Stainless steel – strong, shiny and attractive. That is how the property market could be described in the “Steel city” – Sheffield, in Yorkshire. The area is not only popular because of its educational institutions and industrial history. Recently, extensive regeneration projects are underway which has led to an increase in the GVA (gross value added) and economic growth. Those involved in the real estate industry, including the Estate Agents in Sheffield, will agree that it has become one of the best locations for investing in property.
We give below some reasons why this assumption is made.
As all investors are aware, the rate is the prime factor when considering a property investment. There are areas where the desired returns will be lucrative, but the cost price will be prohibitive. Despite the increasing economic growth of Sheffield, property there still remains less expensive than in other developing areas. This is one of the main benefits of buying property in Sheffield. There is a forecast predicted for an increasing rise in house prices, as the demand continues to exceed the supply. Investing in property, especially in Sheffield, at a time like this could lead to additional value in future and a good ROI (return on investment).
With famous universities and educational institutions in the heart of the city, which have now reopened after the pandemic, there is a high student rental demand. Besides this, some of the world class firms are based in Sheffield, offering employment to many people including young professionals. The AMP (Advanced Manufacturing Park) at Waverley in Rotherham has some of the largest transport manufacturers such as Rolls Royce, McLaren Automotive and Boeing who naturally use technology of a very high standard. The employment opportunities are vast for those who come under this technology group. This also increases the rental demand. It is not only a place for students and the young working class. With the number of septuagenarians expected to grow, it is a good location for care homes as well. For a professional investor, this could be an option.
The current road and rail links, including coaches, buses and trams, make transport feasible. The Supertram has lines to the suburbs and to Rotherham and Parkgate. Any location near a tram stop would be beneficial for property investment. It would add value to the property and be an incentive for tenants as well. Sheffield has the M1 motorway on the north-east with the M18 close by, linking it with Doncaster, where the nearest airport is located. The HS2 high speed rail network being constructed will connect Sheffield as well, making it even easier to reach London and other cities.
The resurgence in new schemes is leading to a higher rate of population and economy. The city is growing. The Heart of the City II is being undertaken by the Sheffield City Council and is one of the major economic projects. Its target is to bring the best residential, office, shopping and leisure opportunities to the area. These, in turn, will lead to an increase in employment opportunities which will encourage more people, leading to a rise in the demand for property.
Sheffield is one of the greenest cities in the UK. It has many public parks and the Peak District National Park is close by. With climate change effects and environmentally-friendly areas becoming a priority, Sheffield is an ideal location for investing in property, not only for your own residence but it is popular with tenants and tourists as well.
In addition to its industrial history, Sheffield has a rich city culture as well, which ranges from art and music to theatre. There are many contemporary and historic art galleries. The Millenium Gallery draws many locals and tourists as well. It also hosts a range of exhibitions. With the many performance venues, rehearsal spaces and music festivals, the social culture of Sheffield is another attraction for residents, tenants and visitors.
Conclusion: The benefits of investing in property in Sheffield are vast. As one authority put it, “Sheffield property investment has grown more and more popular over the past decade“. The city has grown from a “sleepy town” to a vibrant city in South Yorkshire. With its comparatively pleasant climate, with hardly any extremes in temperature, the green spaces and the environmentally friendly atmosphere, it is definitely a spot to consider if you are thinking of buying property. Whether it is for investment or for your own home, the predicted returns are rewarding. If you are looking at buying a property and have not decided on a specific area, Sheffield would be the ideal recommendation!