With London house prices heading into the stratosphere in certain parts of the capital, it is not surprising that even the wealthiest investors have begun to wonder if there is better value to be had elsewhere.
As the unofficial second city of the UK, Birmingham boasts a vibrant multi-cultural society, and when you check out new homes for sale in Erdington for example, you soon see why overseas investors and UK homebuyers as well, are so keen to grab a slice of the property action.
When you look at a report published by the Urban Land Institute and PwC that ranks the top European cities for property investment, you will see that Birmingham is very upwardly mobile and has climbed 14 places.
Compare this favorable rise to a fall of 5 places in the rankings for London and you start to appreciate why savvy property investors are now starting to question whether it is worth paying such a high premium for investing in the country’s capital.
Birmingham’s increasing popularity is more than just attractive property prices compared to rivals like London, the city is also quickly developing a strong reputation for attracting entrepreneurs to the area.
When you consider that some 19,000 businesses were created in Birmingham during the last twelve months alone, this fact adds credence to the belief that the city is going places and this positive boost in job creation is second only to London itself.
Another compelling reason why investing in Birmingham property may well reap some strong rewards in the future, is the planned arrival of HS2 in 2026.The high speed rail network will truly connect Birmingham and is expected to provide a £3billion boost to the West Midlands area
Anyone looking to invest in property in a city like Birmingham will want to see that they are putting their money into an area that is growing and improving in economic terms and also with regard to infrastructure.
In addition to HS2, there is also the Grand Central retail development at New Street Station and following on from the acclaimed redevelopment of venues like the Bull Ring, Paradise Circus is another part of the city that is grabbing global investor’s attention.
Birmingham has taken some giant strides in recent years as it fights its way out of a prolonged recessionary period that gripped the UK for a few years.
There has been a very noticeable resurgence in the local property market which has been led by both the public and the private sectors, leading to higher levels of investor confidence.
This increase in confidence has been translating to an influx of cash into the property market as investors realize that high price tags and low yields in London mean that their money could be working harder for them in a city like Birmingham.
There is positive sentiment towards Birmingham real estate investments at the moment and that trend looks set to continue as the area continues to grow and offer more to its residents.