Why buy in Sheffield?

Sheffield, historically renowned for its steel industry, has evolved into a contemporary centre of entrepreneurship and innovation. This is an outstanding property hotspot with a growing population and a housing market that cannot keep up with demand.

Sheffield is one of the UK’s largest cities with a population of more than 556,500 people according to the latest Census – more than Manchester and Liverpool. That population increased by 6,000 in the last full year on record and City Council projections show that it could rise by another 62,000 by 2034.

The effects of this can already be seen in the housing market. Research from Centrick shows that rents in the city increased by 11.3% in the last full year. Further growth of 11% is anticipated by the end of 2027. That compares favourably to the regional average rent rise of 9.4% in the last year and illustrates the appeal of Sheffield’s market to investors.

There has never been a better time to buy property in Sheffield thanks to the city’s booming economy. As the City Council puts it, Sheffield has the economic growth potential to lead a 21^st century export boom built around a “high skilled, modern manufacturing economy, combining digital innovation, world class expertise, academic research and a global brand.”

Sheffield’s economy is worth approximately £15.5bn per annum and supports more than 260,000 jobs, making it the fifth most economically active city in England. By 2041 it is anticipated that Sheffield will add a further £7.6bn to its economy and employ an additional 33,000 people in high level roles. The region’s investment into research and development is scheduled to triple to £1.1bn annually, and wages will grow by approximately £1,500 per person.