Sheffield: A city on the up
Blenheim Property's marketing manager, Adrian Richardson, weighs in on the property market in Sheffield
We can be forgiven for looking at the future of Sheffield with optimism as the Steel City has the feel of a city on the up.
We have recently witnessed the arrival of major residential and commercial developments in this city. We have seen a growing digital campus, the relocation of prestigious manufacturing companies, the gentrification of Shalesmoor and Kelham Island and the commencement of several redevelopment schemes across the city centre.
Less well known for its superb array of independent restaurants, galleries, cafés and bars and perhaps more noted for its museums, culture and industrial heritage. Sheffield is a city with a significant influence. All of which resides next to the majestic and much-loved Peak District National Park.
Sheffield is a city with all the hallmarks of a place to boom. The property market has held its own in recent years and over the next five years, it is believed that high employment rates, growth in private housing market levels and an increase in rates of average earnings will contribute to rising property prices across the city.
The south of the UK is expected to see the largest annual property price increase over this period, however, property investors are looking north for good value for money and income stability. Sheffield prices are likely to rise by an average of 3-4 percent over the next five years creating a property hotspot with the potential to achieve significant rises within the most desired postcodes.
Over a third of high net worth investors looking to purchase property in northern regions think that property prices are going to rise, with over a quarter who plan to purchase citing ‘strong rental income’ as a reason to invest here.
This positive outlook will be received as positive news for both homeowners and buyers and will produce a tonic to the current fears of political uncertainty and looming rises in interest rates.
Sheffield is a city, which was once seen as adopting a radical approach to architecture. In the 1960s Sheffield was ahead of its peers. Forging a reputation for creating modernist icons like Park Hill, but like many towns in the north the city struggled during Thatcherism and has been playing catch up ever since.
Sheffield’s industrial heritage and geography have created a defined separation of east and west with Hallamshire being home to Dore, Whirlow and Ranmoor where properties still demand a premium. To the east, areas such as Meersbrook, Green Hill and Gleadless cater for first and second-time buyers with the city centre and Kelham Island offering a trendy alternative to those stepping onto the lower rungs of Sheffield’s property ladder.