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New data reveals Birmingham leading post-Brexit vote house price growth
Birmingham has enjoyed a 16% increase in house prices since the Brexit vote in June 2016, according to the latest UK Cities House Price Index from Hometrack. The December 2018 report reveals that a total of ten cities have recorded double digit increases in house prices since the vote, with Birmingham and Manchester at the top of the table.
“The Hometrack data confirms the importance of the UK’s regional cities when it comes to residential property investment. Savvy investors who put their money into Birmingham, Manchester and other regional urban areas have enjoyed impressive capital growth over the past two and a half years. Yields in these cities are also some of the highest in the country, making them a win-win for buy to let landlords.”
Birmingham Smithfield set to be a success
According to the new Hometrack report, “impetus for growth in both activity and prices is focused in regional housing markets.” It’s a message that the Surrenden Invest team have been delivering for some time. Regional markets are going from strength to strength, with large-scale infrastructure projects such as HS2 doing much to boost their long-term potential. Extensive regeneration work is also contributing to the appeal of these regional markets, with areas such as Digbeth in Birmingham and Ancoats in Manchester benefiting from some superb city planning, which is creating ultra-desirable neighbourhoods packed with eager renters.
The residential sector is responding accordingly. In Digbeth, Westminster Works provides 220 loft-style apartments, with the warehouse-esque building inspired by Birmingham’s industrial past. The building backs on to the huge Birmingham Smithfield regeneration site, which has been flagged up by the city as a “once in a generation” opportunity. Inside, the homes are full of light thanks to floor-to-ceiling windows, while ceilings some 0.5 metres higher than the average city centre apartment create a wonderful sense of space. An outstanding rooftop terrace and concierge service combine with a prime Digbeth location to make this one of Birmingham’s most exciting contemporary developments.
Similarly, Ancoats Gardens in Manchester is offering something a cut above the average, with its superb rooftop terrace, coffee lounge and on-site gym. The 155 luxurious apartments are perfectly positioned to benefit from the city’s recent and ongoing regeneration work, being just 500 metre from the huge, master-planned NOMA site.
“The Brexit vote did nothing to dent investors’ appetite for top buy to let property UK locations. In fact, Hometrack’s transactional data reveals that people have continued to buy property at a steady rate. Our own experience, meanwhile, has shown that investors are focusing on high-end homes in prime regional locations – just the areas that the Hometrack figures have shown to be leading the post-Brexit vote growth.”
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