Inward investment by the bucket load, a lot of bang for your buck and the backing of Jessica Ennis, World Heptathlon Champion, Sheffield is quickly becoming THE place to invest. Rick Flay, director at Belvoir Sheffield’s leading letting agents, outlines the truth behind England’s greenest city.
‘’Having studied law at the University of Sheffield, and securing numerous roles in sales and marketing, my interest in property investment really began back in the late 1990’s after I secured work down under for an Australian firm. It was here that my passion for property really began and when I moved back to the UK in 2005, I decided to set up the Belvoir Sheffield franchise a year later. ‘’
Rick, who owns the Belvoir office on Campo Lane in Sheffield, offers a wide range of property to rent in Sheffield said: “Sheffield is certainly a buyers market and I am personally looking for terraced houses close to good transport links. Homes which make use of three bedrooms, a lounge, kitchen and dining room, that can be bought below value. Buy To Let in areas including Hillsborough, Chapletown and Crookes, are particularly good investments at present.”
“I am also looking for HMO properties in areas such as Hunters Bar, Crookes and Broomhill, which can be used as student houses, and I am advising other landlords to do the same.”
Today the Belvoir Sheffield office is considered to be Sheffield’s premier lettings agency in Sheffield, and has won numerous industry awards, including ‘Best New Franchise 2006’ and the ‘Franchise of the Year 2009’ award. Boasting ten dedicated staff at our office in Paradise Square, we specialise in providing a one stop shop for lettings including property management, tenant find, investment and wealth management advice, fit-outs and renovations, furniture packs, investment property insurances and more recently, buy to let mortgages, and we truly believe that Sheffield is THE only place to invest due to a number of key factors.
Here’s what Rick had to say about ‘Why The Only Way Is Sheffield For Property Investment’
Sheffield is alarge vibrant university town, which has attracted so much inward investment over the last few years, that it has even launched its very own competitive new brand strategy and identity.
It’s new modern city identity for the very first time has a clearly defined approached to city marketing, which targets three main audiences including Trade, Talent and Tourism within a new modern city identity. With this increased understanding, the rental market in Sheffield is booming and rental yields are at an all time high.
We are finding that yields on one bedroom flats are good at about say 7% if you buy at right price, two bedroom flats are good at 8.5%, and 3 bedroom terraces are good at about7%. We are finding that four bedroom houses unless they in student market, are bringing relatively poor yields. I would advise investors to be careful with flats with service charges as Block Managers seem to be constantly putting fees up and it’s an area where a landlord has little control.
A little money can go a long way when it comes to finding premises and property in Sheffield, which makes it an extremely attractive proposition for those in business or for landlords looking to expand upon their existing portfolio. The average asking prices for property in Sheffield are as follows: a three bedroom house in Hillsborough S6,will be valued at around £100,000 with rental yields at around £575. In Chapletown, a three bedroom house may fetch an asking price of around £95,000with rental yields at around £550.
The best way to avoid void periods in by purchasing property close to the University of Sheffield and to Sheffield Hallam University, or to opt for property close to the city centre (within a 10 minute walk), but you can sometimes find that in these areas house prices can be substantially more, with house prices in are as like Hunters Bar and Broomhill attracting asking prices up to £250,000
One of the significant property trends are for young couples renting out property in the area and looking to stay on a longer term basis. This again is fantastic for the residential landlord, as it reduces void periods and helps you to establish a long term relationship with the tenant.
Just last month, one of my landlords purchased a mid terraced house in the Crookes (S10) area of Sheffield for approx £160,000. Once it had been done up it would accommodate four students at approx 9-10% gross yield
Some other great features of Sheffield include its industrial history which was built on steel, engineering and cutlery—all of which have established a worldwide reputation. Despite Sheffield remaining one of the country’s foremost manufacturing capitals and a centre for advanced engineering, over the last 30years, the city has seen the steady growth of the service industries. As a direct result of this, there is high level of labour availability in Sheffield, enhanced by a unique recruitment and training service known as JOBMatch, which offers new employers a free service as a means of helping them get on their feet.
It is no secret that Sheffield is also one of the safest British cities in which to live and work, with a third of it lying within the Peak District National Park which is a unique draw for many. As no other UKcity has a national park within its boundary. Perfect for those who love thegreat outdoors, Sheffield also holds the title of England’s greenest city, containing 150 woodlands and 50 public parks,
Boasting a population of 500,000, Sheffield also has a strong tourism angle and is home to Meadowhall, Europe’s largest shopping and leisure complex, which welcomes over 400,000 shoppers every week of the year. Other notorious landmarks in the area include Sheffield Crucible Theatre, a successful provincial theatre, which stages the annual World Snooker Tournament, Sheffield Football Club, the world’s oldest football club and The Sheffield Ski Village, which is Europe’s largest outdoor artificial ski resort.
Belvoir Lettings Agency in Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances and Buy to Let Mortgages.
