19 Feb 2019
Property investors are looking onto Birmingham for their next investment, with Surrenden Invest naming the city ‘the new London’.
As London’s house prices have fallen for two consecutive years, more property investors are turning to Birmingham as their preferred city. The latest data from Nationwide has revealed that London house prices dropped by an average 0.8% in the year to December 2018, while the average property value in the West Midlands grew by 2.9% in that same timeframe.
Jonathan Stephens, Managing Director of Surrenden Invest, says: “This simple fact is: Birmingham is an amazing city that has an awful lot going for it. Its business community is thriving, and there’s a palpable energy when it comes to startups and entrepreneurs in the city.
“Birmingham’s residents demand the very best, whether that’s cultural attractions, retail outlets or the restaurant scene – and that’s precisely what the city delivers. This is a modern metropolis that is drawing in new residents by the tens of thousands, and for very good reasons.”
Population growth has also fuelled the increased interest property investors are directing towards Birmingham. The Office for National Statistics has revealed that the city’s population is forecast to grow by around 166,000 people between 2018-41, recording a 14.5% increase.
As LandlordNews.co.uk reports, Birmingham’s rental yields on offer and regeneration work taking place have further attracted property investors to the city – as opposed to London.
Grand Central’s opening in 2015 had impacted the way in which many perceived Birmingham – and regeneration plans today are only advancing. The £500m Birmingham Smithfield master plan has been praised as “an example to international cities” by Richard Cowell, Head of City Centre Development and Planning. Residents will be able to enjoy a new market area, museum, hotel, culture centres, leisure facilities and a 24-hour gourmet food spot.
Stephens went on to say: “This is the new face of Birmingham – and it’s leaving London looking old and tired. When it comes to UK property investment, Birmingham is the place to be.”