Yorkshire - one of the biggest counties in the UK - is home to some of the greatest powerhouses of the north including Leeds, and more recently Sheffield. Home to over 5.4 million people, the county of Yorkshire has seen growth in many areas over the past few years, especially in terms of property with house prices around 20% higher at the end of 2017 than they were in 2012 (Office of National Statistics). Even Brexit hasn't been ab le to dampen the market in Yorkshire, with rental properties still performing well compared to the south. Sheffield's rental market in particular has shown great stability leading up to Brexit, growing 1.5% in the last 12 months, and 1.2% the 12 months prior to this.
The area, with Sheffield at the forefront, is also part of the government's Northern Powerhouse initiative; and along the line for the new HS2 high speed railway which will link the north to London with ease. These initiatives have brought a number of attractive benefits to cities like Sheffield, including giving "1.3 million people better connectivity to the north's largest economic hubs" (Prinvest UK). Sheffield in particular has also seen one of the greatest economic growths in the last three years (according to research by the Centre for Economics and Business Research) - now outperforming London.
Yorkshire also has a rich heritage in its universities and graduates, producing over 55,000 graduates every year, including graduates from three prestigious Russell Group universities: University of Sheffield, University of Leeds and University of York. Sheffield's universities reputations in particular set themselves above the rest with initiatives such as RISE - a project which aims to grow the regions small-to-medium businesses with these graduates, potentially bringing an additional £5.6 million to the region per year (Prinvest UK).
In 2018/19, Sheffield was named by Alliance Investments as one of the top places to invest in property - especially in the buy-to-let and student accommodation markets. The 'capital' of South Yorkshire, Sheffield attracts many tenants to the area with some of the lowest rents and most affordable housing in the country. As a result of this, the demand for rented accommodation is growing dramatically in Sheffield - much of this coming from the current student and graduate pool. This growing demand for rented accommodation also comes from a large pool of commuters looking for cheaper accommodation within an easy distance of other northern powerhouses such as Manchester and Leeds. Unfortunately, the supply of housing available for tenants in Sheffield isn't matching this growth in demand, giving great opportunities for developers in the area. Pressures have also been felt in Sheffield in terms of house sales, with the demand pushing the house prices up by 5.7% in the past 12 months to an average of £130,000.
"The potential for Sheffield's housing market, supported by widespread investment and the planned HS2 railway, really is excellent" - Alliance Investments
The population of Sheffield is predicted to rise to 633,000 by 2037 (Knight Knox), a figure that will bring further pressures for developers to build more luxury apartments and homes. This growing population is also predicted to bring a growth within the economic standing of Sheffield; a growth that will be supported by £328 million of government funding to improve infrastructure in the city. Other projects are changing the face of Sheffield, supporting the expanding of local jobs, property and the wider community, including the Sheffield City Master Plan managed by Sheffield City Council to be completed in 2019. Sheffield is also one of the most green cities in the north, with the highest ratio of trees to people in any city in Europe, making it a popular place to live for those looking for city living without feeling enclosed in a concrete jungle.
One of the most lucrative and popular investment opportunities Sheffield has to offer is its student accommodation market, which has seen one of the largest increases in privately owned student housing apartments in the UK along with London in the 2017/18 academic year. Student accommodation as a whole has changed in the past decade, with students now looking for luxury apartments and student pods compared to multiple occupancy terraced houses; we've seen an increase of over 280 new private halls of residence built in the last 18 months alone. The student accommodation market is a popular option for investors in the UK in terms of rental yield opportunities, with an increase of 2.9% in rents from 2016 - 2017 (Inventory Base).
Invest in Sheffield Student Accommodation with Metro Apartments
Metro Apartments consists of 80 rooms with en-suite bathrooms. These are arranged over 7 floors and are in clusters of 2, 3, 5 and 6 bedrooms all with communal areas including lounge and kitchen. Metro Apartments are finished to a high standard and in a good area with neighbouring residential buildings with Sheffield being one of the largest student populations in the UK.