Birmingham may be second to London in terms of physical size, but it is second to none as UK’s fastest growing property hotspot.
According to a report by the BBC, more than 6,000 people left London for Birmingham in 2015. Now, two years later, it looks like the influx of new residents into UK’s second largest city is still going strong and is unlikely to stop anytime soon.
The city is currently caught in the midst of exceptional economic growth, which is expected to continue well into the future. Between 2017 and 2021, Birmingham’s economy is predicted to expand at 1.6% per annum overall, with the financial and business services sectors leading this growth at an expansion rate of 2.3% per annum. Parallel to its growth, the city’s financial sector will see the addition of 5,400 jobs, equivalent to a 4% increase.
As opportunity seekers, business owners and employees follow the deluge of new jobs created in Birmingham, they will bring with them a projected demand for 4,200 new households. All these new residents requiring roofs over their heads can mean only one thing for Birmingham’s property sector – it is poised for an unprecedented growth.
Birmingham is an economic powerhouse that is poised for even bigger growth. The city offers investors – whether in property, finance, or businesses – huge potential. And it’s all thanks to a far-sighted blueprint drawn up in 2011.
Mr Bean’s iconic Mini car, the steam engine, and gas lighting; these three seemingly dissimilar things share something in common – they all have roots in Birmingham. The city in England’s West Midlands may not be the capital of the UK, but it definitely has many of its own claims to fame. Other influential inventions and famous names that came from the city include electroplating, Cadbury Chocolate, X-ray photography, the pneumatic tyre, and even cotton wool. Save for the Mini, which began production in 1959, the other inventions date back to between the mid-1700s and late 1800s, charting Birmingham’s growth from a small hamlet to a major city that was a powerhouse during the industrial revolution.