Birmingham's need for over 100,000 new homes
Written by Alicia O’Boyle from Select Property
A research study by consultancy Marrons has reported that top UK city, Birmingham, is in need of 127,000 new homes in less than two decades.
With the second highest population in the UK, Birmingham's demand for housing is constantly increasing.
The city of young professionals
Birmingham has the youngest city population in Europe.
Home to five universities, Birmingham retains a staggering 49 per cent of its graduates, which has a significant impact on the local property and rental market. Birmingham sees a constant demand for quality accommodation in the city centre, with many young professionals requiring housing post graduation.
Over 40 per cent of Birmingham's residents are aged under 25, and will require independent housing in the coming decades.
The youthful population of Birmingham is also a huge driving force for luxury accommodation in the city centre.
Many working graduates desire luxury residences complete with a variety of amenities, as wellness and fitness are now top priorities for renters in the city, with expectations higher than ever.
Growing at pace
Birmingham's population is forecast to grow further, with the population predicted to increase by 7.8 per cent by 2038.
The lack of accommodation in the city is therefore also set to increase, driving property values in Birmingham higher alongside increasing rental demand.
JLL have predicted a rental growth of 22.2 per cent over the next five years, higher than any other UK city, largely driven by the consistently rising population.
With the construction of revolutionary train HS2 underway, the population in Birmingham is only set to grow further, as the bullet train will connect Birmingham to London in just 52 minutes.
This will reinforce Birmingham into an attractive home for many capital city commuters, as the lifestyle outside of London is more affordable.
Demand outweighing supply
The demand for housing in Birmingham has consistently outweighed the supply leading to a ‘housing crisis’ as current accommodation cannot meet the needs of the cities population.
Historically Birmingham has experienced an undersupply of rental property, particularly in the city centre.
According to Marrons, Birmingham is required to build more homes than any other UK city by 2040. The imbalance between housing demand and supply is a unique opportunity for investors, with lucrative returns predicted.
Edition Birmingham
Select Property is elevating city living in Birmingham to new heights, with the introduction of luxury residential development, Edition Birmingham. Offering unrivalled luxury living including a 20-metre swimming pool, sky lounge, 44th floor outdoor gym terrace with panoramic city views, and a dedicated wellness spa, Edition is offering residents luxury not seen before in Birmingham.
Ideally located in the heart of the city, alongside global companies including PwC, Deloitte, BBC and HSBC, over 12,000 working professionals are all employed at global offices less than 1km from Edition Birmingham. Edition is the ideal residence for young professionals seeking a quality city centre home, with the demand for luxury ever increasing.
Centenary Tower, the tallest tower within the development has just launched. Boasting a 44th floor gymnasium, fitness studio alongside a two-storey climbing wall with 45th floor private dining and c-working areas, Centenary Tower is unrivalled in the market.
The apartments are the first offering of their kind to the city and are in high demand with our global investor community.
Investing in Birmingham with Select Property
Select Property is a leading UK property developer with over two decades experience. Their team works globally, and brings a wealth of property knowledge to assist first-time investors in addition to seasoned investors with an already established portfolio.
Select Property has a range of investment opportunities available, across the UKs top cities, Birmingham and Manchester, including both complete and-off-plan property.
Contact Select Property today to learn more about property investment in the UK