A recent study found that West Midlands property prices are increasing at a faster rate than houses in any other region in the United Kingdom. This all adds to the growing movement that the West Midlands is the place to be for both investors and new residents.
Property is one of the safest investments available, but only as long as you invest in the right place. Location is everything when it comes to property investment so it’s vital that individuals and businesses pick the right spots before taking the plunge.
Generally, the biggest increases are felt in the largest cities. London, in particular, has seen its property value shoot up in recent years. The average price in the nation’s capital has increased by over 500% in the last 25 years.
According to Zoopla, the average London property value is just shy of £650,000. This is far from far affordable for the vast majority of investors so the solution is to look elsewhere.
The West Midlands should be at the top of the list for investors after seeing a surge in house price values. Property value is rising faster in the West Midlands than it is in anywhere else in the UK. The average increase equates to more than £36 per day or £6,695 yearly. This figure is higher than the South East of England at £6,463, the North West at £3,731, and Wales at £3,300.
“For those not looking to break the bank with London’s extortionate prices, the West Midlands serves as a great alternative for those looking to get on the property investment ladder,” says said Robert Macfarlane, a Director at Staffordshire-based agency MD Properties – you can read more about them here.
“Prices are rising faster than in any other region and with investment in infrastructure such as HS2 adding value to the area, now would be the time to get on board this potentially lucrative gravy train.”
High Quality of Living
The West Midlands is increasingly being viewed as a good place to live, particularly for young people. The most important factor for this generation is cost. The conventional benchmark states that rent should cost less than 30% of an individual’s income for it to be considered affordable. Right now, this figure stands at 27% for West Midlands-residents aged 22-29.
Another big draw for young people in the West Midlands is the promise of big city living without the London prices. Birmingham is the second-highest rated city in England behind London for overall quality of living. Youth employment is soaring and England’s second city is at the forefront of some major technological innovations. Birmingham is one of just a handful of cities to benefit from the recent rollout of 5G mobile technology.
This all comes together to make the West Midlands a tempting proposition. Whether you’re looking to move to a new area or an investor looking for a secure purchase, the West Midlands is the place to be.