Home building leads the way in Birmingham as a new survey reveals how good the city’s property prospects are.
Deloitte’s 2019 Crane Survey says that the number of residential units currently being built in the second city is 5,065, the highest number ever recorded in the survey’s 17 years. It also represents a big improvement on 2018, when just over 4,000 were under way, while a year earlier saw under 500 in the works.
Completion rate soaring
Just under 1,700 units were finished in 2018, and this year Deloitte expect that figure to be almost 3,000. That Birmingham is in demand can also be seen by an average completion rate between 2008 and 2018 of just 555 units per year.
The Westside quarter has nine developments under way that will provide 1,900 units, including the Arden Gate project that will be completed in Q4 of this year. The 225 spacious apartments and duplexes are within walking distance of the city centre and are close to Five Ways station and the new stop on the Metro extension due to open in 2019.
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Also, among Birmingham’s developments under construction is The Axium, comprising of 304 apartments on Windmill Street in the city centre. Expected to open in Q2 of 2020, it is close to the Bull Ring and Grand Central shopping areas, as well as New Street station.
[Take a Virtual Tour of The Axium]
Birmingham’s growing student population is also reflected in the Deloitte figures. Over 2,600 new student bed spaces are being built in purpose-built accommodation, but with students keen to secure their next year’s accommodation earlier than ever, the buy-to-let market in the city is thriving.
Major infrastructure projects that will fuel more demand are on the horizon for Birmingham. Construction on the athletes village for the 2022 Commonwealth Games is due to start, and HS2 will arrive by 2026 with the building of the rail link and a new station at Curzon Street.
Confidence high in Britain’s second city
It all points to a bright future, as Deloitte emphasise, even with the fog of Brexit hanging over the outlook.
“The decision to commence any development requires confidence in the future and commitment to see the project through,” say Deloitte.
“Without doubt confidence levels in Birmingham have surged over the last three years; however, external factors could persuade some developers to defer new acquisitions and delay the start of some schemes in the hope that more certainty in the national political and macro-economic outlook returns in the early part of 2019.”
