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August 15 2022

Birmingham property prices set to rise by 27%

August 15 2022

Birmingham property prices set to rise by 27%

Author: Amber FurrCategory: UK Property
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It’s the UK city everyone’s talking about. Attracting tourists from all over the world, Birmingham ‘exceeded expectations’ for its hosting of the Commonwealth Games between 28th July – 8th August 2022.

The international muti-sporting event catapulted Birmingham onto the global stage, showcasing the potential of the UK’s second city for an audience of 1 billion people.

But as the banners around the stadium stated, ‘Sport is Just the Beginning’. The legacy of the Games will be felt for years to come.

Opening Ceremony The Commonwealth Games Birmingham

 

‘The Commonwealth Games Effect’

Since 1970, the UK has hosted the Commonwealth Games four times, and in the year following each event, property values increased by an average of 14.9% across these host cities. Following Manchester’s 2002 Commonwealth Games, from the torch being lit at the opening ceremony to one year later, house prices rose by 24%.

Birmingham property prices are expected to rise by 27% by 2026 according to JLL, with the Commonwealth Games cited as a key driver.

As Birmingham’s reputation and job market thrives, rental demand is also increasing to record levels in the city centre. JLL predict rents to soar by 2.8% per year until 2026 – a convincing message for investors considering Birmingham.

 

Other high-profile projects transforming Birmingham

High-Speed 2 (HS2)

The government’s GBP 106 billion railway will form the ‘backbone of Britain’s transport network’. Birmingham will be the central hub connecting London and the North, supporting the government’s ‘Levelling Up Agenda’ to improve connectivity and opportunities in regional cities.

The Big City Plan

The Big City Plan is ‘the most ambitious, far-reaching development project ever undertaken in the UK.’ The aim is to create a world-class city centre by planning for the next 20 years of transformation, including:

  • Creating 1.5 million square metres of new floorspace
  • Creating over 50,000 new jobs
  • Contributing GBP 2.1 billion to the economy each year

Goldman Sachs

Global investment banking giant, Goldman Sachs, recently set up headquarters in Birmingham city centre as an alternative to the capital, boosting the city’s profile and attracting a talent pool of high-earning renters – the prime demographic of the build to rent sector.

Following suit with HSBC Bank, which set up headquarters in Birmingham in 2018, Goldman Sachs is influencing a growing trend of blue-chip employers choosing regional cities.

 

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