Assisted by the Commonwealth Games impact next July Birmingham is set to have a year ahead in the spotlight like never before. The national & International profile, helped by huge amounts of corporate & local PR from now onwards will mean everyone will soon know about the City, its occupants and furthermore its one thousand trades.
For investors looking, from inside & outside the UK, the combination of the price points, yield & opportunity in this City is going to prove even more inviting. For those moving locally as current residents, the improvements seen in recent years along with the infrastructure changes coming to a head this Spring will benefit everyone are another reason to stay. The bold & subtle changes made over the past few years are certainly assisting those incoming professionals wanting to put down roots in the City Centre , whether here by relocation or job opportunity also encouraging even more students to stay & seek employment in the City.
The recent announcement that the 49 storey Octagon tower in Paradise Circus is going to be built out by the Singaporean group City Developments , with the Hungarian group Cordia now very actively involved in the Jewellery Quarter & the Swedish fund, Heimstaden, who very recently bought Galliards Soho Wharf, highlight the potential for the City that has been spotted by those outside of the UK for long term investment. In all three cases their developments comprise of blocks of apartments, being built to rent. This trend is likely to continue.
We are anticipating a busy agency year ahead in terms of volume, not necessarily huge price growth but a bustling sales & lettings markets which will be good for vendors & landlords alike. The EWS1 form nightmare which has hurt many in the City centre wanting to move over the past two years is also now easing. This being the continuing impact of the 2017 Grenfell tower fire with mortgage companies being insistent upon the certification, plus cladding changes now sought in certain instances, from the expert surveyors. At one point earlier this year we anticipated that as much as two thirds of the City Centre resale market was unable to sell to those needing finance to buy. Now helped by recladding taking place along with the height rules changing there is more sale stock steadily becoming available, giving a wider choice to those searching for their ideal City Centre residence.
The evidence from the autumn is that the residential market is going to be busy from the beginning of the New Year. For those searching we encourage you to ensure your finance is in place from the outset because vendors are not prepared to wait longer than is necessary, especially if they have alternative bidders. For vendors presentation & price are as ever the key ingredients to a successful sale.
Please have a tremendous Christmas & New Year. We look forward to hearing from you early in 2022