House Prices in Sheffield

The most recent figures, updated in November 2025, show the average property price in Sheffield at around £214,000. First time buyers in Sheffield are paying slightly less, with the typical purchase sitting close to £189,000. This reflects a pattern seen across South Yorkshire, where deposit expectations remain relatively steady between Sheffield and nearby areas.

As a mortgage broker in Sheffield, we regularly speak to first time buyers who are combining their own savings with financial support from family. This is known as a gifted deposit, and it can have a noticeable impact when you are trying to meet lender criteria or strengthen your position before making an offer. Even a modest increase in your deposit can improve the range of mortgage products available, especially in parts of Sheffield where demand for homes remains strong.

Average Deposit Amount

Your deposit will depend on what you have saved and the type of mortgage you are applying for. Using the average first time buyer price of £189,000 in Sheffield, a 5% deposit is around £9,450. Increasing this to 10% brings the deposit to roughly £18,900, while a 15% deposit comes in at £28,350.

Some lenders will accept a 5% deposit, although contributing more can broaden the mortgage options available and may help lower your monthly repayments. Many first time buyers in Sheffield still move forward with a smaller deposit, particularly when supported by a steady income and a positive credit profile.

Average Loan to Value (LTV)

Loan-to-value (LTV) refers to the proportion of the property price covered by your mortgage. The remainder forms your deposit. If you were buying a £189,000 property with an £18,900 deposit, your mortgage would total £170,100, giving you a 90% LTV.

Most first time buyers we’ve helped in Sheffield tend to fall between 85% and 95% LTV, depending on how much they have saved and whether any family support is involved. Mortgages at 95% LTV remain widely available for those with a reliable income and clean credit history, while dropping to 90% or 85% can help secure more competitive interest rates.

Lowering your LTV, even slightly, can open the door to a greater range of mortgage products. Adding a little extra to your deposit can sometimes shift you into a more favourable bracket, which may improve the type of deals you can access.

How much can I borrow?

How much you can borrow for a mortgage is influenced by more than just your deposit. Lenders will assess your income, regular outgoings and credit history, and each one uses its own affordability model. This means the amount you qualify for can vary, particularly if you are self-employed, earning commission or bonuses, or working across more than one job.

As a mortgage broker in Sheffield, we work with a broad range of lenders, each with its own lending limits and approach to affordability. If you are planning to buy your first home in Sheffield, speaking to a mortgage advisor can help you understand what you may be able to borrow based on your circumstances.

Date Last Edited: November 26, 2025