A research study by consultancy Marrons has reported that top UK city, Birmingham, is in need of 127,000 new homes in less than two decades. With the second highest population in the UK, Birmingham’s demand for housing is constantly increasing.
The city of young professionals
Birmingham has the youngest city population in Europe.
Home to five universities, Birmingham retains a staggering 49% of its graduates, which has a significant impact on the local property and rental market. Birmingham sees a constant demand for quality accommodation in the city centre, with many young professionals requiring housing post graduation. Over 40% of Birmingham’s residents are aged under 25, and will require independent housing in the coming decades.
The youthful population of Birmingham is also a huge driving force for the increased demand for luxury accommodation in the city centre. Many working graduates desire luxury residences complete with a variety of amenities. With wellness and fitness now top priorities for renters in the city, expectations are higher than ever.
Growing at pace
Birmingham’s population is forecast to grow further, with the population predicted to increase by 7.8% by 2038. The lack of accommodation in the city is therefore also set to increase, driving property values in Birmingham higher, alongside increasing rental demand. JLL have predicted a rental growth of 22.2% over the next five years, higher than any other UK city, largely driven by the consistently rising population.
With the construction of revolutionary train HS2 underway, the population in Birmingham is only set to grow further, as the bullet train will connect Birmingham to London in just 49 minutes. This will reinforce Birmingham as an attractive home for many capital city commuters, as the lifestyle outside of London is more affordable and desirable for many due to the unrivalled amenities in cities such as Birmingham.
Demand outweighing supply
The demand for housing in Birmingham significantly outweighs supply, leading to a ‘housing crisis’ as current accommodation cannot meet the needs of the city’s population.
Historically, Birmingham has experienced an undersupply of rental property, particularly in the city centre. According to Marrons, Birmingham is required to build more homes than any other UK city by 2040. The imbalance between housing demand and supply is an unique opportunity for investors, with lucrative returns predicted.
Edition Birmingham
Select Property and Court Collaboration are elevating city living in Birmingham to new heights, with the introduction of luxury residential development, Edition Birmingham. Offering unrivalled city living including a 20-metre swimming pool, sky lounge and a dedicated wellness spa, Edition is offering a level of luxury not seen before in Birmingham.
Ideally located in the heart of the city, alongside global companies including PwC, Deloitte, BBC and HSBC, over 12,000 working professionals are based at global offices less than 1km from Edition Birmingham. Edition is the ideal residence for young professionals seeking a quality city centre home, with the demand for luxury ever increasing.
Centenary Tower, the tallest tower within Edition Birmingham has just launched. Offering residents an exceptional lifestyle, the sought-after amenities include fitness suites, studios, a climbing wall and a dedicated outdoor gym terrace, all impressively residing on the 44th floor.
The premium amenities extend to the 45th floor, elevating social experiences with a private dining room, co-working areas, golf simulator and collaborative shuffle boards.
The apartments are the first of their kind in the city and are in high demand among our global investor community.
Investing in Birmingham with Select Property
Select Property is a leading UK property developer and investment specialist with over two decades’ experience. Our global team brings a wealth of property knowledge to assist both first-time and seasoned investors with an established property portfolio.
We are proud to have a range of investment opportunities available, across the UK’s top cities, Birmingham and Manchester, including both complete and off-plan property.
Contact us today to learn more about property investment in the UK.