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Sheffield is an area in West Riding, famous for its industrial roots and its alternative music scene. Properties in Sheffield range from the affordable to the luxurious, and the city itself has plenty to offer its residents.
The housing market in Sheffield
The Sheffield housing market has been lively but steady over the past year. In 2016/17, house prices in Sheffield rose 4% from the year before. Our Sheffield estate agents believe this to be because a number of Londoners are vacating the capital, and moving up north where the rent is more agreeable.
Sheffield is constantly reinventing itself, attracting new residents, visitors and businesses to the area. The most recent regeneration projects include the Heart of the City, Peace Gardens, the Millennium Galleries and the Winter Gardens.
Though many of the properties in Sheffield are affordable, especially when compared to London, there are higher value houses too, and it’s not just Londoners who buy them. Hallam, an area within Sheffield, is the highest-ranking area outside of London in terms of overall wealth. This accolade led to vast redevelopments in this area, including the City Loft’s Tower, St Paul’s Place and the Velocity Living structure.
Sheffield’s rental market is supported by the two universities and a number of businesses that chose to locate to the city; it’s positively buoyant, yet still affordable.
The housing market relies on the economy, and Sheffield’s economy relies on businesses staying within the city. They are often persuaded by the motorway links to London, the south, Leeds and Doncaster. For trains, the Midland Main Line links to London, Liverpool, Manchester and the EuroStar.
Properties in Sheffield
Sheffield properties are in high demand, and are spending less time on the market than ever before. The average property price in Sheffield is £177,306 to buy and £607 pcm to rent: well below the national average.
Property sales in Sheffield are up by 400 year-on-year, and most of these were semi-detached properties. Though houses are less expensive than down south, you get a lot for your money, so you will not be disappointed by the houses in Sheffield.
Thanks to the development of the Advanced Manufacturing Park (home to a range of research institutes and businesses) and the two universities – Sheffield Hallam and the University of Sheffield the rental market in Sheffield thrives.
Up and coming Sheffield property areas
Sheffield council is preparing for the influx of southerners looking to relocate for the area, so they are working with the Sheffield Housing company to build 2,300 new homes in 15 years. Through this project they seek to create successful neighbourhoods while focusing on local training.
Developments in Norfolk Park, Parson Cross and Shirecliffe are already complete, but properties in East Marshal, Falstaff and Manor are still being built. Investing in one of these new-build Sheffield properties would be a wise investment for any home-owner or investor before the property prices sky-rocket in line with demand.
Sheffield city centre is undergoing a regeneration. Castlegate has begun its transformation into a luxurious, yet affordable, leisure and living destination within the city and new green spaces are being created within the city limits.
Our local Sheffield estate agents expect big things to happen within the next few years. Give them a call now about investing in Sheffield property
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