Birmingham an Emerging Property Hotspot
Birmingham an Emerging Property Hotspot. Not only the UK’s largest city outside London but also one of the country’s biggest financial centres. The relocation of firms; Deutsche Bank and HSBC will increase the number of affluent professionals making their home here. The diverse economy benefits from exceptional connections to local, national and international destinations by road, rail and international airport.
Furthermore, Birmingham is one of the youngest cities in Europe, with under 25-year-olds accounting for 40% of the population. In addition to this, There are 5 universities. In a city which has a high student retention of graduates, this will increase demand for new high-quality housing. As young professionals move out of the city to find more affordable accommodation; towns within commuting distance are increasingly becoming rental hotspots.
UK’s Second City Birmingham an Emerging Property Hotspot
Birmingham often referred to as the UK’s second city, has become one of the hottest property investment locations. However, not just the UK, but across the whole of Europe as well. Ranking above London as one of the most popular cities in Europe to invest. Birmingham is attracting billions of pounds of investment across the city; with commercial, residential and retail property all a target for keen investors.
Globally operating organisations such as Deutsche Bank, HSBC and PwC are making decisions to relocate head offices to Birmingham. Therefore further cementing the idea that the city has grown in popularity, and continues to do so. It is clear to see that property investors and global organisations alike are very interested in the city.
Why Invest In Birmingham?
Birmingham an Emerging Property Hotspot Location in the Centre England
Birmingham’s central location in the Middle of England has helped Birmingham emerge as a Property Hotspot. Birmingham is the most connected city in the whole of the UK. London and Manchester, are within 2 hours of Birmingham and can be accessed by a number of different transport methods. The M1 and M6 motorways connect to creating an easy passage by road. Furthermore, Birmingham New Street station is the busiest train station outside of London.
Birmingham will benefit from Europe’s largest infrastructure project, £56 billion will create the HS2 project by 2026. This revolutionary project will connect Birmingham to London faster, reducing journey times from Birmingham to London to just 49 minutes. International businesses are attracted to Birmingham, reaching London in less than an hour. Furthermore, having greater access to other regional cities, by road rail and air; therefore proving to be very attractive to international businesses.
A BOOMING ECONOMY
Birmingham has grown over recent years, boasting one of the strongest performing economies within the UK of £24.8 billion; a figure that represents the strongest economy outside of the capital city. In a study conducted in 2017, it was found that Birmingham is the most improved city to live and work in, in the whole of the UK.
With large investments and regeneration projects, combined with falling unemployment rates and the highest standard of living out of the UK’s regional cities; Birmingham truly is a very good place to be. Furthermoer, Birmingham Furthermorengest population out of all of Europe’s cities, with 45.7% of the population under 30 and approximately 65,000 students attending the five universities and two university colleges located within the city. This is fantastic news for organisations looking to relocate to the city, as thousands of ambitious and qualified individuals will be looking for work once they finish their studies.
Birmigham will host the Commonwealth Games in 2022, bringing a large focus to the city, as well as a boost to the economy of est £750 million.
Birmingham an Emerging Property Hotspot
Birmingham beat all cities in England to claim the top spot for house price growth in 2017. With an increase of 7.5% on average, house prices in the city centre average at £197,461, and this is less than both Manchester and London. Birmingham still has a lack of supply of homes when compared to the demand. Therefore property investment in Birmingham has become a very attractive proposition for investors.
In 2021 Coventry will become the UK’s city of culture, while in 2022 Birmingham will become the first English city to host the Commonwealth games since Manchester in 2002. And underpinning all of this will be the arrival of HS2 to the region.
HS2 was recently described by one commentator as ‘like when the railroads came through the old West in America. Wherever it goes, jobs and opportunities follow.’ This certainly seems to have been the case up to now, with recent employment figures from the Office of National Statistics showing that approximately 100,000 more people are now employed in the region than at the same time last year.
Birmingham an Emerging Property Hotspot Benefiting From Transport and Infratructure Upgrades
Such an increase in the number of people in work, coupled with the West Midlands’ growing reputation as an exciting area full of opportunities, will undoubtedly place a huge added strain on public services.
And this is where Midlands Connect comes in. Tasked with driving growth and expansion in the region, the organisation launched its Midlands Connect strategy in March 2017, recommending a host of rail and road improvements over the next twenty years that it believed could, if implemented, help to create as many as 300,000 new jobs across the Midlands.
It is worth noting at this point that Midlands Connect is not able to implement any of its recommendations itself – rather, the actual work will need to be completed by companies such as Highways England and Network Rail.
The organisation did, however, spend three years researching and documenting the areas which it feels would benefit most from improvements.
Their suggestions are both ambitious and bold, covering the length and breadth of the region.
Full details have not yet been published for any of its schemes yet, of course, as the organisation is still very much in its early days. However, that hasn’t stopped them identifying a network of improvements and advances that could revolutionise transport in the West Midlands.