Sheffield is the 5th largest city in the UK, undergoing major transition from being the centre of steel manufacturing to being well renowned for its fabulous parks and access to the beautiful Peak District.
In fact, a third of the city lies within the Peak District itself!
Many new businesses are being attracted by the unique work, leisure, and quality of life that Sheffield offers. Not only does Sheffield have the outdoor attractions, but jobs and local investment have transformed Sheffield into one of the hotspots of the North.
A Vibrant City
Sheffield has seen a major resurrection over the past few decades, with significant investment and regeneration visible throughout the city. Strategic Economic Plan intends to generate 70,000 new jobs and thousands of new businesses which will boost the economy by up to £4 billion. If successful, this will help drive wages and wealth in the area, and in turn boosting property prices and rents achieved.
Sheffield also has four nearby airports and hopes to become an international transport hub. Companies such as Boeing, McLaren Automotive and Toshiba have offices here, and together with the many business parks which attracts millions of visitors a year, these companies all generate jobs which are likely to lead people to rent, either for the short or long term.
There is also future investment planned in The Heart of the City II development in Sheffield City Centre, investing £470 million into providing new shops, leisure facilities, restaurants, offices, and homes across the city.
The ideal investment location
With the population increasing drastically, including the all-important renters, combined with the level of migration also increasing there is a bright future ahead for Sheffield and those looking to let property in this bustling city.
With buyers still able to take advantage of the stamp duty holiday ending on the 31st of March, buy-to-let continue to be one of the most viable investment opportunities given the uncertainty facing other investments.
With dwindling interest rates making savings less of a feasible option for those looking to grow their money, investing in property for buy-to-let in an attractive location such as Sheffield is a great, passive investment that will keep generating healthy yields for many years to come.
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