There is more than enough evidence to suggest Birmingham is a city worthy of investment. There is considerable infrastructure development taking place in the city, there are exciting events lined up for the next decade, and this is a young city with a significant proportion of residents being under 30 years old.
These aspects combine to make investors pay attention to what is happening in Birmingham, but there is always a need to focus on the financial side of investing here. At Spot Blue, we aim to provide you with all the information you need to invest, and we have a current Birmingham property overview for you.
According to figures provided by Zoopla as of March 2019, the average price paid for property in Birmingham over the past 12 months is £202,086. This figure comes from close to 10,000 sales. The same source states the average value of property in Birmingham, as of March 2019, is £209,634.
While average prices are of value if you are comparing cities or want an overview of house prices, the information isn’t too relevant if you are looking to move soon. If you are making a move, you need to consider applicable prices. The figures below detail average prices for property types across Birmingham:
Whether you are looking to buy property for yourself or as a buy-to-let opportunity, there is value for money to be found in Birmingham. Of course, there are many different parts of Birmingham, and again, you may find more relevant information by delving into different regions of the city as opposed to looking at the city as a whole.
The first four Birmingham postcode areas cover the city centre. The average price paid for property in B1 is £201,126, in B2 the average price paid for property is £184,954, in B3 the average price paid for property is £219,444, and in B4, the average price paid for property is £147,250. These prices offer opportunities for investors and property buyers of all backgrounds, so make sure you know what your budget is and who you are looking to reach when it comes to property investment.
A region of Birmingham that has been in high demand of late is Digbeth. This area will be the home of the HS2 hub, and the area has developed a reputation for being the most contemporary part of Birmingham. The creative industry is setting up home here, and a large proportion of tech jobs in Birmingham are in Digbeth. The development and increase in popularity of Digbeth is comparable to the evolution of Shoreditch in London.
According to figures provided by Zoopla as of March 2019, the average price paid for property in the B5 postcode area, which covers Digbeth, Highgate and Lee Bank, over the past 12 months is £210,967, albeit the figure comes from just over 100 sales. The same source states the average value of property in B5, as of March 2019, is £194,460. There is no denying that the price of property in Birmingham enhances the city desirability when it comes to investing. If you would like guidance on how or where to buy in Birmingham, contact Spot Blue, and we will be more than happy to help.