There is good news for landlords in Birmingham this month. New research has shown that over the past year, the property prices in the city are growing at a faster rate than the rest of the country.
According to the Hometrack property price index, which covers price growth in the 20 largest UK cities, Birmingham’s property saw an increase of 7.7 per cent, a higher percentage than any other major city. The UK average is 4.7 per cent, so Birmingham is seeing an increase much larger than the rest of the country.
From May 2016 t May 2017, the average house price is Birmingham now stands at £152,100. The city has seen substantial growth in recent years with the 7.7 per cent rise being supported by a 6.9 per cent increase the previous year.
Traditionally, the UK’s price growth is led by the south east. However, the statistics show that this year’s growth was mainly led by major cities in the Midlands, with high growth was seen in Leicester and Nottingham as well as Birmingham. There is signs of a shift away from London, with the Midlands seeing more interest.
Why is Birmingham’s property prices increasing? Well, there are many reasons why Birmingham is spearheading the country’s growth and it seems that the increase in property prices is only going to continue.
In recent years, more businesses have relocated to the city. As a result, a new wave of people has moved to the city. Add to this, the abundance of young people studying in the city, the government’s goal to create 3,000 jobs in the Midlands over the next 15 years and the construction of HS2, which will allow commutability to London, Birmingham is an attractive prospect.
For landlords, increases in the property’s value, on top of the rental income, is a welcome addition for landlords. Overall, Birmingham positions itself as an attractive proposition for buy-to-let.
Whether you’re an experienced landlord or are new to the industry, a property inventory is needed to prevent disputes. Skribes is the city’s leading independent inventory and property services specialists.
To find out how we can help make it easier to manage your property, call us today on 07891 551 905 or email [email protected].