By this point it is largely accepted that the best areas for buy-to-let in the UK are outside of London. The capital city had an untouchable reputation for years, but now a combination of falling rental yields and frankly silly entry prices makes it has made it unappealing for many.
Savills April 2018 Housing Market Update research confirms that house price growth in the North is accelerating at the same time as the London market continues on its downward trajectory. The future of the Northern markets continues to look bright, and it is no surprise that investors from around the world are looking more closely at cities like Sheffield.
Sheffield is becoming one of the UK’s top buy-to-let markets, mirroring the previous success of the nearby cities of Manchester and Liverpool. However, whilst the big North West cities are already well established and competition for the best investment opportunities is fierce, Sheffield is still comparatively under the radar – this is despite the South Yorkshire city sharing many of their most appealing features.
Sheffield’s population is expected to expand by almost 15% by 2035, and the economy is also on an upward trajectory having grown 2% year-on-year for the last decade. Both of these exceed both the national average and the London average, and the latter shows the skill of Sheffield’s workforce and its entrepreneurial spirit, both of which act as powerful draws for businesses.
Sheffield’s ability to attract world leading businesses is only one of the factors in its recent success. According to data from the University of Sheffield, 26.5% of graduates choose to remain in Sheffield annually. With the quality of life and the highly skilled jobs on offer, this is hardly a surprise.
Over the last five years Sheffield has developed into a modern investment destination with international companies such as aerospace giant Boeing choosing to invest in the city; Boeing is building its first UK-based manufacturing facility in Sheffield. Employing more than 2,300 staff in the UK, Boeing’s facilities are likely to expand even further in the future and Sheffield will continue to benefit. The senior operations manager for Boeing Sheffield, James Needham, is effusive in his praise for the city, stating that, “Boeing is backing Sheffield because [it is] a region that offers the skills required to do the job.
“[Boeing] is very stringent and robust about what goes into our products so we can recruit a younger workforce that’s keen to push forward.”
As a notable national hotbed for world class businesses and innovative start-ups, Sheffield is the perfect place to invest. The large flow pipeline of investments in the city – ranging from job creation to leisure facilities – is benefitting residents already. A great example of this is the landmark £480m Retail Quarter which is in the process of being developed and will soon host the new regional headquarters for HSBC amongst others.
The Sheffield region is also seeing a serious amount of investment into its transport infrastructure. The most eye-catching example is HS2, the high speed railway line which will reduce journey times to London, Birmingham and Leeds significantly. In addition to that, the Transport for the North Masterplan has laid out plans for £70bn of investment across the region, and Doncaster Sheffield Airport is also in line for an upgrade which will generate £3.2bn a year and create 72,000 jobs.
With a strong economy, significant infrastructure investment and a rapidly growing population, Sheffield is in serious need of high quality rental accommodation. Great Central is the latest development from Knight Knox in the city and is perfectly located a short walk away from the exciting city centre, as well as being on the doorstep of the trendy Kelham Island district.
There is no doubt that Sheffield is on the brink of being something very special in the world of buy-to-let property investment. With house price growth accelerating, now is a fantastic time to invest and be a part of Sheffield’s future success. Apartments at Great Central start at just £110,000 and are selling out fast. Don’t miss out on this unique investment opportunity! Click here for further information >>