30th November, 2020
Comparison website GetAgent recently analysed government housing stock and price figures. This data revealed Birmingham is the most valuable property market outside of London. The city is also the fifth most valuable out of all of the UK.
Birmingham is home to an estimated dwelling stock of 441,536. The city has the lowest average house price out of the top 10 most valuable UK property markets with £189,988. Despite this, the city’s housing stock is worth a whopping £83.9bn.
The UK property market has recently seen unprecedented demand. As a whole, the sector is forecast to grow in value as more new homes are being delivered. And Birmingham will likely continue to be one of the most valuable property markets with the number of homes and demand rising.
Buying and selling on the rise
Recent figures from HM Land Registry show that the number of applications across England and Wales has been on the rise. Breaking the application numbers down by local authority, Birmingham has had the most sales transactions so far in 2020, showing the city is a top property buying and selling hotspot. Despite the city being in Tier 3, property transactions will likely remain at strong levels.
The city’s rising position as a top business location in the UK has coincided with its booming housing market. Birmingham’s burgeoning business landscape is making the city more attractive to life, work and invest in.
Strong house price growth
A recent report from JLL revealed Birmingham as a standout performer in the UK property market. The city is forecast to see house prices rise more than any other city across the next five years, making it a great area to buy property in.
By the end of the year, JLL predicts property prices in the Midlands city will have risen by 4.5%. This is higher than the national average house price increase, which the property consultancy company forecasts to be 3.5%. This further shows Birmingham is leading the way with house price growth and has shown strong resilience throughout the year.
Property investment hotspot
For a number of years, Birmingham and the surrounding area has been a popular place to invest in property. The city is even home to the largest private rented sector outside of London. And as more businesses continue to relocate to Birmingham, more professionals continue to move to the city as well.
In the coming years, the rental market will likely continue to perform strongly. Both overseas and domestic investors have been increasingly interested in Birmingham as an investment hotspot. This is leading to more and more exciting investment and development coming to the growing city.
*Content courtesy of Buy Association*