Birmingham's thriving property market
Even though it has taken quite some time for Birmingham to reach it's full "dazzle", taking decades to be considered the UK's second city, it's now the "strongest economy outside London", and has the "highest number of new businesses and the most Michelin-starred restaurants" outside of London. The city may have been through competent leadership, however the "workplace" of the Industrial Revolution is now overshadowing other major cities within the UK.
Birmingham surpassed London with the "annual rate for house price increases in Birmingham being between 5-10% since mid 2015", according to data from Knight Frank. Cushman & Wakefield property consultant Lee Layton talks about a bright future for Birmingham, saying the city is "relatively affordable" as "average house prices (in Birmingham) are 21% lower than the UK average", despite a 32% rise in house prices within the last 10 years. He also states that "Birmingham will remain an attractive option" especially for those relocating from elsewhere as there is an expanding number of Brits moving to the second city (including moving from London) due to workplaces providing above national average wages. Also attracting more people to commute to Birmingham is the arrival of the HS2 in 2026. The new high speed rail link between London Euston and Birmingham will "bring yet more people into Birmingham to live, work and play" says Joe Shorney, Savills' development team.
Developer SevenCapital's managing director, Phil Carlin says that "We have seen international interest from expats and downsizers looking for a lock-and-go home. Everyone wants a piece of Birmingham right now". As well as Satpal Ram, a 41-year-old who has bought two properties in Birmingham, states that "Lots of people will be looking at Birmingham as an alternative place to London especially with the HS2. I certainly wouldn't look anywhere else right now as an investor." It is said that "schooling is a key driver for families moving to the prime residential areas". These include areas such as Harborne, Edgbaston, Moseley, Sutton Coldfield and Barnt Green, according to Jamie Carter of Knight Frank, and the re-opening of the station at Kings Heath will help families with children.
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