Major businesses have been moving their offices to Birmingham of late, and the flow-on effect is long-tern projects in infrastructure, communications, and transport. Living standards in the area are on the rise as the economy benefits.
Birmingham has been described by PriceWaterhouseCoopers as the UK’s “most investable city”. Unsurprising as on average property prices have increased by 8.9% year on year. Drastically outstripping the UK average. The sustainability of this growth is what we are so positive about, and the upward trend is set to continue until at least 2022.
Major infrastructure is always a factor when considering a property’s suitability for investment. The development of the HS2 rail is set to have a major impact on Birmingham. Due for completion in 2026, HS2 will cut journey times to London down to just 49 minutes (roughly the same travel time as Londoners living in zone 4) making it a not unfeasible commuter town itself in years to come.
In addition to the massive and lasting commercial benefit of the HS2 rail, the Commonwealth Games are set to be hosted in Birmingham in 2022. A huge opportunity for the city which is expected to generate around £750 million for the economy. The upgrades that the city goes through in preparation for these games are creating jobs and improving the facilities and public transport amenities for the future, adding to the sustainability of this growth.
Certainly one to watch closely when investing in the UK property market.