The UK’s second largest city, Birmingham, is home to more than a million people and is the business centre of the UK’s West Midlands area. It is renowned for being home to five universities and 60,000 students, around 10,000 of whom come from overseas to study.
In 2010 Birmingham introduced its Big City Plan, which is a 20-year framework to encourage ongoing transformation of the city. The plan seeks to maximise the regeneration and development potential of High Speed 2 (HS2), which will more than halve the average rail journey time from London to just 50 minutes.
An allocation of 4,000 new homes will be built throughout the city centre as part of the plan, while a new Metro extension will vastly improve connectivity across the city when it opens to the public in phases over the next two years.
The city is also preparing to host the Commonwealth Games in 2022. This will provide a further economic boost to Birmingham, not least from the Commonwealth Games Village, which will be converted to residential housing post-event. While Birmingham’s housing market took longer to recover from the Global Financial Crisis, with house prices only surpassing their previous peak in 2015, house price growth outperformed the UK average at a rate of 4.6% over the past 12 months.
House price growth in Birmingham continues to be encouraged by the strengthening local economy and high demand for housing. However, with an average house price of $245,000 and average rents of $980 per month, the city’s housing market remains more affordable than many of our global cities.
A fifth of households in Birmingham rent from private landlords. There is a high demand for rental housing in the city which is being fuelled by an increasing population of young working professionals attracted by improving transport links and job opportunities.
What you can buy in Birmingham: The Timber Yard
Located in Birmingham’s Southside district, The Timber Yard comprises two residential buildings of studios, 1, 2, and 3-bedroom apartments. The development is situated within an 8-minute walk from Birmingham New Street station, which will benefit from the introduction of a High Speed Rail link (HS2) from 2026.
|Address: Pershore Street|
|Status: Under construction,
completion in Q4 2020/Q1 2021
|Number of units: 379|
|Average price: ca $560psf|
|Developer: Galliard Homes|
|Architect: Claridge Architects|
The Timer Yard neighbours the popular Chinese Quarter and the future Smithfield redevelopment, which is a £1.5 billion regeneration programme set to completely transform Birmingham’s city centre.
The buildings are surrounded by landscaped courtyard gardens and new retail will be provided on the ground floor. Other amenities include residents’ concierge, gym, lounge, cinema and underground parking.
The apartments will have marble bathrooms, hardwood floors, stone tops and Smeg appliances. Most apartments will also hav a balcony or winter garden, and the upper floors will have views over Birmingham’s CBD. The development has proved popular with 75% of the first phase already sold.