Ranked as the highest UK city for investment prospects in PwC’s ‘Emerging Trends in Real Estate Europe 2017’ report, Birmingham is outshining the capital and other economic powerhouses with its regenerative potential and property price projections, making it a leading city for investment.
The Birmingham ‘Renaissance’
Property experts, developers, journalists and commentators from around the world hail Birmingham as a world-class city, with the Urban Land Institute naming it the ‘most investable city in the UK’ and the ‘sixth most investable in Europe’.
The UK’s second largest city is said to have entered a new ‘renaissance’ era, with new developments cropping up and being snapped up by a variety of investors, including overseas capital growth seekers, student landlords and domestic buyers looking for an alternative option to London.
Since 2015, Birmingham has seen the £600m reopening of New Street station, the £50m redevelopment of The Mailbox, and the £150m launch of Grand Central shopping centre and its flagship John Lewis department store, to name a few of the transformative projects creating what’s been called a ‘halo effect’ in the city centre. These major infrastructural changes, coupled with the prospect of HS2, are what have put Birmingham ahead of the likes of London, Milan and Paris in terms of international investment appeal.
Want to learn more about HS2? Read our guide to see how the new high-speed railway is set to transform UK travel and investment.
West Midlands: The Winning Region for Property Price Growth
According to PwC’s ‘Economic Outlook’, the West Midlands is one of the UK’s top regions for house price growth, with a rise of 4.5% expected by the end of 2017 compared to the national average of 3.7%. The average residential property in this county is also predicted to reach £183,000 by the end of this year – roughly £8,000 higher than 2016 – and could even hit £208,000 by 2025, just one year before the launch of the Birmingham branch of HS2.
According to Homes & Property, Birmingham in particular was found to be a property price growth winner with a rise of 7.8% in the past year, with an average asking price now sitting at around £154,900. As impressive as this is, it’s still remarkably less than the UK average price of £220,713 (May 2017 figure) and London’s, which stands at a whopping £636,777 (April 2017 figure), making this a top choice for investors looking for a promising venture with enduring potential at an affordable cost.
A Property Haven for Landlords
With a population increase of approximately 300,000 in the last decade and more than 40% of the city under the age of 25, plus 33,000 businesses – the highest concentration outside of the capital – and five universities in the region educating more than 72,000, it’s no wonder Buy-to-Let property in Birmingham is booming. Along with other major UK cities such as Bristol, Nottingham and Manchester, an analysis by Barclays Mortgages places Birmingham as a top spot for landlords.
Situated within the award-winning Park Central development, the Melrose Apartments presents an excellent opportunity to bag a first home or property investment in a flourishing world-class city. Each of the 41 contemporary homes – including a range of one, two and three bedroom apartments – will cater to a fast-paced lifestyle, with many set to include private balcony access, offering views of the development’s landscaped courtyard gardens. City centre attractions and amenities will be a convenient 15 minute walk away. All properties are available with Help to Buy.