UPDATED FOR 2024 MARKET
The Birmingham housing market is one of the fastest growing in the UK, providing high levels of capital appreciation for homebuyers and investors alike.
Birmingham housing market snapshot
- 40% of its population aged under 25
- Most popular destination for young professionals leaving London
- Population of 1.2 million by 2038
- HS2 rail infrastructure incoming
The foundation of Birmingham’s success is its young and growing population – a winning combination for any city. The latest Birmingham Economic Review from the University of Birmingham shows that the city is the youngest in Europe, with those under the age of 25 accounting for nearly 40% of its population.
This remarkable figure can be accounted for by Birmingham’s retention of almost half the graduates from its universities each year, and the fact the city is the most popular destination for young professionals leaving London for superior employment and housing opportunities.
It’s easy to see what attracts these people to Birmingham, and why it will be home to more than 1.2 million people by 2038 according to the City Council. The city is a natural home for businesses big and small which provide high quality, well paid jobs - with almost 600,000 sqft of new office space delivered last year according to the Deloitte Crane Survey. That's a four-fold increase year-on-year.
Alongside that, major infrastructure programmes like the Big City Plan and the HS2 high speed rail network are underway to further cement Birmingham’s status as an internationally connected economic hub.
All of this is a recipe for property prices to continue increasing at a rapid pace. There are simply not enough homes to meet demand, and the aforementioned long-term investments ensure that more people will keep moving to the city. In particular, the luxury residential accommodation perfectly suited to young professionals is in incredibly short supply.
Just 8,848 homes are under construction and scheduled to complete in the city over the next three years. Compare that to estimated population growth of 50,000 by 2031 and you have a recipe for competition in the market.
That will lead to high house price and rental growth in the city - particularly for luxury apartments with access to the city centre. This is the most popular type of rental property for young professionals and families who want to live the city lifestyle and enjoy a luxury home life too.
Neighbourhood Heights is one development that will step into this gap and provide much needed luxury residential accommodation for the Birmingham market.
Designed by architects with vast experience in the city, Neighbourhood Heights is exactly what Birmingham needs and is set to be the ideal home for young professionals, families and first-time buyers. The mix of comfort, connectivity and stylish interior design combine to create homes that exceed expectations.
Located in a beautiful suburban setting with convenient transport links to the city centre, this development offers high specification homes in an extremely popular and high demand area.
Find out more about Neighbourhood Heights and contact the team today.
