporting stock levels lower than ever. Prices are still rising and it is difficult to avoid the conclusion that they will continue to do so for a while yet."

I think a significant chunk of the demand for houses comes from buy to let investors. Also,with the bidding system in sheffield, it only takes two persons interested in a particular property, to raise the house price beyond the reasonable.
Wonder whether house prices in sheffield crashed during the notorious early nineties housing bust.

Originally posted by warren
Wonder whether house prices in sheffield crashed during the notorious early nineties housing bust.

No, just slowed down a bit, properties were taking a long time to shift.

Sheffields becoming more popular and so prices are going up. Eventually making a profit off large developments will be easier, and we should see more larger developments popping up over the place, though mainly between west street and the moor.