With its current population of around 560,000 set to pass 600,000 by 2023 and reach 628,000 by 2031, Sheffield’s housing market has a fight on its hands to match the supply of new homes with demand.
The city’s Local Plan set a target of 30,000 new homes from 2004 to 2026, but a few years in, challenged by the global economic crisis that few could have predicted at the start of the century, early benchmarks were well short of what was needed. Now, more than 1,400 new homes are required every year to help to achieve that initial goal.
With the decline of its steel and mining industries in the latter half of the 20th century, times were grim for the city – a situation tackled in the hit film The Full Monty, whose main characters found themselves struggling with unemployment and few apparent chances of escaping it.
However, regeneration did come, with the city’s economy surging from £5.6bn in 1997 to £9.3bn in 2007. By the early 2000s, Sheffield was being hailed as a top location for businesses to consider as a base, with a strong workforce and excellent transport links across the UK.
With two universities providing a student population of around 65,000, there is not only a substantial rental market for property investors to consider, there is also a large potential employment force ready to enjoy the benefits of living in the city after graduation. An affordable property market is one attraction, with Hometrack’s UK Cities House Price Index in January 2016 showing an average home in Sheffield costing £125,400 (considerably less than the UK city average of £195,500) and prices yet to reach their pre-crisis peak.
The loss of industry has led to a supply of brownfield sites which can be re-purposed by developers to produce the homes the city needs. An impressive array of housebuilders, large and small, is currently working in and around the city to regenerate neighbourhoods with quality new housing.
New homes for sale in and around Sheffield:
Developer Keepmoat is working in close collaboration with Sheffield City Council to provide hundreds of new homes in the coming years. Phase 2 of Brearley Forge – named after the inventor of stainless steel – is providing 500 new homes with two, three and four bedrooms. Several of the homes will be built to wheelchair and mobility standards, broadening the appeal of the development. Prices from £134,995.
Amaranthus, also from Keepmoat, is a collection of two-, three- and four-bedroom houses and apartments just a few minutes’ drive from Meadowhall Shopping and Leisure complex. There’s a limited choice of availability right now, from £92,995.
Specialist firm Aspen Woolf is offering an opportunity to buy-to-let investors with West Bar House. From £67,950, this new, fully managed student accommodation has a great specification and offers a guaranteed yield of 9% per annum for the first three years.
Miller Homes is at work just 15 miles from the heart of the Peak District National Park and four miles from the city centre in Norton, where its Norton Green development is providing three-, four- and five-bedroom homes. The current range of larger homes starts at £382,500.
Citu is building distinctive properties in Little Kelham. The 153 one- to four-bedroom new homes will be complemented by shops, cafés and creative spaces, and are built to exceptional energy efficiency standards, with triple glazing helping to slash fuel bills. Prices on application.
To the north-west of Sheffield, Yorkshire housebuilder Stonebridge Homes is working on Fox Valley in Stocksbridge, with a 114 riverside homes ranging from one-bedroom apartments to four-bedroom family homes. The site is set in woodlands, with the first completions expected this summer.
To the east of the city in Aston, Red Mile Homes is building a collection of two-, three-, four- and five-bedroom homes just a few minutes’ drive from the M1, and with some excellent view towards the Rother Valley Country Park at Brook Meadows. Just two four-bedroom homes are currently available, from £299,950.
Another regional housebuilder, Noble Homes, is creating gated one- and two-bedroom apartments at Cuthbert Cooper Place, only minutes from the city centre. Priced from £84,950 – and with the government-backed Help to Buy scheme available – these properties are aimed at first-time buyers looking for the vibrant life at Sheffield’s heart.