Regional Regeneration is Turning Sheffield into a Property Powerhouse
Posted: 17 January 2018
As a city forged in steel, Sheffield has a proud and industrious heritage. But now, backed by a wave of international investments and business deals, it has bold plans to build a new digital revolution, enticing experts from a wide range of professions despite Brexit uncertainty. Faced with a growing population and a booming economy, the Sheffield buy-to-let property market is set to thrive.
Attracted by jobs with global significance, including construction of a new £480m Retail Quarter, Sheffield is welcoming a new breed of city dweller moving away from the capital. The high standards of living they expect has created a surge in demand for quality new residential stock and helped to support robust house price growth, with estate agency Savills predicting prices to grow by 17.6% over the next 5 years in the region.
It is fast becoming a region ripe for investors to find high yields and healthy capital appreciation, making Sheffield a location hotspot to watch for in 2018. Overall there are several thousand residential units and hundreds of student units undergoing construction in the city, with developers attracted by extensive enhancement projects like HS2 and the Northern Powerhouse Rail programme that will create future investment opportunities.
Seeing Sheffield’s potential, developers are releasing projects like Handsworth Court that offers buy-to-let investors a residential development featuring luxurious two-bedroom apartments from just £125,000. Each apartment boasts a range of modern and stylish décor, including an integrated wine cooler, flat screen TV in the bathroom, and allocated parking space; a far cry from the traditional steelworker's terraced cottages that were still very prominent in the fabric of the city 50 years ago.
That recent shift in the property stock together with heavy investment in the digital and communication infrastructure of the region is likely to allow Sheffield to be competitive and lead the race among mid-size tech savvy city hubs.