Sheffield has the largest economy in the East Midlands, with the predicted rate of economic growth outstripping the rest of the country (2.1% vs 1.8%) and on par with the likes of Manchester (2.1% vs 2.3%)
According to PropertyData.co.uk, the average rental yield in Sheffield is currently just over 5%. The S3 area has an average rental yield of 6.4%. Due to the affordability of property in Sheffield and the high level of rental demand, the city also generates high yields.
As one of the largest and most centralised cities in the UK, Sheffield has a thriving economy with a current GVA of £11.3 billion. The city is also following a ten-year strategic economic plan. This is set to bring 6,000 new businesses into the area and create 70,000 new jobs by 2034.
Sheffield’s economy has nearly doubled in size since 2000 and is expected to expand a further 81.85% by 2035, reaching £26.59 billion in GDP. As the city enters its third stage of regeneration, with a focus on private sector-led growth, investing in Sheffield property is a promising venture.
