Birmingham Property Market
Birmingham, England’s second city is the most bustling city outside of London, with a population of over 1 million people. Famous for its beautiful multitude of intertwining canals, with more miles of canals than Venice, and its deep cultural diversity, with over a third of its population being attached to various different ethnic minorities. There’s many reasons why Birmingham is such an appealing region to flock to; its 8,000 acres of public parks which make it the greenest city in the UK, its luxurious bullring shopping centre which houses hundreds of amazing shops and its cutting-edge, newly renovated Grand Central train station.
Other incredible aspects of this vibrant city include its Jewellery Quarter, which has been pivotal in the UK’s jewellery commerce; accounting for almost half of the UK’s jewellery for the past 250 years, and its large array of premier restaurants; more Michelin-starred eateries are positioned in Birmingham than any other city outside of the capital. A combination of all of Birmingham’s fantastic features have resulted in a booming property market, so whether you’re a property investor or a family seeking a new destination to reside, allow us to provide you with essential information.
With the population well over a million, Birmingham is evidently an appealing region to reside in, which is why it may not prove to be the cheapest option when attempting to purchase a property. According to expert property market analysts, Hometrack, house prices are unceasingly rising, subsequently making the second city’s house price increase well over the rate of the UK average. If we review the yearly period between April 2016 and April 2017, the cost of properties in the region has substantially enlarged, rising by 7.7 percent over this timeframe. Resultantly, the average house prices within Birmingham have hit approximately £152,000, which is a 6.9 percent incline from 2016. This means that, aside from Manchester, Birmingham is the fastest growing property market in terms of price increase.
Areas: Most Dramatic Price Changes
Considering Birmingham has seen such improvement over recent years, and Temple Street being located within the city centre, this has area has witnessed the most dramatic prise rise. With the average price of a house on Temple Street starting off at £119,000 in 2016, a year later in 2017 the average property price is now £164,950, which is an incredibly steep incline of 39 percent and more than anywhere else in the city. Although, bear in mind that the majority of properties that sell in this area are apartments, with most being from Essex or Temple House.
Properties within the B92 0 postcode of Hampton-in-Arden have also witnessed a substantial increase in the average prices, likewise the B29 6 postcode of Selly Oak. With the average price of a property within those areas being £362,500 and £200,000 respectively, both have seen a significant jump of 27 percent.
Although just outside of Birmingham, the most expensive area to purchase a property in the West Midlands is the B91 3 postcode of Solihull. You may need a substantially larger amount of funds available if you want to purchase a property here, with the average house price being £420,000, although this was recorded in 2016.
On the complete opposite end of the scale, the postcode of WV2 1 within the Wolverhampton region spotted the hugest fall in the average house prices from 2016 to 2017. Over the space of a year, the average house price dropped from £106,250 to £78,500, which is a 26 percent decline. Unsurprisingly, this makes WV2 1 in Wolverhampton the lowest priced area within Birmingham.
Considering the incredible transformation of the city in recent times, with huge scale regeneration producing a high standard of infrastructure and new developments continuously arising, providing new areas to live on a regular basis, there is great opportunity to invest.
UK’s leading independent real estate consultancy, Knight Frank, reported that the private rental sector will have a pivotal role to play in the undercurrents of the city’s residential scene over the next five years and beyond. Due to this, alongside the unceasing demand to constantly drive house supply into the Birmingham property market, the Build-to-Rent approach could be a lucrative one for potential property investors. Knight Frank also claimed that pricing at some top-end schemes could reach £500 per square foot in prime locations, because of the unrelentingly attraction the city possesses in the eyes of people relocating.