The United Kingdom has been a popular country when foreigners were considering to migrate or invest, together with its well-known education system, attracting a large amount of investment. Apart from London, Birmingham has been popular for investors in recent years. Despite the impacts of Coronavirus pandemic and Brexit in the UK, Birmingham’s housing price remained its increasing trend in 2020.
According to Home Track’s England Index in August 2020, Birmingham’s home price index increased 2.9% on a yearly basis, higher than the country level of 2.6% over the same period. Moreover, Birmingham’s housing price was relatively affordable. From the UK Land Registry’s statistics, as at October 2020, the average residential price in Birmingham was around GBP 192,000 (HKD 2.04 million), while in England, the average price was approximately GBP 262,175 (HKD 2.79 million).
Apart from the ongoing infrastructure project, for instance “The Big City Plan” and the “High Speed Railway”, Birmingham’s young and continue growing population drive local economic development. According to a report published by a global property company in 2020, Birmingham’s population has risen by around 10% over the last decade, and it is projected to continue increasing.
Around 60% of Birmingham’s population are under the age of 35, and the report found that 40% of local university students are willing to stay there after they graduate. Birmingham was also the most popular city destination for London leavers in 2018. Supported by the local government’s large-scale investment and city planning, Birmingham will likely to achieve a comprehensive transportation system and development.
Since more large corporations entering the city, together with continue growing population, it is expected to drive Birmingham’s housing demand and create more room for growth in the property market.