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One of the 'Top 20 Places to Visit'
Enormous growth is on the horizon for our second city, especially as it is well underway with its ‘Big City Plan’.
The city attracts 41 million visitors a year, with 1 million of them being international. This comes as no surprise, as even The New York Times recognised Birmingham as one of their top 20 places to visit.
Birmingham is an unassuming star amongst investors. Ranking as one of the most popular investor cities in Europe, it’s a standout choice for several reasons. The properties are affordable, averaging three times cheaper than properties in London.
Nevertheless, prices are increasingly rapidly, rising twice as fast as the UK average. This is largely due to the huge city regeneration projects both underway and completed, that are transforming the face of Birmingham. This offers investors high potential for capital growth, alongside strong rental yields and consistent tenant demand.
49.3%10 Yr House Price Growth
50%Graduate Retention Rate
22.4%GVA Growth Rate
Great Investor Market
One strength of Birmingham’s investor market is that it boasts the youngest population in Europe – with 60% being under the age of 35. This is telling of Birmingham’s young professional population, who are attracted to the plentiful career opportunities within the city. As a result, rental prices have risen by over 30% in the last ten years. For city-centre Birmingham, it’s expected to rise even more in the coming years.
As a result, Birmingham’s rental yields are exceptionally high. In some student areas, rental yields can reach highs of 11%. Birmingham’s rental demand has seen the largest increase of any UK city, as rental enquiries increased by 51% over the last year.
Most Impressive Regeneration Project
Spanning over 20 years, the Big City Plan began in 2010 and is well underway. ‘Big’ would be a massive understatement for this regeneration project, as it’s one of the most ambitious and high-achieving development projects the UK has seen for decades. With a world-class city centre at its fingertips, the master plan will widen the city’s core by 25%. In turn, it will create over 50,000 new jobs and inject 2.1 billion into the economy each year.
Its’s developments include the Paradise and Arena Central, the Grand Central and the HS2 project. Most notably, the £1.9 billion Birmingham Smithfield project will revolutionise the city’s Eastside and Southside quarters. Spanning over 42-acres, the project will create 3,000 new homes, 8,000 new jobs, public spaces, leisure attractions and the new home of the Bullring Markets. As if that wasn’t enough, Smithfield is expected to bring £470 million GVA into the local economy – benefitting everywhere from the city centre to its surrounding hotspots.
In the UK, Birmingham is
Did you know that 90% of the UK is within four hours of Birmingham? This is because Birmingham is a major transport hub, and benefits from being extremely central in the UK. The region’s connectivity and economic landscape will be boosted significantly by High Speed 2 (HS2) – the country’s new high-speed rail network and Europe’s largest infrastructure project to date.
Travel time from Birmingham to London will take just 38 minutes as well as shortening travel times to key cities in the Northern Powerhouse – which will be within an hour away. It will also provide quicker transport times to numerous airports, increasing its connectivity across Europe.
The HS2 will draw countless businesses into this already thriving economic powerhouse. We are already seeing business giants locating there such as BT, HSBC, KPMG, Deutsche Bank, Deloitte, and PWC. As a result, Birmingham has seen the highest growth in wages of all UK cities with an 80% increase in people earning £40-£50k in the last five years.
The Big City Plan is prolific for the city. Spanning over 20 years, upon completion Birmingham will be completely unrecognisable. The project will touch every corner of Birmingham from the city centre, the train station, to the wider underappreciated areas. As the UK’s ‘second city’, Birmingham is living up to its title.
The Gateway Project£600m
The Gateway Project regenerated the New Street railway station. The project has delivered a bright and modern transport hub for the city. Passenger capacity has been boosted from 170,000 to 240,000, with the new station being five times bigger. Above the station is Grand Central, Birmingham’s newest premium shopping destination, housing more than 60 new stores.
Commonwealth Games 2022£700m
The arrival of the Commonwealth Games in 2022 is a huge catalyst for growth. From the renovation of Alexander Stadium to the construction of 5,000 new houses, investment is being spread across every corner of the city. On top of this, 30,000 new jobs will be created.
The Library of Birmingham £188m
The Library of Birmingham is a flagship project for Birmingham’s regeneration, at 31,000 sqm it stands as the largest public library in Europe. The futuristic knowledge hub is home to the largest Shakespeare collections in the world, with the eco-friendly design being a huge catalyst for the city’s growth and indicative of innovative, modern architecture.
Birmingham is truly one of the best investment opportunities in Europe. Plus, the Big City Plan is enhancing its international reputation even further. Do you want to know why Birmingham is a red hot investment city? Download our guide.
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