Langford Tower
Sheffield, UK

Sustained Population Growth Since the Early 2000's

Ever since the new Labour government’s economic initiatives began to yield results in the early 2000’s, Sheffield’s population began expanding. From its 513,390 residents in 2001, the number of residents living in the city had grown to 579,840 as of 2024. The population is expected to continue on this upward trend, totalling 630,650 by 2040, a 23% increase since 2001. This high level of population growth has, and will continue, to put immense pressure on the city’s housing stock.

Robust Economic Growth Backed by Large-Scale Regeneration

Sheffield is currently in its third phase of regeneration, with the first phase focusing on industrial enterprise and the second on aiding large-scale public reinvestments. The economy has grown by 151% since 2000, totalling over GBP19.3 billion as of 2024. The economy is expected to expand by a further 83% and reach GBP35.3 billion by 2040. As Sheffield’s economy continued to grow, new jobs were created, resulting in the unemployment rate falling from 11% in 2012 to 3.1% in 2024. The city continues to attract many eager young professionals looking for quality accommodation to rent as they work and study in Sheffield.

Under Supplied Housing Market

Construction of new housing has been unsuccessful in meeting Sheffield's rising population since the early 2000's. Between 2014 and 2024 just 10,700 new units were added to the housing stock averaging under 975 units per annum. Given the city's current new housing target sits at 2,222 units per annum, it is highly unlikely that this demand will be met creating an under-supply of at least 14,800 units by 2035 equating to a 14% shortfall of housing stock. As a result, the shortage of investment grade properties will translate to further rental demand and ultimately, higher rents.