19th Dec 2022|Sales|Lettings|New Homes|BTR & Asset Management|

A Guide To Investing In Sheffield Property

Whether you’re a Sheffield local looking to relocate across the city, a portfolio landlord looking to expand your range of properties, or a first-time buyer looking to purchase a home in the Northern Powerhouse – Centrick is here to guide you through everything the city of Sheffield has to offer!

General Sales

Local Economy in Sheffield

The success of your property investment hinges considerably on the stability of the local economy. Thankfully for those looking to invest in Sheffield, the local economy is flourishing, with 5% annual growth and an economy worth £7 billion each year. This growth is accelerated by the abundance of businesses that continue to thrive in Sheffield, bringing job opportunities and investment into the region. Innovative engineering companies such as McLaren and Boeing, and vehicle manufacturers Tata and Rolls Royce, all have facilities in Sheffield, making it a hub for engineering talent, especially for graduates from Sheffield’s two universities. This encourages students to stay in the city long-term, thereby creating greater demand for property and boosting local house prices.

Speaking of demand for property, Sheffield is anticipated to experience an increase in population of 70,000 by 2025 according to the Sheffield Economic Plan, with an additional 70,000 job opportunities being created to make this population boost sustainable. This influx of opportunity is expected to bring new businesses into Sheffield, solidifying the city’s status as a hub for innovation and independent business.

Property Prices and Trends in Sheffield

Sheffield is an investor’s dream due to its impressive growth. In fact, property prices in the region grew by 18% between January and September, boosting the average house price from £192,090 to £228,353: this is the kind of growth investors can only dream of, especially considering the average growth for a UK city was 9.2% across the same time period. Sold prices are also up 16% on 2019, demonstrating the steady growth of the property sector. The same impressive boost has also been felt across the rental sector, with Sheffield being in the top ten areas of the UK for rental price growth in 2021.

However, if you want to purchase a property in Sheffield, you’ll have to act quickly as properties spend an average of 9 weeks on the market – this is much speedier than London (15 weeks) and even Birmingham (10 weeks)

Districts You Need To Know About in Sheffield

Sheffield is full of vibrant and unique neighbourhoods, each with their own sense of community – but which one is best for you?

  • For upmarket suburban listings that offer great access to the city centre, whilst also offering the seclusion of the Yorkshire landscape, check out Dore and Fullwood
  • For student friendly houses close to campus, and a stone’s throw from the city’s amenities, check out Crookes, Broomhill and Ecclesall
  • For family friendly housing near to outstanding schools, check out Walkley and Hillsborough
  • For the perfect hub for young professionals looking for a swanky city-centre apartment, check out Paul’s

Sheffield’s Development Pipeline

So, what precisely is in the pipeline for Sheffield, and what does the future of the city hold for the property market? Build To Rent developments certainly seem to be gaining popularity in Sheffield, with new developments such as Iron Yard in the plans. This will surely be welcomed by the city’s swathes of working professionals and graduates looking to stay in the city without committing to a property purchase. Another mixed-use development is scheduled for construction on London Road, combining retail units and 59 residential properties.

Away from residential developments, the city is undergoing broader rejuvenation. The £470 million Heart of The City scheme has already brought fashion brands such as Monki and Weekday into Sheffield. Two rejuvenated creative spaces are also in the works at the Park Hill Art Space and Harmony Works, which are being reinvigorated by the Levelling Up scheme. This not only adds to the city’s vibrant, cosmopolitan feel, but signifies that it is a realm of abundant opportunity for new businesses and offers premium commercial spaces.

Connectivity in Sheffield

The city is close to three international airports, each being approximately an hour’s drive away, making it the perfect destination for a spur of the moment holiday or business trip. You can also easily get to London via a direct train from Sheffield Train Station to London St. Pancras International within two hours. For drivers, the M1 is nearby, making commuting via road easy.

Sheffield is already well connected to the rest of the UK, but is set to become even better connected by HS2 and rail. HS2 will place Sheffield within an hour of Manchester, making it a key location for commuters, and a particularly viable option for those looking to live close to Manchester albeit with more affordable living costs. Similarly, travel between Leeds and Sheffield will be made far more accessible, increasing train frequency from one to four trains per hour whilst simultaneously slicing travel times from 40 minutes to less than half an hour. The commute time to London will also be sliced by half an hour, making the capital more accessible to the north of England. Sheffield Train Station will also be upgraded to cope with the anticipated surge in footfall from HS2 and Northern Powerhouse services.

Culture in Sheffield

What is it like to live in Sheffield on a day-to-day basis? Is there much to do? And what sets it apart from other English cities?

Sheffield is remarkably vibrant, and truly has something for every demographic. From its strong student population of 54,000, to independent business owners, working professionals and families, Sheffield is broadly accommodating. Here’s our brief guide of things to do in the city:

  • For swanky art studios, music venues and cafes with an indie twist, stop by Kelham Island
  • For a fine dining experience, try Joro, Rafters, Old Vicarage or Brocco Kitchen
  • For the best in local produce, check out Tonco, S17 and True Loves
  • For a club night, check out Dina, Network, Leadmill and Maida Vale

You certainly won’t be stuck for things to explore in and around Sheffield – from their romantic Winter Gardens and Botanical Gardens to the informative Millennium Gallery and Weston Park Museum, and the natural glory of the Peak District. For those seeking the respite of retail therapy, Sheffield’s independent scene is the perfect place to find something unique. There is a balance in the city between well-established and popular brands, and spaces where indie businesses can thrive, meaning that there is a shop for every type of consumer. Meadowhall shopping centre also provides Sheffield locals with everything they could possibly need in the heart of the city, including a Vue Cinema within the shopping complex. With upmarket destinations such as Gucci, Barbour and Castle Fine Art, as well as classic high street staples such as H&M and Hollister, and even the festivities of beloved Hamleys, Meadowhall is your one stop shop for… well, anything and everything!

Ready To Explore Sheffield?

Sheffield is full of opportunities, especially for those looking for investment properties. To explore what Sheffield has to offer in further detail, or to ask any questions about investing in the North of England, contact our team of experts using the form below:

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