If you’re thinking about investing in property in Sheffield, you may want to consider buying a city centre apartment. Here are some reasons why this could be a smart choice.
- High Demand
City centre apartments in Sheffield are in high demand, especially from students and young professionals. The city has two major universities, the University of Sheffield and Sheffield Hallam University, which together have over 60,000 students. Many of these students choose to live in the city centre due to its proximity to the universities and amenities.
Additionally, Sheffield has a growing population of young professionals who are attracted to the city’s mix of business opportunities, cultural offerings, and affordable lifestyle. According to data from the Office for National Statistics, Sheffield has the highest proportion of 25 to 29-year-olds in the UK outside of London. These groups tend to prefer the convenience and accessibility of living in the city centre.
- Attractive Rental Yields
Investing in a city centre apartment in Sheffield can offer attractive rental yields. According to a report by Totally Money, Sheffield is the third best city in the UK for rental yields, with an average yield of 6.92%. City centre apartments tend to offer higher rental yields than properties in other parts of the city, due to the high demand and location benefits.
- Strong Capital Growth Potential
Sheffield has a growing economy and is set to receive significant investment in infrastructure, including a new HS2 high-speed rail station, which will further boost the city’s economic growth. According to the UK Powerhouse report by Irwin Mitchell and the Centre for Economics and Business Research (CEBR), Sheffield’s economy is expected to grow by 1.8% per year on average between 2021 and 2025. As a result, the value of property in Sheffield is expected to rise in the coming years. Investing in a city centre apartment now could offer strong capital growth potential in the long term.
- Lifestyle Benefits
Living in a city centre apartment in Sheffield offers a range of lifestyle benefits. The city centre is home to a wide range of shops, restaurants, bars, and cultural attractions, making it a vibrant and exciting place to live. Additionally, city centre apartments often offer great views and easy access to public transportation. According to the Sheffield City Centre Masterplan, the city is set to receive £1.5 billion of investment over the next 10 years, which will further enhance the area’s attractiveness.
- Affordable Prices
Compared to other UK cities, property prices in Sheffield are relatively affordable. According to data from the Land Registry, the average house price in Sheffield is £185,981, which is significantly lower than the UK average of £249,309. This means that investors can get more for their money in Sheffield than they might in other cities.
In conclusion, investing in a city centre apartment in Sheffield can offer a range of benefits, including high demand, attractive rental yields, strong capital growth potential, lifestyle benefits, and affordable prices. However, as with any investment, it’s important to do your research and seek professional advice before making any decisions. By considering all of the factors involved, you can make an informed choice about whether investing in a Sheffield city centre apartment is the right option for you.
Don’t miss out on the opportunity to invest in Langford Tower, a luxury new development in the heart of Sheffield City Centre.
