Modern day Birmingham is a far cry from the city it once was. Like many Midland and Northern cities, Birmingham has traded any connotations of gloom and bleakness for a vibrant, cosmopolitan and successful environment. Award winning architecture now dominates the city, accompanied by Michelin starred restaurants, sleek bars and luxury accommodation. So how has Birmingham been transformed? What were/are the catalysts for such dramatic and stable change? Business and industry.
Big banks have set up offices in Birmingham over the past ten years and are continuing to invest and relocate there. Deutsche Bank recently set up an office in Birmingham, employing approximately 1200 people and HSBC plans to move relocate their retail bank head office to the city in 2017, providing approximately a further 1200 jobs. HM Revenue and Customs also plans to bring 3000 new jobs to Birmingham through setting up a regional office there. This comes alongside a thriving manufacturing industry, with companies such as Jaguar Range Rover being based in the city.
Office construction and relocation have brought thousands of people to Birmingham from London and far more students graduating from the university are deciding to remain in there to work, rather than heading to the capital. According to Knight Frank, more Londoners than ever are relocating to Birmingham and this is tantamount to the quality and stability of the city’s growth. As a result of this huge influx of people, a large amount of developments are underway.
In addition to this, Birmingham will expect the arrival of HS2. With the introduction of such a sophisticated transport link to London, we are likely to see Birmingham’s population, house prices, industry and businesses grow faster than ever before. This will no doubt be accompanied by a surge in demand for property in and around the city.
Off plan developments are therefore an exceptionally wise investment decision for landlords wanting to ride the wave of Birmingham’s continuing growth and success. With set prices before completion, off plan properties in Birmingham and areas such as Dudley are likely to see huge increases in value upon completion. This means that investors who manage to secure opportunities in a market where properties are so rapidly being acquired as almost certain to see huge capital growth from their investments. Ultimately, there has never been a better time to live, work and by extension invest in Birmingham.