For those looking to invest in the North, especially those looking for alternatives to other northern investment towns such as Liverpool and Leeds, the City of Sheffield is rapidly becoming known as a popular investment hotspot.
But what is it about Sheffield that is attracting so much attention from property investors?
A rise in population:
Since the 2011 census, Sheffield has seen a population increase of over 23,000 people, taking the total number of people living in Sheffield to 576,000 in 2018, and a total of over 1.5 million people living in the metropolitan district of Sheffield overall.That increase shows no signs of slowing down either.
Sheffield is currently seeing an economic revival, with its economy now worth over £7bn. Sheffield is one of the fastest growing cities outside of London, and in 2008 Sheffield was placed among the top 10 for ‘best cities to locate a business today.’
With investment continuing to keep Sheffield as a leading area for both manufacturing and engineering industries, it has also seen a rise in not only the service industry but also several other large industries including; financial services, energy and environmental technologies, as well as digital and new media services.
Shopping and attractive public areas:
Sheffield plays host to one of the largest retail and leisure complexes in Europe today, Meadowhall, which brings in over 400,000 visitors each week. Sheffield also has over seven shopping areas and retail parks accessible from the City centre that include, high street stores, department stores, and a range of designer boutiques.
There are also over 83 parks and 150 woodland areas in Sheffield, making it one of thegreenest cities in the UK.
Large student population:
Sheffield is host to two of the largest universities in the UK, Sheffield University and Sheffield Hallam University, with both universities unable to adequately house all their first-year students in halls of residences. As a result, the first-year student rental market has expanded in the city and surrounding areas.
Due to the sheer number of students in the city, there is an almost constant demand for student housing and multi-occupancy homes, making Sheffield a great student rental city, and lends itself to offering excellent opportunities for investors who are keen on property investment in Sheffield, particularly in student housing developments.
Great transport links:
Sheffield is centrally located in the country, as well as being the third largest borough in the UK, and with a tremendous student and employee base, it also has a range of available transport systems to accommodate the growing needs of its population, including four airports that are less than 30 minutes away from the city centre.
A booming economy, student, and employment market are paving the way for Sheffield becoming a popular place to work, live, and study, this is also great news for investors hoping to enter the buy-to-let property investment market. Especially as much of Sheffield’s population is under the age of 40, single, and who currently rent, there is a large opening for investment in this type of property.
With a lot going on in and around Sheffield City, it isn’t hard to see why it is rapidly becoming an investment hotspot.