Birmingham is currently experiencing a huge period of change as billions of pounds of investment is being injected into the city’s economy. Over the next decade this is predicted to continue as new jobs, transport facilities and residential communities are delivered.
The impact of this will see Birmingham realise its full potential, becoming a truly international city at the centre of a successful region and a driving force of the UK. An example of this would be the commonwealth games which will be held in Birmingham in 2022. This will bring a huge amount of tourism but also investment and general interest to the city which will help to boost capital value and rental yield.
As one of the largest and most attractive city centre development sites in the country, Birmingham Smithfield will be a key part of this evolving growth story. The site has all the ingredients to become a hugely successful and vibrant place – with the local Digbeth area recently being voted the “hippest place in the UK” and being compared to Shoreditch, London. The proximity to the major retail offer, the creative quarter and knowledge hub and the future city centre terminus for High Speed 2 are all also major attractions to the development site.
The future vision for Birmingham Smithfield includes new vibrant retail markets, exciting family leisure, cultural buildings, homes, public squares and transport facilities. Delivering 300,000sq.m of new floorspace, 2,000 new homes and an investment value of over £500 million. The masterplan is a clear statement of intent for the future from the city council and their commitment to expanding Birmingham’s global recognition.
Aside from the Smithfield Masterplan, the leading property investment company has assessed the latest data from Nationwide, which found that 2.9% increase in the average property value in the West Midlands over the year, with Birmingham far exceeding this average – up to a 6-7% increase. In contrast, house prices in London fell by an average of 0.8% in the year to December 2018, following a 0.5% drop in 2017.
Additionally, according to the latest Office for National Statistics population growth predictions, Birmingham’s population is expected to increase by around 166,000 people between 2018-41 – a rise of 14.5%. This is another factor driving the new wave of property investor interest in England’s so-called second city.