Genesis of Birmingham’s Copious Property Market

Genesis of Birmingham’s Copious Property Market

Birmingham is now UK’s second biggest city, but the city has reached attained the stature after going through a major policy remodelling as a result of citizen’s outcry in the 1980’s regarding widespread unemployment, rising inflation and a complete collapse of the industrial system around which much of the city was planned in the early 20th century. Let’s take a peek Inside the property market in Birmingham.

With every ground-breaking scientific breakthroughs, the human society has made, our economies morphed to align with them and progress us further into modernisation. But this modernisation was the cause of the decline of the fossil fuel industrial system that Birmingham once pride itself on. As more people saw the economic benefits of the rising capitalistic countries, it was getting increasingly difficult to dismiss the consequences people were facing due to a failing economy. With the change in government in the 1980’s, a number of sectors were privatised and with that the support the government extended to its citizens dropped. Birmingham’s City Council encouraged more private and public sector associations, enabling them to rebuild what was damaged.

One of those collaborations was the Council’s decision to capitalise on its rich heritage and cultural significance and market the city better. The council recognised the importance of the City Centre and wanted to revitalise the urban space to stimulate more investment from the outside. Along came a series of projects that focused on multiple pockets of Birmingham planning to develop them in different ways.

The Department of Planning and Architecture endorsed a study authored by Francis Tibbalds that suggested a focus on developing the Jewellery Quarters. This district located slightly to the north of the city centre used to be trade centre for jewellery with buildings from the 18th and 19th century that were in ruins. The department then took measures to conserve and rebuild these old buildings but also refurbished the neighbourhood with newer buildings, facilities, supermarkets, etc., re-establishing confidence in the city’s potentials. Various other measures were also taken to revamp the whole city plan with areas focusing on industrial and corporate development and areas with residential and affordable housing with pedestrian accessibility and landscaping schemes in mind.

Birmingham’s property value has only seen an upward curve since the restoration of the city and even during the lockdown it showed no signs of slowing down. In fact, the demand for investment in the city has only increased but it is met with sparse supply. In order to meet the demand, the city has to build 4000 new homes per annum for the next 10 years in contrast to the 900 homes it has been building in the past. Even though the prices have flattened in 2021 because of the pandemic, they are expected to increase by 13% in the next five years, a rise that is predicted to occur slower in other cities in UK.

With a 40% youth population, Birmingham has robust employment opportunities which helps make its economy better. People are seeing a repetition of a rise similar to that of London and are investing in properties in Birmingham while they are affordable, as the prices will only surge from here.