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Between July 28th and August 8th, 2022, Birmingham hosted the commonwealth games, exceeding the expectations of many. Hosting the commonwealth game placed Birmingham in the limelight by showing the city's potential to host visitors worldwide. But there’s more to Birmingham than hosting sporting events and heavy metal music.
According to JLL, the commonwealth games are a major factor affecting Birmingham's property price. They predict that by 2026, property prices in Birmingham will have risen by 27%. The rents will also soar by a whopping 2.8%per year until 2026, due to the reputation that Birmingham continues to build in the UK property market as well as increased demand for rental housing fueled by a thriving job market.
Property Pricing
Since January 2022, the average house prices have increased from £205,712 to £223,362 in September 2022. This trend is expected to continue as the economic environment in the UK continues to change. The average price for a terraced house in Birmingham is £198,640, £431,356 for a detached house, £249,462 for a semi-detached house, and £164,036 for a mansionette. With this price range, Hong Kong Investors can get a property that suits their financial circumstances in the UK’s 5th metropolitan district (of 36 in total based on average property price).
Why Birmingham is suitable for Hong Kong Investors
1. Transport
The Elizabeth Line will improve connectivity and opportunities in regional cities. It will be opened fully on November 6th 2022, with Birmingham as the central hub connecting London and the North. This will improve transport links to other regional cities. As a result, properties in Birmingham will have a high demand due to better accessibility via Crossrail, buses, trams, and trains.
2. Safety
Birmingham is one of the biggest cities in the UK. As such, there is active law enforcement which brings crime rates low. It is generally considered a safe place to live and visit. The crime rate in Birmingham is generally lowfor any inner city area. According to crime statistics by the West Midlands Police department, some areas have no crimes reported at all, a true testament to the safety in Birmingham.
3. Prestigious schools
Birmingham has some of the best schools for any level of education. Most of these schools, both public and private, have a remarkable performance every year. Just recently, 18 schools in Birmingham received a ‘good’ or ‘outstanding’ Ofsted rating. Although schools are not inspected every year, achieving a ‘good’ or ‘outstanding’ rating usually means that the performance, school amenities, and student-teacher ratios are impressive. With such good schools in Birmingham, Hong Kong investors can ensure that their children attend the best schools in the UK.
Universities in Birmingham are also ranked as some of the best universities worldwide. International students are encouraged to enroll at these universities by the British government, providing a unique opportunity for Hong Kong students and their families.
Birmingham is a city filled with history and new developments for the modern individual. For savvy investors, it is one of the prime areas to buy property in the UK. Most new developments are relatively affordable, and the increased cost of living in the UK provides a great investment opportunity for Hong Kong investors.
