The Birmingham City Centre housing market is expected to perform strongly over the next five years with several notable catalysts for change. The redevelopment of the former wholesale market at Birmingham Smithfield is one of UK’s largest city centre regeneration projects. The former Birmingham City University campus is also being developed to provide an Athletes’ Village for the 2022 Commonwealth Games.
Here are points highlighted in the report: -
• The average house price in the West Midlands was £198,000 as at Q3 2018 – an increase of 5.3% in the past twelve months.
• Since HS2 was given the green light, demand for city centre living in Birmingham has far outpaced supply
• The price of an average two bedroom apartment has increased by 5.2% last year
• Population growth is expected to be strong in Birmingham with an extra 50,000 people forecast to be living in the city by 2023, equivalent to a population growth rate of 0.9% pa over the five year period. This is due to the jobs availability.
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