Located in the middle of the UK within the South Yorkshire region, Sheffield has plenty on offer. Known as the ‘steel city’, Sheffield has grown to become England’s fourth-largest city. The city’s ever-increasing inhabitants and population of over 635,000, have pushed house prices up and increased housing demand. As a UK buy-to-let hotspot, Sheffield has been widely identified amongst property professionals as an area that will experience continued growth and remain a city popular amongst students.
So what makes Sheffield the perfect city for property investment? Here’s 5 reasons why the city should be on your radar:
Sheffield city centre has one of the highest rental yields of any British city and consistently ranks within the top 10 property hotspots. The average price of a flat in Sheffield rose by 20% from £117,831 in 2016 to £141,484 in 2017 (home.co.uk). The increasing demand for flats required by students and graduates provides a great opportunity for investors. This demand is driven not just by students and graduates, but also those relocating from more expensive areas, like Leeds and Manchester.
As one of Britain’s ‘Northern Powerhouse’ cities, Sheffield is a prime position for inward investment. In 2015, the Government agreed to invest £30 million a year into the city for the next 30 years, giving the city the power to allocate new funding towards boosting local growth and investing further into manufacturing and innovation. It is projected that this vast amount of investment will influence property prices throughout Sheffield and position the city on an upward curve for years to come.
Sheffield City Region’s economy has an output of more than £30 billion pounds per year and is home to approximately 52,000 businesses which have created and sustained approximately 700,000 jobs. A recent report released by the Centre for Economic and Business Research found that the city’s economy is set to become £80m larger by the end of 2017. The UK Powerhouse report predicts that the value of goods and services produced in Sheffield will grow by 0.7% during 2017 despite the challenges of Brexit.
Sheffield station, a combined railway and tram station, runs frequent services to London St Pancras. The journey currently takes 2 hours however, this is expected to be reduced to just over an hour when the HS2 construction project is completed. It is proposed that HS2 will run from London to Birmingham, then on to Manchester and Leeds calling at Sheffield; which would reduce the journey time from London. The journey time to Leeds and Manchester will also be less than half an hour. The station’s annual footfall is over 9 million passengers providing access to destinations up and down the UK.
The University of Sheffield and Sheffield Hallam University combined attract over 60,000 students to the city every year, including many from the Far East. The two universities are highly regarded, with The University of Sheffield rising to 21st in The Times University Guide 2018 – a ranking that highlights the University’s strong performance in providing graduates to leading employers.
Regency Residential is a multi-faceted company that has a strong focus on high-yield investment opportunities, whilst offering residential services. We provide clients with our expertise in both the private rented sector (PRS) and residential markets, imparting our advice to aid you in making key decisions at every stage of each purchase process.
Regency Residential’s offering is distinctive, in that we offer secure stand-alone investment property in the UK and international markets. We are able to provide this distinct product as our parent company and developer, MCR Property Group is backed by substantial private trusts and funds.©LandlordZONE® – legal content applies primarily to England and is not a definitive statement of the law, always seek professional advice.