With prices reaching new highs in London, property investors are looking to other up and coming cities in the UK to wisely invest their money in. There are cities such as Manchester and Leeds which have seen investment in recent years and now, Birmingham’s affordable prices and cultural offerings have made it an attractive prospect too.
Commuting to London
What would have once been seen as a long, almost unmanageable commute is soon to be more common. Could you have ever imagined being able to commute from Birmingham to London in under an hour?
Well, with the construction of HS2, people will be able to travel between the two cities in just 49 minutes! There is no doubt that this is going to have an impact on housing prices in Birmingham. Although the railway isn’t expected to be completed by 2026, preparations will be made before and house prices will begin to increase well before its completion.
Abundance of young persons
Birmingham has the youngest population of any major population in Europe. The young demographic is most likely to rent as they don’t yet have the capital to invest in their own property. For landlords, this is good news as there is always a market looking for a room or house to rent, meaning that void periods are kept to a minimum.
Midlands Engine
The Midlands Engine is a strategy set out by the government to make the Midlands a powerful engine for economic growth. The goal is to create 300,000 jobs throughout the Midlands in the next 15 years.
As one of the main business hubs in the Midlands, Birmingham will be one of the main regions for which will see investment. The abundance of new working professionals will also increase demand for housing and drive up prices.
Property inventory in Birmingham
Overall, Birmingham positions itself as an attractive proposition for buy-to-let. The further growth which is to come in the next few years will only improve the high rental yields.
If you are considering buying a property in Birmingham to let out, Skribes is the city’s leading independent inventory and property services specialists. Whether you’re an experienced landlord or are new to the industry, a property inventory is needed to prevent disputes.
To find out how we can help make it easier to manage your property, call us today on 07891 551 905 or email info@skribes.co.uk.