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Just as Adele has re-announced her stamp on the music industry in 2015, with a sell-out tour (including visiting the NEC) due in 2016, we would love to announce the official welcome return of the vibrant and hugely investable 2nd city of England. Yes, ladies and gentleman, BIRMINGHAM IS BACK.
But as of 2015, Birmingham has gone…well…viral.
Mentions in the New York Times, flights starting to China from Birmingham International as of July 2015-the only airport outside of London-and, of course, the huge investment into the city centre residential skyline by Seven Capital -with Chinese backed funding. Of course our new pride of place for the fabulous Grand Central, complete with the amazing John Lewis flagship store has put us on the shopping map.
Hs2 links with London are a (very real) mirage in the distance, but currently, I see the positive property market in Birmingham for home sellers- a reflection of the rejuvenation of the city itself, returning close to the peaks of a pre-recession 2007…..whisper it though.
Employment is up and now “we” are ranked 3rd in business psychologists OPP survey of the happiest cities in which to work. HSBC moving 1000 jobs here isn’t the only positive, Birmingham has become a magnet for other top companies as the likes of Deutsche Bank expands its Brindley Place operation and London based media giant Crave and Lamb choosing Birmingham’s Financial District as its new home-the city is also showing the highest growth in manufacturing and technology jobs in the UK outside London.
“Happy city”??? …well of course, the vibrancy and excitement of the city centre are back, from the Jewellery Quarter Golden Square through to the bohemian suburban Moseley village, voted by the Sunday Times in March 2015 as the best place to live in the country. The regeneration of iconic developments such as The Mailbox, the new Library and the upcoming £500m redevelopment of Paradise Circus by the town hall make Birmingham alive again.
I mentioned investable!
Record sales figures we, as a company achieved in January 2016, have been strongly associated with new buy to let property investment in the city, in small part most recently due to the pending increase in Stamp duty levies for second homeowners.
But put the business head on for a second-why is there so much “new money” being put in, why here?
A global survey of 300 cities by Jones Lang LaSalle recently, put Birmingham at number 53 for foreign direct investment. Add to this that official figures released by the Office for National Statistics placed UK economic growth at 0.5 percent last quarter of 2015 – but experts from the Midlands Economic Forum and Birmingham City University (BCU) have shown the Midlands regional output grew 0.7 percent. Birmingham was the only UK city in top 10 in which to invest in Europe in a report compiled by PwC and the Urban Land Institute, with London slipping to 15. All positive press.
Will more home sellers be happily saying “Hello from the other side” like Adele this Summer, after the government induced stamp duty increase for second homeowners with a positive outlook?
Let me know if thinking of selling and we can discuss where your property sits in the market price wise and our strategy on how we work as your local Estate Agent to sell the property for you. Contact me at [email protected] or at 0121 456 5454.
Senior Sales and Lettings Manager
James Laurence Sales and Lettings