Sheffield is the most affordable city for a night out, for students to live in, and to enjoy a weekend away. But like every other city across the UK, Sheffield is being hit by the rising cost of living. Sheffield Heeley MP Louise Haigh has even criticised the Chancellor for doing “nothing for many people in Sheffield.” So, just how are locals dealing with the current financial climate?
Moving to affordable parts of the city
Around 58% of Sheffielders currently own their own home. But as house prices in the city are rising fast, fewer people may be able to invest in property over the coming months. The Star reports that annual house prices in Sheffield jumped by 11.3%. A further 10% rise throughout this year is expected, too. Rental prices are also sky-high and have risen by more than 10% in a year. To keep their property costs as low as possible, locals are actively looking for homes in cheaper parts of Sheffield rather than popular parts of the city. Grimesthorpe and Pitsmoor are the most affordable part of Sheffield and are followed by Gleadless Valley, Firth Park, Fir Vale, Longley, Shirecliffe, Shiregreen, Southey Green, and Parson Cross.
Claiming benefits
One way Sheffielders have been coping with the current financial climate is to claim benefits. Even people living in ‘wealthy’ areas of the city have started claiming universal credit. In Bents Green & Millhouses there was a 204% increase in the number of people on Universal Credit between February 2020 and February 2022. Broomhill saw a 189% rise during the same time frame, while in Dore & Whirlow, Universal Credit claimants went up by 174%. Universal Credit payments typically range from £257.33 to £509.91. With everything from council tax, food prices, fuel, and energy bills going up in price, Sheffielders may need even more cash than this. If they have an urgent bill to pay, click here for fast loans UK residents can take advantage of to help manage their money effectively. Approval can be as quick as 10 minutes and applicants can borrow up to £5,000.
Protesting for change
In February, the People’s Assembly Sheffield organised a protest to fight against the rising cost of energy bills. From 1st April, the energy price cap will go up by £693, making heating, cooking, washing, and entertainment 54% more expensive. People in Sheffield aren’t prepared to put up with this, though. The Disabled People Against Cuts Sheffield (DPAC) is calling for locals to join the #BigPowerOff and stop using all appliances on 1st April. The idea is to show energy suppliers how the nation has the power to restrict the profits they make. Sheffield residents who aren’t able to turn off their power are asked to join the #BigPowerOff banner campaign by posting selfies on social media.
The current financial climate is making life difficult for many people across Sheffield, Yorkshire, and the UK. Sheffielders are actively doing all they can to make things as financially comfortable for themselves as possible.
