A rapid increase in property prices surrounding Sheffield train station is expected to be triggered by what is now known as ‘the HS2 effect’, according to experts.
A Hub for Multiple Industries
Situated in the heart of South Yorkshire on the edge of the M1, Sheffield is one of the UK’s most accessible cities. Once known as a thriving manufacturing city, Sheffield has fast become a hub for multiple industries including technology, science, art and engineering. The two universities, Sheffield Hallam University and The University of Sheffield, have played a major role in transforming the city into a modern, forward-thinking location.
High Speed Two Rail Network
High Speed Two (or HS2) is a rail network that will, once complete, connect London to Birmingham and continue to Manchester, the East Midlands, Leeds and Sheffield through its Y-shaped route. It is set to cut journey times between London and the cities of the Midlands and the North dramatically. However, there has been a lot of controversy surrounding this subject for many in recent months.
The delivery of the first trains for infrastructure testing is expected in early 2024. Passengers are set to be travelling on the HS2 services by late 2026. The scheme is then expected to be fully operational by 2033. As a result, it is predicted that each city on the route is expected to see an immediate increase in property prices, continuing to grow as HS2 unfolds.
Since being announced in 2009 by the then Labour government, HS2 has had something of a troubled past. It took a further four years until the Coalition government confirmed the route, and it wasn’t until the midway through 2017 that the main civil design work could commence.
A Simple Commute
With speeds up to 250mph, and travel times from London being cut down to as little as 49 minutes to Birmingham and an hour to both Manchester and Leeds, suddenly these cities are all commutable to London.
Sheffield is cited as one of the strongest cities in the UK for house price growth, reaching the top ten – Whilst London can be seen at the very bottom of said list.
Investment is now pouring into the city from businesses, the local Council and the Government. The Northern Powerhouse is at the forefront of the current Government’s policies, and Sheffield is a major part of this initiative. With the dynamic of the city ever-changing, we have seen Sheffield rise up the rankings; in 2015 it was within the top 7% of local authorities for inward investment. Sheffield is a sustainable international economy driven by enterprise, innovation and knowledge. The city is known for its distinctive and high performing sectors, its unrivalled quality of location and its highly skilled workforce.
As mentioned, the scheme has not been without its controversy. With many critiquing its cost, damage to the environment and the disruption it will cause for the residents living near the line.
Homeowners affected by the HS2 may in fact be entitled to compensation through a variety of government property schemes. Over 110 properties in South Yorkshire have already been purchased by HS2.
For more information about the buy-to-let opportunities available in Sheffield, call us today and let us help connect you to your property aspirations. Alternatively, download our free city guide for more information about the HS2 and the UK’s top performing cities.