In recent years, cites within the north of the UK have become more and more popular within the property investment world, and Sheffield is no exception. The city has recently become one of the UK’s most treasured property investment hotspot, and whether you are looking to invest in commercial, residential or student property, Sheffield should certainly be a location that you consider. But, why has Sheffield become so popular in recent times? We take a look at just why there has been a popularity surge in the area, and why many investors from across the UK are looking towards Sheffield for their next investment opportunity.
In recent years, Sheffield has been subject to regeneration projects that have transformed the city and made it a much better place to live and work. With improvements to various aspects of the city, as well as its transport links, there has never been a better time to be in and around Sheffield. As part of the Northern Powerhouse Initiative, there are plans for more investment and more redevelopment, continuing to grow the city into something special.
The Sheffield economy
The economy within Sheffield is booming, and continues to develop at a rate of 5% each year. Industries within Sheffield such as manufacturing, engineering, finance, digital media, energy and technology are continuing to grow, and this is something that has helped the city to develop a strong business reputation. The city is also home to the well known Meadowhall, of which is one of Europe’s biggest leisure and retail complexes, attracting more than 400,000 visitors per week. People travel from various parts of the UK to visit Meadowhall, bringing more people into the city and helping to boost the economy even further.
As Sheffield has become a very desirable place to live and work in the last few years, a demand for property has increased, including both residential and commercial property. This means that there are fantastic opportunities for investment, presenting investors with a range of developments to benefit from.
A Bustling Young Population
There are two high quality universities situated in Sheffield, bringing in a new wave of young individuals each and every year. Both universities are ranked very highly within the UK and within Europe, developing each year to attract more and more students to the area. With thousands of students coming to live and study in the area, there is a constant demand for student accommodation, and whilst you may not be looking to invest into student accommodation directly, it does support the idea that growing young professionals may be interested in staying in the area once they finish university, as well as demand for rental property during their years of study.
Sheffield’s transport links
Sheffield is positioned very centrally in relation to the UK, and this is fantastic for transport. As the city is very central, it means that there are several airports within an hour’s drive, making holidays easy for residents and business trips easy for overseas business representatives visiting the city.
On the edge of the M1 motorway and with great train services, Sheffield is connected to various locations throughout the UK, which is perfect for both leisure and business travelling, as well as for commuters. There is also the possibility that Sheffield will benefit from a high speed rail service, which will connect the city to London, adding extra value to the transport links within the city.
Mark Burns is the managing director of property investment firm Hopwood House.