Despite the UK’s city centre residential market suffering during difficult financial times, letting prices in Sheffield remain constant.
Sheffield’s location puts it at ahead of other major northern cities, an advantage which shows in its strong rental market.
Steven Blank of PJ Properties said that they aren’t too concerned about the effect of the financial crisis on their rental properties.
He said: "We’re doing okay and demand is still there".
Mr. Blank also noted that the proportional number of students living in Sheffield meant that the property market was much more stable than other city areas, like London.
The supply of properties to let in London is starting to outweigh demand from tenants, with the London lettings market predicted to remain fragile in 2009.
It is inevitable that more tenants will default on their monthly payments because of the economic climate and rising unemployment.
Julienne Wood, Director at the London estate agent Kinleigh Folkard & Hayward, said: "There is insurance to cover this eventuality and my advice to landlords is to make sure they are covered."
The student lettings market is recession-proof and so landlords considering investing should target university areas, she added.
Recent apartment developments in the city centre of Sheffield have been relatively unsuccessful on the market due to higher rates.
Landlords are expected to put more effort in to ensure they are sold, a spokesperson from Sheffield City Council said.
In general, though, the rental market in Sheffield has remained constant and could very well increase in the next few months, meaning that buyers and sellers in Sheffield can therefore remain optimistic despite the downturn.
Georgia Gregory
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