Introduction To The Area
Taking a deep dive into the second city, SHQN will talk you through all you need to know about house prices in Birmingham. In 2019, there were two million residents in the Birmingham postcode area with an average age of 38. Population density was 1.7k residents per square kilometer. Population grew by 12.8% since 2002 and population average age increased by 0.4 years in the same period. Based on the last census, there were 2.54 residents per household in 2011.
The building of the new HS2 rail line between London and Birmingham, which will incorporate a new station at Curzon Street, is underway. It is earmarked for completion in 2026 and is expected to reduce journey time to London to 49 minutes – from more than an hour currently.
The 2022 Commonwealth Games is also set to be hosted by Birmingham. Around 5,000 jobs will be created in the run-up to the event – with more likely to stem from its legacy long after the athletes have left.
In terms of employment, Jaguar Land Rover has unveiled plans to redevelop its Castle Bromwich site, on the eastern edge of Birmingham. It will be the UK’s first manufacturing plant dedicated to electric vehicles and expects its first model – an electric version of its luxury XJ saloon – to roll off the production line next year.
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Summary Of Price Moves
According to RightMove, Properties in Birmingham had an overall average price of £213,001 over the last year. The majority of sales in Birmingham during the last year were semi-detached properties, selling for an average price of £227,790. Terraced properties sold for an average of £181,770, with flats fetching £158,795. Overall, sold prices in Birmingham over the last year were 4% up on the previous year and 7% up on the 2018 peak of £198,503.
New builds are cropping up, such as Axium on Windmill Street, close to the famous Bullring shopping centre and New Street railway station. The high-end property development is nearing completion and offers 304 apartments with prices starting at £193,950.
There’s also Arden Gate to consider, which comprises apartments and duplexes with starting prices of £192,950. Located in the Westside quarter of the city centre, it is one of nine separate developments that will deliver 1,900 homes to the city centre over the next couple of years. Away from the city centre there is a substantial housing development at Longbridge, the site of the old Rover motor works.
Birmingham is forecast to see the strongest house price and rental value growth over the next five years, compared to the rest of UK cities, with year on year growth expected from 2022-2025.
That’s according to JLL’s UK Residential Forecast Report, ‘Home is… for everything’, which says UK house prices are forecast to dip towards the end of 2021 in the face of a number of headwinds, before growing strongly again from 2022 onwards. Going into 2021, house prices will continue their current strong growth across the UK until the Stamp Duty holiday is removed, the report predicts. For Birmingham house prices and rental values will remain flat in 2021 with house prices going up 4% and rental value increasing by 3.5% in 2022.
New figures from the Office for National Statistics have shed light on house and flat prices at ward-level over the last 20 years. They reveal massive variation in house price growth depending on the neighbourhood. Bordesley and Highgate has seen property prices increase faster than anywhere else in the city in the last year.
The average home in the ward sold for £169,950 in the year to March 2019 – up by 42% from the average sale price of £119,950 in the year to March 2018. It’s also 62% more than the average house price of £105,000 five years ago in 2014, and is nearly four times as much as the £43,125 you would typically have paid in the area in 1999. House prices in the ward still don’t come anywhere near the most expensive in Birmingham – which can be found in Sutton Four Oaks, where the average house sold for £412,500 in 2019 (up by 7% from £384,250 in 2018). However, the increase seen there makes homes in the area hot property when it comes to return on investment.
Estate Agents' Comments
Dixons state that “Birmingham is the largest British city outside London. It grew to international prominence in the 18th century as ‘the first manufacturing town in the world’. One of the most important inventions in British history, the industrial steam engine, was pioneered here. These days, the city is still a major international commercial centre. It has a thriving economy and six universities – making it England’s largest centre of higher education outside London. The city links with the M5, M6, M40, and M42 motorways, as well as Spaghetti Junction.”
Savills echo this statement, pressing that “Birmingham is one of the UK’s leading cities, and the vibrant centre has one of the youngest populations in Europe. It’s an expanding hub for finance, tech and media, so there are plenty of opportunities in these fields. The city and the suburbs around it are becoming more and more popular, especially with those looking to move on from London, but still have a lifestyle full of culture.”
As Raj Bedi, owner Martin & Co, puts it: “Birmingham is thriving and will only grow in popularity once large-scale infrastructure projects are completed.”
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