Birmingham property investment: Why is it a good reason to invest in the second largest City outside London
Birmingham is the youngest and one of the fastest growing cities in Europe with a population of over 1.1 million, 45% of which is estimated to be under the age of 30. Between 2006 and 2016 Birmingham’s population grew by more than 100,000 And with £billions in investment Currently pouring into the city’s retail, Commercial sectors and infrastructure, this trend is set to surge.
- Projected 20% Capital Growth Birmingham Off-Plan Developments
- £24.8 billion economy, the strongest outside London
- UK’s second city ranking higher than London as one of the most popular places in Europe to invest
- Proud hosts of the Commonwealth Games 2022The largest sporting event in the UK since the 2012 London Olympics
With more foreign investment schemes than any other English city in the region, Birmingham is a throbbing economic centre on the rise and certainly the number one destination right now for investing outside of London.
According to the 2017 Crane Survey, Birmingham is seeing the highest level of development for 15 years, with a huge focus on creating office, retail, leisure and residential areas in major city hubs including Digbeth, Jewellery Quarter and Edgbaston. In 2016, around 1.45m sq. ft. of office space was under construction, compared to 969,000 sq. ft. back in 2015, whilst residential schemes have seen a ten-fold increase.
Partner at Deloitte Real Estate, Edwin Bray, confidently posed: “Developer confidence is reinforced by the growth in financial services business choosing to headquarter here,” as well as activity stimulated by the excitement for a new high-speed railway.
No doubt these regenerative plans tie in well with the city’s ever-increasing population. In total, the West Midlands houses roughly 5.6m residents, making it one of the biggest and most densely populated counties in the UK, losing out only to Greater London and coming in ahead of Greater Manchester.
A £900m Renewal for HS2 at Curzon Street
Curzon Street station is at the centre of one of the largest regeneration projects in Britain, whereby the Grade I listed building will be rejuvenated to house the new HS2 station. From here commuters will be able to reach London in just 49 minutes in 2026 when the line fully opens, compared to the current journey time of one hour and 21 minutes.
Birmingham City Council’s director of planning and regeneration, Waheed Nazir, stated: “The former Curzon Street station building is one of the oldest railway terminus buildings in the world and a monumental piece of architecture. Sitting in the heart of Birmingham Eastside, which will be home to HS2, this building symbolises an exciting future, as well as celebrating the city’s important rail heritage.”