Sheffield property investment has been on a dramatic rise over the past decade. This great Northern city with an industrial legacy has witnessed a number of regenerations and transformations over its long history. It’s currently experiencing a new phase of unparalleled Sheffield investment and redevelopment. With major regeneration projects, high demand for Sheffield property and a changing population, there are many reasons to invest in Sheffield. There has been a growing need for Sheffield buy to let property and Sheffield property investment can be especially lucrative.
Sheffield – Perfect for Property Investment
The city of Sheffield is steeped in history, with links to metalworking that go back centuries. Sheffield is in the heart of the British countryside, with stunning scenery and beautiful landscapes just outside the city. This has been a significant factor in the number of people choosing to settle in the city, therefore creating an increased demand for Sheffield property. Residents can enjoy a busy urban life with the pristine countryside of the Peak District nearby. Like many Northern English cities that were brought to their knees by mine closures and unemployment in the past, Sheffield has recently been experienced a welcome renaissance. Investment in Sheffield, especially as part of the Northern Powerhouse strategy, has been transforming the city into a lively, modern destination. Sheffield buy to let property is steadily rising on the agenda of many potential investors. Its affordable investment opportunities and potential for rental yields make it one the best places to buy to let in the UK.
What is Sheffield like?
Sheffield is a city that perfectly demonstrates a fusion of urban and rural that is uniquely English. Sheffield is one of the greenest cities in Europe with 61% of the city made up of green space. A third of Sheffield lies in the Peak District – the UK’s first national park. This stunning landscape has been the stage for many a poignant drama, from Pride and Prejudice to the Duchess to Harry Potter. Rolling hills, breathtaking cliffs and heather covered moorlands make Sheffield an ideal city for those who love the outdoors. The beautiful Winter Garden is one of the largest glasshouses in Europe. It has created a green oasis in the heart of Sheffield city centre. The Peace Gardens, with its fountains and water features and the Botanical Gardens which date to 1836 also provide unique green additions to the city. Sheffield city centre provides a great example of the blend of old and new that characterises a British city with giant modern department stores sitting next to red brick Victorian buildings. It has also recently experienced a significant increase in the number of tourists visiting, as the city’s reputation for cutting-edge culture alongside tranquil countryside spreads. This also means that Sheffield property often benefits from these beautiful views as well as exceptional travel links.
Steel is synonymous with Sheffield. Everything from its swimming pool (Ponds Forge) to its Ice Hockey team (Sheffield Steelers) to its current industry (Sheffield Forgemasters) bears its name. Sheffield is famous for its industrial history; as far back as the 14th century, it was noted for its knife production. In the 1700s Sheffield became a centre for cutlery production, with the implementation of the revolutionary crucible steel process. The invention of Sheffield plate – a form of silver plating – also helped lead the way to Sheffield’s status as one of the world’s finest industrial cities. During the Industrial Revolution and afterwards, Sheffield became a capital of industry. Huge mills and vast factories were built in the surrounding area. During the Second World War, Sheffield became a vital hub for the production of armaments, resulting in the targeted bombing of the city. After this period, employment remained high, with a strong industrial economy.
Post Industrial Sheffield
Unfortunately, as the steel industry went into decline, it pulled Sheffield with it, seeing many famous firms go under and their employees left to try and find a new start. After years of decline, Sheffield used its entrepreneurial spirit and determination to attract significant partnerships in the late 90s and early 00s. The city council was incredibly active in revitalising Sheffield’s economy and attracting new industries to the area. Over the past two decades, Sheffield has seen a dramatic resurgence, with significant investment throughout the city. The city has experienced a dramatic shift, with areas left abandoned redeveloped into new facilities. The Kelham Island Museum is a fitting tribute to the city, detailing Sheffield’s development into the thriving industrial city it is famous for. Other museums in the city also focus on Sheffield’s manufacturing past, like the Abbeydale Industrial Hamlet and the Shepherd Wheel Workshop.
The Future of Sheffield’s Industry
Sheffield’s current industry still carries echoes of its metalworking past. Sheffield steel is still highly respected and is one of the city’s biggest exports. In 2016, over 10% of the Sheffield population worked in manufacturing, with a further 16% working in motor vehicle repair and retail. The Advanced Manufacturing Park, which sits on the edge of the city, is a perfect example of the amalgamation of Sheffield’s industrial heritage and its forward facing new attitude. This partnership between the historic manufacturing industries and the modern universities is the perfect example of Sheffield’s innovative approach to industry. Centuries-old manufacturing knowledge is combined with new university research, development and technology. It is leading the way in the advanced manufacturing sector, encouraging more to invest in Sheffield.
From music to art to theatre, Sheffield has a dynamic and creative city culture. Sheffield has been on the cutting-edge of the UK music scene with bands like The Arctic Monkeys, Bring Me The Horizon, Pulp and Def Leppard. Sheffield’s independent creative drive can be seen inthe surprisingly high number of specialist record labels. As well as this, there are plenty of performance venues, music festivals and rehearsal spaces too. The city has many historical and unique theatres, like the Crucible Theatre, Lyceum Theatre, Lantern Theatre and the Crucible Studio. Hosting a wide range of productions, from musicals to cutting-edge modern theatre, Sheffield’s theatres are a vital part of the city’s creative culture. Sheffield’s defiant northern spirit is a common theme in the art, music and theatre that it produces.
Sheffield has a vibrant art scene, with a range of contemporary and historic galleries. The Millennium Gallery is one of the most visited tourist attractions in the North of England. As well as showcasing the city’s heritage, the Millennium Gallery also hosts a wide range of current exhibitions. The Graves Gallery houses a stunning collection of fine art, and the Site Gallery is undergoing a major redevelopment that will treble the size of this art space. An increasing number of creative professionals are also moving to the area and requiring Sheffield buy to let property more than ever. Built in 1991, costing £34 million to construct, Sheffield Arena is one of the UK’s premier venues. As well as this giant arena, Sheffield has an eclectic range of unique and diverse events spaces. The Boardwalk has an impressive list of artists who have performed there as has the Leadmill.
Sport in Sheffield
Sheffield also has a long and impressive sporting history. Sheffield FC can claim to be the world’s first football club. Its rival Sheffield Wednesday is the third oldest professional team. In 1995, Sheffield became the UK’s first city of sport, due to its championing of British sportspeople. Sheffield is also home to some more unusual sports teams. Its successful ice hockey team – Sheffield Steelers – is based in Ice Sheffield. It also has a basketball team – Sheffield Sharks, a roller derby team, a cricket team, a rugby team and more. There has also been significant Sheffield investment in athletics and cycling facilities.
Sheffield has a large and diverse population. In mid-2016, the population of Sheffield reached 575,400 making it England’s third largest district authority. There has been a significant increase in the number of 20 to 24-year olds in the Sheffield population. This is mainly due to Sheffield’s large student population which has had a collective impact on the city. With a steady rise in the number of residents living in the city centre, the demand for Sheffield buy to let property has never been greater. Sheffield is a vibrant and diverse city and 19% of the Sheffield population are from black or minority ethnic groups. This mixed population has been essential in driving forward Sheffield as a modern multicultural city.
Investment in Sheffield Education
Education has increasingly become a priority when looking at Sheffield investment. The city boasts first-class institutions such as the University of Sheffield and Sheffield Hallam. Founded in 1905, The University of Sheffield was ranked 104 in the world in 2018. With six Nobel Prize winners and an international reputation, it attracts around 30,000 students a year. Sheffield’s student population has played a fundamental role in the development of Sheffield. The success of Sheffield’s universities has also impacted the population; almost a third of Sheffield’s workforce is educated to degree level. The fact that there are so many students in Sheffield – around 63,000 – means that rental property and purpose-built student accommodation is in high demand. Sheffield property investors see incredible yields in the city, with an increasingly competitive rental market.
There has been a steady increase in Sheffield investment over the past decades. Plans for a new £480 million Retail Quarter will also have an impact on the economy, providing new job opportunities. Like many Northern cities, HS2 – the high-speed rail network – is another factor that could significantly improve Sheffield’s investment prospects. Journey time from Sheffield to London could go down by a third. This is perfect for potential investors based in London, as well as for the city’s workers who now have faster access to the capital. Businesses are also choosing to invest in Sheffield. As part of the Northern Powerhouse, Sheffield has been part of a large scheme of investment across the whole of Northern England. The strategy to address the North/South divide in the UK has played a large role in highlighting Sheffield investment as a priority.
The Steady Growth of Investment in Sheffield
There are plenty of reasons to invest in Sheffield. Gross value added in Sheffield has increased by about 60% since 1997. The steady growth of 5% a year is helping Sheffield become a key city in the UK economy. It’s been forecast that up to 70,000 jobs will open in Sheffield in the next ten years. Like many other UK cities, Sheffield agreed on a devolution deal with the British government. As part of this deal, the government granted £30 million for Sheffield investment in the city and its industries. Devolution will allow Sheffield’s leaders to have more control over its infrastructure, housing, transport and many other factors. This has allowed it to become a more investor-friendly city, with Sheffield investment high on the agenda. The founding of Sheffield City Region Enterprise Zone in 2012 was another initiative to boost investment in the city and grow the local economy.
Sheffield Buy to Let Property
Sheffield has a robust property market that has remained strong despite economic uncertainties. Rental property in Sheffield can boast some of the highest rental yields in the UK. These impressive yields of up to 11.5% are making people who have never even been to the city consider investment in Sheffield property. Sheffield buy to let property is currently experiencing a boom, partly due to a large number of students and graduates in the city who are looking for quality rental accommodation. As well as high rental yields, the affordable prices of Sheffield buy to let property make it an attractive investment compared to other UK cities. The current average Sheffield property price is £167,000 compared to a national average of £291,000. In the first half of 2017, house prices in Sheffield rose by 3%, this trend in increasing house prices suggests that investing in Sheffield could be a great location for capital appreciation. The property price in Sheffield has risen by a fifth in the last five years, up 20.46%. For potential investors, Sheffield buy to let remains a safe bet, with demand for rental property consistently outstripping supply. Sheffield’s two universities and teaching hospitals have contributed to agrowing demand for purpose-built student accommodation. Overall, Sheffield is a city rising from the embers of its industrial past and transforming itself into a cutting-edge urban centre. For property investors, at home and abroad, Sheffield can provide attractive prospects, affordable prices and high rental yields – the perfect mix.