A Few Tips to Consider When Buying Birmingham Property
Buying Birmingham property can be one of the most exciting decisions you will ever make. However, there are many factors to consider before buying your new home such as finding the right neighborhood, making sure your credit is strong enough for a mortgage and figuring out how much money you want to spend on monthly payments. With these tips in mind, it may be easier to find a property that meets all of your needs and budget requirements.
Before you proceed with buying Birmingham property, here are some tips you may want to consider:
- Choose your area carefully.
Birmingham is becoming a hotbed of various commercial and cultural activities, which both increase its economic value. Its city centre, for instance, has seen many changes in recent years. The Jewellery Quarter, which was once struggling with derelict buildings and poverty-stricken communities, now boasts trendy bars serving craft beer to its well-heeled residents.
The Convention Quarter too has been transformed by new businesses such as Paradise Circus Shopping Centre, providing high street shopping alongside designer outlets for leading fashion brands that attract people from different walks of life.
- Price movements in real property.
Birmingham’s housing market has been one of the best performing in the United Kingdom this year, with prices rising by 16% by 2023.This is likely due to Birmingham being more affordable than these larger markets, meaning it may be an attractive option for those looking at city living but not able or willing to afford London.
- Population demographics.
A thriving rental market is a good indicator of an area’s economic activity and growth, but it’s the population that will make or break you. Young people are more willing to rent while they don’t have enough money saved up for a down payment on their own homes yet. It can also be beneficial if your neighbourhood has skilled workers in high-demand industries so your investment pays off with long term returns.
Birmingham is a hotbed for new businesses, start-ups and tech. Birmingham’s population of 40% under the age of 25 makes it an attractive location for creatives looking to find their way in the modern economy. Digital and tech industries are thriving with good salaries as young professionals dominate these fields with growth rates 6 times faster than any other industry last year alone.
- Can the current quality of life in the city sustain the growing population?
When looking to invest in property, one of the most important factors is a good gross yield. To ensure that rental income continues to grow, it’s essential for an investment location to have excellent transport links and high demand from renters (i.e., people who are willing to pay higher rent). This makes perfect sense when you consider how hard it would be if your tenants couldn’t find their way back home or had difficulty getting into work each day due to lack of transportation options around town.
Birmingham has the advantage of being easily accessible from almost everywhere. The city will become even more accessible with the arrival of HS2: an ambitious transport project looking to bring Britain closer together by connecting people, businesses and communities across our country. Ultimately, its goal as a state-of-the art railway line is to revitalise the British economy and take connectivity up a notch! Once completed it will serve 25 stations that are connected for 250 million passengers every year.