Big City Plan is a 20-year vision that’s set to encourage and support the transformation of Birmingham to add to the world class reputation they currently hold. The plan is to develop new residential communities and offer support in the diverse community, by maintaining and enhancing its unique character.
Improving the transportation links was key due to Birmingham’s New Street station being the busiest rail interchange outside of London. It has been made three and a half times bigger than before to make for easy and enjoyable experience for the passengers.
The cities considerable growth, coupled with the ambitious plans for future development have resulted in a growing demand for rental accommodation in the city in recent years. Understandly, this has led to increased numbers of investors looking to purchase buy to let apartments in Birmingham city centre and the surrounding suburbs such as Edgbaston and Bourneville.
Birmingham has been classed as Britain’s most populated city outside of London. Recent years has shown a rapid growth in the population, with 1.1 million people now taking home there. This is a knock on effect of Birmingham having three major universities (University of Birmingham, Birmingham City University and Aston University) that contain 66,000 full time students dispersed across all three. The major undersupply of student accommodation in the city of Birmingham has resulted in 40,000 students not gaining the access they need. Through an extraordinary positive rental growth every year, student accommodation in Birmingham has become a thriving industry and a flourishing market to enter.
With food at the core of what Birmingham does best, it is home to a variety of bars and restaurants so people are able to spend a divine night out on the town. Those who wish to shop the day away can visit the amazing Bullring shopping centre or simply enjoy the cultural attractions.
Universities within the UK globally have a reputation which attracts an international appeal. As a result of this, in 2015 there was a record number of applicants apply to commute to the UK and take home. From which Birmingham has been alleged to be the largest centre for high education in the UK outside of London. This means students are now looking beyond figures, as they start to demand something with an ingenious design to allow social groups to configure and bond. Birmingham, as a city, offers services that create a wider social interaction through various events and private activities that students can partake in to enhance their experience.
If you like the sound of what Birmingham has to offer, why not take a look at our portfolio of student accommodation investment opportunities both in and around Birmingham.
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There are many fantastic reasons why investors should be intrigued and excited by the possibility of property investment in Birmingham City Centre over the next few years. Affectionately known as the second city of Britain, Birmingham has one of the largest populations in the UK and with new developments on the horizon, now could be the perfect time to invest.
A recent report has revealed that property prices in Birmingham are rising at a faster rate compared to homes and buildings in London. Property growth in London has been predicted to crawl to a zero percent standstill over the next few months while Birmingham’s property market will continue to increase. In January, Birmingham property prices were growing at a rate 1 percent higher than those in London and that trend is expected to continue. The difference is significant when you consider what this means.
A faster increase in property prices points to a growing economy and a strong infrastructure. This will become even more important as the plans for the HS2 train lines come to fruition. During this time, more people will move to Birmingham to commute, leading to an increased demand and property prices are expected to soar.
Evidence of the support for the growth of Birmingham’s economy can be seen by HSBC’s decision to position their headquarters in the centre of the city. This has brought in an additional 1000 jobs into the city and it is really just the tip of the iceberg of new developments. Lasalle Investment Management have already invested 100m into the city with plans to build 603 apartments for rent that will be available by 2019.
Furthermore, Knight Frank named Birmingham the business hotspot of the UK, and this certainly seems to be the case. Over 6000 people moved from London to Birmingham in 2015. Many of these individuals were young workers, poised to bring innovation and entrepreneurial roles into the business hub at the centre of the city.
The new HS2 train links will be of great importance for Birmingham City. Phase one of the new HS2 line will link Birmingham to London, providing a more rapid choice for transportation. Ministers have suggested that this will strengthen the economy, providing greater connections between Birmingham and London as well as the rest of the UK. Phase 2a and 2B of the HS2 train lines will further connect Birmingham to both Manchester and Leeds.
In total, this project is predicted to bring in 30,000 jobs. More people are also expected to move to Birmingham due to the predicted commute time to London being just forty-nine minutes. The first phase of the new train line is scheduled to open by December 2026, and when it does, it will bring substantial changes to Birmingham City.
Published: 12 February 2018Discover why student property investments are booming in Birmingham, including how many students attend each of the five universities and the main locations students live in.