Hot spot: Sheffield

Once the home of cutlery, Sheffield's regeneration is attracting developers to its city centre, says Robert Liebman

Brace yourself, Sheffield. Several new, large, centrally located apartment blocks are coming on stream in a market whose tide may soon turn. Although England's fifth largest city has welcomed a number of new developments in recent years, "there have not been new flats in the city centre until now, and the level of demand for them remains to be seen, especially as a great many are appearing at the same time," cautions Anthony Riddle of Eadon Lockwood & Riddle. "Sheffield's property market doesn't have the problems that we are hearing about in London, but change occurs first in the South East and usually comes here later."

Agents are busy and happy at the moment. James Ross of Winkworth says: "We are getting lots of listings, with more purchasers than properties. We would have even more to sell, but the vendors can't list until they find a property to buy."

But the news is not uniformly good: "The slowdown anticipated at the end of last year has not yet materialised," says Winkworth's Jayne Shelley, in the agency's latest quarterly report for the city. "Modern houses have shown the fastest growth over the last year, with price increases of 20 per cent. Sheffield's high level of regeneration has attracted developers whose projects have proved popular with first-time buyers and young professionals, although almost half have been purchased by investors. The rental market is currently strong, but demand for new developments, especially those in the city centre, is now reaching saturation point."

With two major hospitals and universities, as well as professional football teams, Sheffield has suburbs popular with footballers, doctors and successful businesspeople. Whereas a three-bedroomed terraced house can be had for £30,000 in less desirable parts of the city, 10 times that amount may be required for a decent foothold in Dore (one of the most affluent districts in the UK), Fullwood and Ranmoor. In Crookes and Eccleshall, which are favoured by students, price tags start at about £80,000.

Winkworth reports a price rise of 5.8 per cent for the quarter ending February 2003, with the best performances occurring in the city's gentrified southside. "The northside has also grown in popularity as price rises in S10, S11 and S17 have forced people to look elsewhere," says Jayne Shelley. The north-side divide within Sheffield itself has narrowed much, as it has for the country as a whole.

THE LOW-DOWN

Getting there

Sheffield is 170 miles from London, but only 38 from Manchester. Sheffield City Airport is three miles from the city centre, near the M1.

Shopping

As well as the city-centre shops, the massive Meadowhall shopping complex has more than 250 stores and is two minutes from the city via Supertram.

Art & entertainment

With four multiplex cinemas, Sheffield offers more choice than any other city except London. The Sheffield Theatres complex houses three venues for drama and music, including The Crucible, home of the snooker championships. The new Millennium Galleries has four exhibition spaces.

Attractions

As well as cutlery and Sheffield plate, there are Bronze Age artefacts in the City Museum, and machinery is displayed in Kelham Island Museum. Graves Art Gallery has work by Turner, Nash and Gwen John. The Winter Garden is Europe's largest city-centre temperate glasshouse.

Fitness

Sheffield has two climbing centres, indoor and floodlit tennis courts, ice-skating rinks, three municipal golf courses, leisure centres, a virtual-snow ski village, and several swimming pools. Spectator sports include basketball, ice hockey, rugby league, and football by two professional teams.

Night life

The likes of Joe Cocker, Ian Dury, the Sex Pistols and David Gray all played at the Boardwalk when they were starting out. The university often hosts big-name gigs.

What you'll pay

Winkworth says that price ranges are £27,000 to £60,000 for studios, £28,000 to £105,000 for one-bed flats, and £60,000 to £375,000 for three-bed houses. A two-bed terrace needing upgrading in the Tinsley section of Sheffield is available for £28,950, and a three-bed terrace in Crookes costs £89,950. A seven-bed, three-reception Victorian semi in a conservation area in S10 with garage and south-facing garden, is £495,000 at ELR.

New

In the new Royal Plaza development in the city centre, a fourth-floor, double-aspect, two-bed flat with reserved parking is seeking offers around £169,500 at ELR, while a first-floor, two-bed flat with balcony is priced £149,950 at Bagshaws. Charles Church is building five- and six-bed detached homes in Worrall, North Sheffield; prices not yet released.

Nearly new

In the recently converted Gallam cutlery works at Cornish Place in Kelham Island, a one-bed flat for £105,000 and a two-bed ground-floor flat with allocated parking for £134,950 are available at Bagshaws.

Country

A two-bed detached cottage with a garage designed for conversion into a separate reception room in Langsett, and a Grade II four-bed farmhouse in Upper Midhope, (both near the Peak District National Park), are priced at £325,000 and available at Bagshaws. A five-bed stone mill-house dating from c1760 in Dronfield is seeking offers around £269,950 at Blundells.

Estate agents

Bagshaws, 0114-276 9062; Blundells, 0114-275 3853; Eadon Lockwood & Riddle, 0114-276 1277; Winkworth, 0114-276 5715.