Birmingham Forecasted To See The Strongest House Price Growth
Birmingham to see the highest house price growth in five years.
According to JLL’s UK Residential Forecast Report, ‘Home is… for everything’, Birmingham is set to see the highest UK house price and rental growth from 2022-2025.
They have stated that house prices will continue its current strong growth until the Stamp Duty holiday ends, on 31st March 2021.
JLL have forecasted that Birmingham will remain flat in 2021 before house prices rise 4% and rental value increases by 3.5% in 2022.
Nick Whitten, JLL head of UK living research, says: “The global pandemic has left the housing market facing some headwinds in the short term, which will put some downward pressure on house prices. However, it is also accelerating a new trend in which our homes are becoming the centre of our lives once again. We may be changing the way we work and the way we play, but the one certainty remains – that we need places to live – and this is something that is going to have a huge effect on the market as buyers, and renters alike, change their living requirements.”
With the current housing shortfall in the city, Birmingham City Council are said to be regenerating council owned assets to mixed tenure housing developments. These will include student accommodation, private sale and build to rent.
According to the International Monetary Fund’s (IMF) predictions, the global economy is set to slowly rebound from 2021. Due to multiple advances in medicine such as vaccines and the possibility of totally relaxing social distancing measures. This news comes with the announcement of the first COVID-19 vaccine milestone from Pfizer and BioNTech.
As a Midlands based company, we welcome the news that Birmingham is forecasted to see the highest house price growth. Why? In short, when house prices increase, homeowners become better off and feel more confident. People may borrow more against the value of their home to spend on goods, services, renovations and more. Which all has a positive effect on the economy.
Today, Birmingham has a regional economy in excess of £90 billion. With an economic growth rate of 13.5% in the last 5 years. Birmingham is growing and fast. Which is why it’s the perfect time to invest in property. Below is a list of our Birmingham based developments…
Crocketts Lane – Smethwick
Crocketts Lane is down to its final property on the market. A fantastic investment opportunity with potential yields in excess of 6%. Read more here.
The Forge – Digbeth
The Forge is due to complete by Christmas 2020. With residents already moved in. There are final few apartments available with prices starting from £216,000.
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