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Why has Birmingham led UK House Price Growth Since the Brexit Vote?
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
- Birmingham house prices have increased by 16% since the referendum, in June 2016
- The population growth of the city centre is the second fastest in the UK, at 163%
- Extensive regeneration of the inner city has been driving the demand for housing
According to the latest UK Cities House Price Index, Birmingham has had a 16% rise in house price values. The December 2018 figures show that home values have increased more in Birmingham than in any other UK city since the EU referendum of 2016.
Managing Director of Surrenden Invest, Jonathan Stephens, says: “In terms of the residential property market, Birmingham has some outstanding investment prospects. The regeneration work currently taking place in the B1 postcode zone is a prime example of urban planning at its best.”
Between 2002 and 2015, Birmingham’s city centre population increased by 163%, coming in as the second highest in the country, with the exception of Liverpool. It’s known for being the youngest major city in Europe too, with 40% of its population aged 25 or under.
In addition to its young population, the city also offers a huge range of museums, art galleries and theatres, as well as a range of property developments and growth for the market. Birmingham’s most expensive apartment sold recently in a place called Concord House, the penthouse, for £1.8 million.
Stephens continues: “This rapid population growth is contributing greatly to the success of Birmingham’s property market, with demand for rental accommodation shooting up hand in hand with demand for homes to buy. And with extensive regeneration work making city centre living more and more desirable, we expect to see this demand continue to rise for a good number of years, particularly as the hosting of the Commonwealth Games in 2022 will place even more emphasis on what a great city Birmingham is.”
