December 03 2020

Birmingham Is 2020’s UK Property Buying Hotspot

December 03 2020

Birmingham Is 2020’s UK Property Buying Hotspot

Author: Gareth MarshallCategory: Birmingham, UK Property
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Research shows that the Midlands city saw more property sold over the last 12 months than any other, underlining its continued investment appeal.

Summary:

  • Land Registry data shows that Birmingham has recorded the highest number of property transactions in 2020 than any other UK city
  • Close to 4,000 sales were agreed in the city by the end of October 2020
  • With a significant property undersupply being met with rising demand, Birmingham remains one of the UK’s most attractive investment locations for global investors

 

More property has been sold in Birmingham in 2020 than any other UK city.

That’s according to the latest Land Registry sales transaction data, as analysed by estate agent comparison website GetAgent.co.uk.

Figures show that, by the end of October 2020, 3,863 sales in Birmingham had been agreed, with an average property price of £189,899.

The next city after Birmingham was Leeds, with 3,721 sales agreed in the Yorkshire city comparatively.

Close to 300,000 property transactions in total had taken place in the UK according to the Land Registry, as pent-up demand following the first national lockdown, coupled with incentives such as the stamp duty holiday, drove activity in the property market.

Explaining the findings, Colby Short, founder and CEO of GetAgent.co.uk, said: “Birmingham tops the table with the most market activity of all UK locations so far this year, with other more affordable major cities also ranking as some of the busiest with regard to home sales.”

One of the UK’s most important regional hubs, Birmingham has long been established as a hotspot for property investment in the UK amongst global buyers.

Underpinned by strong economic fundamentals, Birmingham city centre also has a significant undersupply of residential property. Indeed, estimates suggest that the city needs approximately 4,450 new homes each year to meet demand.

Additionally, with a rising population and the prospect of sustained economic growth created by the completion of High-Speed Rail 2 (HS2) – a train line which will connect Birmingham to London in just 49 minutes – Birmingham property offers one of the most compelling investment opportunities in the UK.

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