When investing in property in the UK (as a landlord), it’s important to assess profit potential – both in capital growth and rental yield. The northern cities are performing well in terms of rental yield at present, and Sheffield in particular is being identified as an investment hotspot.
Here’s more information about why it pays to invest in property in Sheffield.
Property Investment Seminar Tips: Investing in Sheffield
Last year, an extensive survey revealed that Sheffield was in the top ten most lucrative places to rent property, in terms of rental yield. With average monthly rents of £823 and property prices refreshingly low (an average of £118,861), landlords were enjoying yields of around 8.31% – which is significantly higher than the national average.
With property prices in the city already starting to rise, it’s no surprise that investors are flocking to Sheffield, in a bid to make the most of the excellent ROI.
Why Sheffield is a City on the Rise
Figures show that Sheffield is a city on the up. The population is predicted to exceed 633,000 within 20 years’ time, and it’s anticipated that 70,000 more jobs will be created over the next decade – which is sure to bring more tenants to the area.
Sheffield is also very well connected for commuters, with Manchester only an hour away by train, and London just a two-hour journey away. Unsurprisingly, many of the city’s tenants are young professionals, seeking accommodation that’s close to their place of work.
However, young professionals aren’t the only tenants in Sheffield. The city is also home to two universities, and Sheffield Hallam alone has over 31,000 students. This key demographic is always on the look-out for rented accommodation, which can prove lucrative for local landlords.
Why Invest Now?
If you’re looking for buy-to-let property for sale in Sheffield, now is definitely the time to make a purchase. The government recently announced plans to invest £328 million into the city as part of an extensive regeneration programme, which is likely to push property prices upwards. Indeed, given the most recent property price trends (over 20% increase in the last five years), it seems wise to invest in property sooner, rather than later.
Where to Search for Buy-to-Let Property for Sale?
The city centre is a great place to invest in, with lots of new developments offering appealing accommodation for tenants. Kelham Island, an area on the outskirts of the city centre, is also worthwhile investigating, with many of the old cutlery factories now converted to attractive flats.
The Broomhill area is popular with students, as it’s next to the universities – and it offers a good mix of green spaces and thriving city culture. Alternatively, if you’re looking for great value, affordable property, Hillsborough is a good place to start searching.
The Buy2Let Shop Limited
If you want to invest in property in the UK, but you’re not sure where to start looking, talk to The Buy2Let Shop. Our team of specialist property investment agents have in-depth knowledge of the UK property market, and we’ll help you identify which area to buy in, and which property investment opportunities are going to offer the best ROI.
For more information about our services, simply visit The Buy2Let Shop website today.