– Sheffield has a population of 575,400.
– That’s an estimated 239,750 households.
– According to gov.uk there was an estimated 5.27 repossessions for every 100,000 households In the second quarter of 2018.
– That equates to a total of 50 repossessions in 2017.
– If you can find a repossessed house in Sheffield you will have a fantastic property investment for the future.
Along with other northern power houses such as Leeds, Liverpool and Manchester, Sheffield is enjoying a growing reputation in the UK’s property sector as a Buy-to-Let hotspot. One of the main reasons behind the surge of investment in northern cities is due to many people being priced out of London and the surrounding areas over the last decade. However, here we will look at why Sheffield has had a proactive few years in the property industry, and why this looks set to continue in years to come regardless of the state of the property market in Southern England.
What has made Sheffield a Buy-to-Let hotspot?
One of the main factors behind many investors flocking to Sheffield is the constant demand for rented accommodation in the city. Much of this is down to the two large universities, which combined make the student population just under 60,000. As well as the volume of students in the universities, they are both enjoying steady rises in the University rankings, as The University of Sheffield is now ranked as the 75th best University in the world, while Sheffield Hallam’s ranking has also risen in the last 12 months, indicating that the amount of students and therefore the demand for rented accommodation shouldn’t be reducing any time soon.
As well as demand for property, because of the volume of students and recent graduates in the area, Sheffield also holds a strong economic status in 2018. Sheffield’s international reputation of being an industrial powerhouse resulted in it being recognised as the city of steel, which was initially the main drive behind its economy, yet in more recent times Sheffield has watered down the industrial reputation as it’s now becoming a vibrant and popular commercial city.
Sheffield as an area is also very well connected – there’s constant exposure to those travelling from overseas, with 4 airports within an hour’s drive of the city centre. As well as this there’s also easy access to the city from the surrounding areas and it also has good train links to London.
Yorkshire’s consistently performing property market:
Whichever source you look at, it’s clear that the property market in Yorkshire is as healthy as every in 2018. It’s considered as affordable for first time buyers, which is combined with a steady rise in property prices, making it appealing to many for both Buy-to-Let investments and buying to reside in the property. Sheffield topped the table for the growth of property prices in Yorkshire 2017, with a rise of 7.8% over the 12 months.
More recent research, reported by the Express, also provides evidence that Sheffield is a great place for Buy-to-Let investment. It revealed that Yorkshire’s property prices increasing by nearly 6% during the third quarter of 2018, which made it the best performing region of the UK for the first time since 2005.
Repossessed houses for Sale in Sheffield:
Yorkshire as a whole saw a high number of repossessed houses during 2017. According to the Express, 99 homes were repossessed in Yorkshire during September of 2017 alone, the second highest in England. This suggests that despite the promising investment opportunities in the area, there are still be repossessed houses for sale in Sheffield.
There is also ways to own a property in Sheffield on a modest income, regardless if the property is repossessed or not. In general, Sheffield appears to be very affordable considering the healthy status of the property market in the area. It ranked in the top 10 affordable cities for first time buyers in research divulged by property wire.
In summary, for those that are considering a future in property investment, or are simply looking to build an already existing property portfolio, Sheffield is an ideal location to target. Consistent demand for rented accommodation makes the Buy-to-Let potential high, good access to the city provides a healthy exposure to the area, and affordable housing costs provides a plausible gateway to own a property.