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 a growing 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.