Birmingham has beaten other cities to first place in terms of economic growth, as its GVA increased by 4.2% between 2012 and 2013 alongside being recently named as the UK’s number one business hotspot and through the creation of new jobs, young talent has followed.
Birmingham as a City to Live and Invest
In 2017, Birmingham was one of the highest achieving cities in England in terms of house price growth, which comfortably outstripped that of London.
According to Hometrack, in the first half of 2017 house prices in Birmingham rose by 6.1%, exceeding any other city across the UK. And last year, the West Midlands city was named the sixth best in Europe for investment prospects in the PwC and Urban Land Institute ‘Emerging Trends in Real Estate’ report.
Strong growth rates over the past few years have contributed to a 45% rise in average residential property values since troughs caused by the recession back in 2009. Taking into the account the levels of growth the average price in Greater Birmingham is sitting around £178,000, lower than the UK average of £226,756. Differentiating prices underpins a major driver in the Birmingham property market – its affordability against its UK competitors.
As an investor, this is an ideal time to sow the seeds of a fruitful investment into prime city centre residential property as it has rapidly outperformed the wider UK market for more than a year according to the Office for National Statistics.
In 2017, a study found Birmingham to be the most improved city in the UK to live and work. The city achieved this accolade due to falling unemployment and a wave of investment and regeneration projects, as well as being named as having the highest standard of living of all UK regional cities.