Once again, Birmingham has taken centre stage as its voted the most popular city destination for those migrating from London in 2017, ahead of cities including Manchester, Leeds and Bristol – according to the latest data from Knight Frank’s Birmingham Market Update 2018.
Already recognised as the UK’s number one regional city for foreign investment, huge levels of inward investment, development regeneration and infrastructure improvements alongside continued growth of the business, financial and professionals sector has resulted in many young professionals opting to choose Birmingham.
According to studies by the Department of International Trade (DIT), Birmingham has secured a total of 171 FDI projects in 2017 with the number of associated jobs hitting 9,424. This is the largest number of jobs created in any area outside of London.
“The rise in population demonstrates Birmingham’s global appeal for not only corporations but also young professionals looking to capitalise on a city full of opportunities” says Johnathan Whately-Smith, Senior Investment Consultant at SevenCapital
“Young professionals are migrating from London due to its highly inflated prices and Birmingham providing a lower cost of living, excellent employment prospects but also the future possibility of arriving in central London in just 49 minutes with HS2”.
HS2 has certainly widened Birmingham’s appeal, as the likes of HSBC, Deutsche Bank and HMRC have all chosen Birmingham for their headquarters along with thousands of jobs. With Knight Frank predicting Birmingham’s population increasing by 200,000 by 2039, the city is forecasting much more rental demand than available supply, meaning residential undersupply is a distinct possibility for Birmingham.
The latest figures from Knight Frank certainly highlight why Birmingham presents one of the strongest property markets in the UK. With one of the UK’s largest economies, fastest population growth rate, severe undersupply of residential accommodation and local investment of up to £10 billion into the region from the West Midlands Combined Authority – there has never been a better time to invest in Birmingham property.
Please click here for more information on SevenCapital’s investment opportunities in Birmingham.