Birmingham considered best place to start your property investment portfolio
Birmingham, Britain’s second-largest city, has a population of over 1.1 million and has undergone a major transformation over the past several years. Once referred to as ‘the city of a thousand trades’, Birmingham has morphed into a place of entrepreneurialism and according to The Telegraph, has become the ‘leading start-up hub outside of London’. Attracted by affordable rents, excellent transport links and thousands of pounds worth of investment into the city, many businesses are choosing this vibrant area to call their home. This in turn, is boosting visitor numbers, lowering employment rates and creating a thriving city where demand for high quality rental property is high.
Birmingham has previously been included in the New York Times’ list of 45 places to go, and is also renowned for its love of sport. Birmingham is the home of Edgbaston, the second largest cricket ground in the UK, as well as four historical football clubs. In terms of culture, Birmingham is no slouch, playing host to the prestigious Birmingham Royal Ballet and the City of Birmingham Symphony Orchestra.
Thrust firmly back into the spotlight with the planned 49 minute HS2 rail link from London, reports suggest Birmingham’s economic output is set to increase rapidly in the near future. With the cost of living up to 55% less than in London, Birmingham is fast becoming an attractive alternative to the capital. In fact, it’s already been reported that ‘thousands of young people are fleeing London for Birmingham’ due to the job prospects, transport infrastructure and the innovation of the city.
Birmingham’s architecture is a contrast of classic Victorian and Edwardian grandeur combined with striking contemporary designs such as the iconic, award-winning Selfridges building.
In the city centre, canal-side Brindleyplace provides a mix of glamour and sophistication, whilst the city’s redeveloped artistic hub, Eastside, offers the creative individuals an ideal place to live.
What makes Birmingham a good place to invest?
Average rental yields in Birmingham are around 6.5%, compared to figures as low as 2% in some areas of London. We aim to provide investors with buy-to-let yields of around 7.5-8% in Birmingham and surrounding areas. Combine this with a visitor economy of £4.6 billion and being no more than a 4-hour travel time from 90% of the UK market, and it becomes clear why Birmingham is an ideal location to invest in.