Sheffield house prices

Pointless offering that much less as someone will offer more.

Its supply and demand there is lack of supply so people pay more.

Feel for people not on the "ladder" yet though as it can't be easy.

I might not have got your question right, but the actual average cash price increase was from £10,388 in 1975 to £205,937 by the end of Q4 2016. The real terms increase is from £89,242 to £205,937.

 

If you just average out the cash terms house price increase that's 1882% over 46 years ~41% per year.

 

The inflation adjustment applied (by the site I linked to, not by me) to get the real terms increase is the difference between 10388 and what that would buy you today (89242). That's a 759% increase or 16.5% per year.

 

I don't have all the inflation figures to hand and I'm not sure I really have the time to bother figuring out the actual rate of inflation in each year vs the house price increase to get proper average figures.

I think that answers the question, the average 2.8% increase/year was on top of general inflation.

So that's a long term trend, driven by an increasing population, limited house building, aspiration to own, etc... It can't go on forever though, because the longer it goes on, the higher the cost of housing in comparison to income. At the moment it's sustainable due to the record low cost of borrowing, literally the lowest cost we've seen in recorded history! Once that cost of borrowing normalises, at some point the increase in the cost of housing over income becomes unsustainable and the trend of 2.8% real inflation has to fall (to 0% ultimately).

---------- Post added 13-04-2017 at 10:51 ----------

In the news this morning

http://www.telegraph.co.uk/property/house-prices/housing-market-grinds-halt-number-homes-market-hits-record-low/

Record low number of homes for sale! This also keep prices high, no matter what craig thinks.

---------- Post added 13-04-2017 at 10:53 ----------

Across the country surveyors were less positive than in previous polls about the prospect of house price rises over the next 12 months: a net balance of 24pc more respondents predicted a rise than a fall, which was lower than the 37pc in February. But there is a consensus that any rise in house prices will be lower than previously thought.

The confidence in the market continuing to rise is falling though.

And RICS respondents have a vested interest in talking the market up.

For info, the average house price in Sheffield is well below the national average at £151K. https://www.sheffield.gov.uk/home/your-city-council/house-prices

For info, the average house price in Sheffield is well below the national average at £151K. https://www.sheffield.gov.uk/home/your-city-council/house-prices

Actually the land registry data for February 2017 puts it at £149,351. The breakdown is as follows:

Detached houses £257,718

Semi-detached houses £160,033

Terraced houses £128,014

Flats & Maisonettes £104,861

http://landregistry.data.gov.uk/app/ukhpi/explore

EDIT: You used to have to pay to access the last 6 months data, not sure why it is available now, but it's good that it is.

Hi i remember buying my first house in woodseats in 1975 for 7000 pounds and my wife said i was stupid and would never get my money back its now worth about 160000 , should have stuck with the ex wife its all hers now

As a Sheffield based Removal company we have noticed a very slow start to the year.

But it has started to pick up so things are looking brighter.

Thanks

are you on serious medication paying the current house prices in Sheffield without offering the estate agent a 25% lower offer than the asking price semis at £140k-350k how much is that per month at todays rates and how much is that when rates normalise to 4% you need 2 wages at around £20000 each just to cope

 

---------- Post added 11-04-2017 at 20:58 ----------

 

in s11 semis might be £600k f................f

You can't afford it, so why bother trying? There is a huge supply issue when it comes to housing. The prices over the last few years have been fairly stable and trending upwards. I can't see a dramatic price correction you lot are hoping for. If such a thing were to occur, it should have happened by now when the government introduced all those measures to have make buy to let more difficult. It hardly made a dent.

The prices are high. Anyone without equity in a house is going to struggle. In S10/S11 many of the new buyers in the area are doctors or self employed who probably have a relatively decent salary compared to the average salary.

High house prices tend to be bad for most people except for downsizers. You own a 100k house and it goes up in value by 20% but the house you want to move to that was worth 200k is now worth 240k so you have to pay 20k extra to afford it.

The next house we buy will probably be double the price of our current house, so any house price fall would be great for me, however im pretty sure it won't happen within the next 2 to 3 years which is our time frame. This is mainly due to lack of supply.

The prices are high. Anyone without equity in a house is going to struggle. In S10/S11 many of the new buyers in the area are doctors or self employed who probably have a relatively decent salary compared to the average salary.

 

High house prices tend to be bad for most people except for downsizers. You own a 100k house and it goes up in value by 20% but the house you want to move to that was worth 200k is now worth 240k so you have to pay 20k extra to afford it.

 

This depends a bit - its certainly true if you stay in the same area or move to another area with similar demand. But if you are able to move somewhere else you may be able to exploit differentials in price increases to your advantage (e.g your house went up by 30%, but where you move to went up by 10%). I know people who have done this (London to midlands).