Birmingham has long been a powerhouse at the centre of the UK economy, and the city is growing more and more every year thanks to billions of pounds of investment and a comprehensive infrastructure plan.
The first pillar of Birmingham’s future is the local Council’s Big City Plan – a 20-year masterplan which is transforming the city centre and will contribute a further £2.1bn to the economy each year.
The plan includes the creation of 1.5 million sqm of office space, 50,000 new jobs, 65,000 sqm of new and improved public spaces and 28km of walking and cycling routes – all of which combine to make Birmingham incredibly attractive to businesses. Indeed, we have already seen multi-national companies such as PwC, DLA Piper, Deutsche Bank and KPMG choosing to relocate to Birmingham.
The second pillar of Birmingham’s investment plan is the HS2 high speed rail network which will better connect the city with London, Manchester and Leeds, providing another huge economic boost. Two new stations are in construction – one in the city centre and one at Curzon Street, near the Airport – bringing £1bn in investment to the city.
The economic benefits of HS2 will be huge. Birmingham City Council estimates that another 50,000 jobs will be created by the new rail line and that overall economic activity in the city will increase by £4bn a year.
As if all that wasn’t enough, there are a multitude of other investments also underway which are playing their part in making Birmingham one of the most desirable cities in the UK.
The ongoing developments at Birmingham Smithfield, Paradise Birmingham and Arena Central are all raising the city’s profile. What’s more, Birmingham is hosting the 2022 Commonwealth Games, an event which is bringing another £778m of investment into the city, and has a Regional Tourism Strategy to grow its economy by a further £1bn.
With all that investment pouring into the city, and with so much more to come in the future, we are seeing a knock-on effect in Birmingham’s property market. The growing economy is attracting an increasing number of people into the city from elsewhere – particularly from London – because the job opportunities and lifestyle on offer are so impressive.
In turn, this is putting a lot more pressure on the available housing stock as Birmingham simply does not have enough homes for all the people who want to live there. Consequently, property values are growing rapidly.
The latest UK Cities House Price Index from Hometrack UK shows that house prices in Birmingham are growing significantly faster than the national average year-on-year, and JLL’s West Midlands Residential Forecast 2019 shows that there is much more to come in the future.
Describing the outlook for Birmingham’s housing market as “extremely positive,” the JLL report projects further house price growth in the city of 16% by 2023. The report goes on to note that, “development activity [in Birmingham] has remained below demand levels for some time, which has created fierce competition for new homes in the city.”
By purchasing an off-plan apartment in Birmingham now, you can reap the benefits of the growing property values and lock in significant capital appreciation now. One sector in particular where we are seeing increased demand is the high-end, luxury apartment sector, as Birmingham has a severe shortage of available stock in this area.
One of the most eagerly anticipated luxury residential developments in Birmingham is Park Gate at Lyndon Place. Located only a few minutes’ drive from both Birmingham city centre as well as being next to Sheldon Country Park, these apartments offer all the benefits of city centre living whilst also being a tranquil retreat from the hustle and bustle. Furthermore, proximity to Birmingham Airport and the HS2 station at Curzon Street means that these apartments offer some of the best connections in the city.
Large windows wrap around the entire building, bathing the open-plan apartments in natural light. A stylish, minimalist design will make residents feel immediately at home whilst offering them the freedom to make the apartment their own. The luxury living on offer at Park Gate truly raises the bar for residential accommodation in the Birmingham area.
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