Sheffield is now established as the European Leader in Advanced Manufacturing Research but this is just the tip of the iceberg. The city we see in front of us today is the fourth largest in the UK and placed perfectly central to the U.K.’s rail and motorway network. As with many of the U.K.’s larger cities, Sheffield has seen enormous inward investment and regeneration which has led to a raft of new residential property developments.
Employment market
Education and employment are critical elements of a growing property market and thankfully Sheffield has both in abundance. The creation of the Advanced Manufacturing Park, just off the M1 motorway, was a masterstroke with Sheffield University playing a major role in its development. Fast forward 10 years and it is fair to say that the Advanced Manufacturing Park has been a rip roaring success. The project attracted, and continues to attract, inward investment which has created a raft of employment opportunities.
Some of the best-known engineering companies in the world have a presence in the Advanced Manufacturing Park including names such as Rolls-Royce, Boeing and McLaren automotive. As well as creating a vibrant local employment market, names of this calibre have also attracted other companies, creating a constant flow of new employers. This in turn has led to growing demand for high spec one and two bedroom accommodation from both young professionals and students.
Rental accommodation
Like every area of the UK there is a degree of concern in local property markets in light of challenging Brexit negotiations. However, this has not really had an impact on the relatively strong rental market with continued demand from both students and young professionals. Even during this challenging time house prices in Sheffield are still expected to increase over the next couple of years with many of the new developments poised to outperform.
The constant stream of young professionals and student tenants will continue to support the private rental sector in Sheffield city centre and its suburbs. Many long-term investors will see the recent pause in house price growth, as a consequence of Brexit, as the perfect opportunity to acquire new development long-term rental accommodation at reasonable prices. The fact that Sheffield city centre will be an integral part of the HS2 train network should not be underestimated. When complete this will reduce journey times to London by around 40 minutes.
Social scene
Sheffield city centre is awash with trendy cafes and supports a cultural scene which is one of the most diverse in the UK. Whether you are looking for a quiet meal with the family, a high-end restaurant or a more active social gathering, Sheffield city centre has everything on your doorstep. The different types of cuisine on offer include Asian, Mediterranean and Indian foods and everything else you can think of.
The future
There are many ongoing residential property developments in Sheffield city centre and surrounding areas. A number of these developments are in touching distance of the Advanced Manufacturing Park which has attracted massive inward investment and created significant employment opportunities over the last 10 years. Infrastructure improvements, ongoing growth at Sheffield University, not to mention a relatively strong employment market, all bode well for the future. When you also throw in the added attractions of HS2 it is fair to say that property investors will currently be running the rule over Sheffield.