Why is Sheffield a buy-to-let hotspot?
Interest in purchasing property in Sheffield is soaring. With pension reforms and excellent buy-to-let mortgages now available, many people are looking to traditional bricks and mortar to invest their hard-earned savings.
We look at some of the top reasons this northern destination has become so popular.
Sheffield city centre offers buy-to-let investors the best returns in the UK according to The Telegraph. With gross yields reaching over 11%, this destination is certainly worth exploring.
In Sheffield, rental property is in high demand. The climate is such that purchasing property in the region is out of reach for many local inhabitants, which provides a substantial opportunity for out-of-town and international investors.
Two world-class universities.
The University of Sheffield and Hallam University are a source of competitive advantage for Sheffield.
With an abundance of students attending the University of Sheffield and the Hallam University, there is an excess of demand over supply, which is driving rents to increase. The city has seen an increase of 30% growth in international students over the last 5 years and this is causing a significant demand in rental accommodation.
Sheffield’s economy has transformed over the past two decades. GVA has increased, employment and skills level have improved and key sector strengths are yielding economic benefits. The city is a strong, sustainable, international economy, driven by enterprise, innovation and knowledge.
The transformation was built on a period of above national average employment growth – with jobs in the city increasing 22% between 1995 & 2008. The economy has been enjoying steady growth and with key sectors.
Unrivalled quality of place.
Sheffield offers exceptional quality of life, with a vibrant culture and relatively low cost of living. The city boasts a diverse range of cultural assets that further enhance the city, such as the largest theatre complex outside London, high quality sports and leisure facilities, and museums and galleries. These attract over 200,000 visitors to the town each year, bringing circa £100 million to the local economy.
Sheffield is also the greenest city in Europe and according to the UK Peace Index 2013, a study using Home Office data, found Sheffield to be the UK’s safest major UK city.
The fourth largest city in the UK, Sheffield also lies at the centre of the UK and is well served by the motorway, train and international air networks. As such, it’s extremely accessible from across all corners of the globe.
The city is just an hour to Leeds and Manchester and 90 minutes to Birmingham, whilst London is just over 2 hours away on the train. With four international airports within one hour’s drive from the city, Sheffield is also easily accessible from overseas destinations.