Birmingham’s Booming Property Market – we know the secret!
Very recently The Telegraph carried out a report into England’s booming second city and the secrets of its property market – but, what is it exactly that has taken Birmingham from the industrial powerhouse it once was to to a successful cosmopolitan city, outperforming the rest of the country. We identified what we think has helped with this shift, and there’s a lot. Thanks to recent investment and regeneration works, Birmingham is quickly changing and there are a lot of people that are excited and what to be part of the change.
The article uncovered that, outside of London, Birmingham doesn’t just have the strongest economy, it’s also home to the highest number of new businesses and the most Michelin-starred restaurants. What’s more interesting is that according to the Mercer Quality of Living Report, Birmingham is one of few cities that offers the best quality of life outside London. It’s also fairing better than London for house prices, with the annual rate increasing in Birmingham between five and 10 per cent since mid-2015, according to data from Knight Frank.
But what is it that’s attracting all these new businesses and homeowners to the city? More people are commuting to the city, thanks to above national average workplace wages, something that will only increase with the arrival of HS2. This direct, high-speed rail link to London has already attracted the likes of HSBC, Deutsche Bank, Barclays and HMRC who have moved operations to the city from other locations.
In turn, this has spurred on regeneration work such as Eastside, Smithfield and Paradise Forum, as well as the development of the Midlands Metro, with more stops being built across the city. As mentioned in our previous blog post,The Birmingham Boom, investment in the second city shows no sign of slowing down, having been awarded the 2022 Commonwealth Games, along with the second devolution deal, Birmingham’s profile is being raised not only on a national scale, but on an international one too – all helping to secure a new stream of funding for transport and infrastructure and boosting local productivity and growth. All of this culminated in Birmingham being ranked the most attractive mid-sized city in Europe, according to the latest Cities of Influence report by global real estate advisor Colliers
However, with regeneration work being carried-out and more and more businesses moving into the city, the housing shortage has to be addressed. With developers like Seven Capital and Galliard Homes looking to develop more housing in areas like the Jewellery Quarter, lots of people will now be looking to Birmingham as an less-expensive alternative to London. What’s more advantageous is that the entertainment centers of Birmingham are dotted around the city and not all crowded into one place. Depending on your needs, different areas offer different things. The Jewellery Quarter offers a bustling, busy bar and restaurant environment, while Moseley and Harborne offer little town-like centres with shops and parks, for those that prefer a more easy-going atmosphere.
Evidently, property in the city is valuable – for both buyers and sellers. If you’re interested in moving into the city, why not take a look at our previous posts which break down the best areas to live in the city. Moreover, if you’re looking to sell, why not use our free instant valuation tool today.