Birmingham is popular for property investors to buy a property and we believe that it is one of the best cities to invest in property in the UK. The city has a flourishing economy, youthful population and a lack of rental property supply. It also profits from a world-class train station and soon to be a hub for the HS2, which may lead to a lot of people in London being priced out of the Capital, leading them to move up to Birmingham. Demand for rental accommodation is surpassing the supply in the city and is commonly known as one of the fastest improving city for quality of life in the UK.
Property in Birmingham is in Demand
Many towns and cities across the UK supply of property are being outweighed by the demand, Birmingham is no different. The population of the second city is estimated to grow more than 160,000 in the next 20 years. With this estimated growth, 4,500 homes will likely need to be constructed each year to keep up with the growing demand. There are around 4,000 homes expected to be built this year in Birmingham, however, the gap between supply and demand will be in place for some time. Therefore, there has never been a better time to invest in rental property than now in Birmingham.
Birmingham’s Diverse Economy Will Continue
The city’s economic growth is not based on one primary industry or sector. It houses large financial and professional companies. It is also home to creative companies, innovative brands and renewable energy industries. Nearly a quarter of the UK’s aerospace industry is based in the West Midlands, it is also well-known for the automotive industry. The mass diverse economy does make Birmingham one of the shining lights in the UK. All of these growing companies will need the very best employees from around the UK which will mean that they will have to live in the city. This is likely to have some impact on the rental property industry in the future.
Should you Invest in Rental Property in Birmingham this year?
Purchasing property in Birmingham has many benefits, the property market is very affordable and there is a higher average rental yield. Businesses have access to a large pool of some of the best young talent in the country leading to potential demand for rental property. The second city is growing and will become even more favourable when High-Speed Rail opens for service, this will mean that the capital will be an hour away from Birmingham. The city has a lot going for it and this is great news for people that want to invest in rental property.
Contact Our Rental Housing Experts Today
Looking to invest in a rental property or looking for suitable rental accommodation? Our professional team are on hand to help you find the perfect property for you. Get in touch by phone 0121 428 1000 or by filling our contact form.