Bouyant property Market And Healthy Economy Make Birmingham Hot Property
Birmingham is a city that is going places. Second only to London in size, it is often termed the UK's second city. Unlike London, however, it has seen few if any adverse effects from the recent financial insecurity that has been seen in the wake of the EU Referendum.
Indeed, Birmingham has appeared to thrive while others have stuttered. The city has been seen for some years as a growing hotspot for property investment, and this status has been confirmed over and again in recent times.
Background and Infrastructure
The City of Birmingham has come a long way from its roots as a medieval market town. In the 18th Century, it was hailed as the world's first manufacturing town, and was home to thousands of small business. These were pioneers and innovators, at the developmental forefront of their specialist trade.
While manufacturing and industry are still a key part of the city's economy, it is the service sector that now dominates. However, that pioneering and innovative spirit has never left the city.
Over the past ten years, Birmingham's population has increased by around 10% to more than 1.1 million. The city is the focal point of the West Midlands Built Up Area, the third most populous region in the United Kingdom, with a total population of around 2.5 million.
The rise in population has been largely due to an influx of young professionals, who are attracted by the local economic opportunities, recreation and leisure facilities and a public transport system that makes London a viable commute.
This has become an even more attractive proposition since the £600 million redevelopment of New Street Station that was completed in 2015. The proposed advent of HS2 will make the commute between the two cities even quicker and more comfortable.
There have been significant financial investments within the manufacturing and service industries in Birmingham and its surrounding areas. The export industry is also going through something of a boom at present.
However, it is the property market that is outperforming all else. With a steadily increasing population, there will always be a demand, and in a competitive market, this spells good news for buyers, sellers and the property business as a whole.
The health of the industry is exemplified by property giant Savills' decision to significantly increase its local market presence through acquisition. The company purchased Birmingham-based property consultancy GBR Phoenix Beard on 12 August as a quick and effective way to strengthen its position in this key region.
A stable, thriving economy and a rising population means the opportunities for investors are numerous. The city needs 89,000 new homes to meet its housing needs.
More than 50,000 of these will be in the form of new developments, but this will still leave a shortfall. An increasing number of development and redevelopment opportunities are appearing on the market in Birmingham and particularly in the surrounding areas of the West Midlands. These represent lucrative opportunities for property developers at all levels, from professional companies to hobbyist individuals.
What is certain is that Birmingham is a land of genuine opportunity, and is a shining light in what can be seen as otherwise dark economic times.
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