Economic changes have resulted in a balance shift of the West Midlands housing market, with reductions in owner occupation, and an increase in the use of the private rented sector, particularly by younger households.
The demand for housing in Birmingham is increasing, not only as a result of population growth within the city, but also because more and more people are choosing to move to the city to make it their home.
To meet this demand, Birmingham has unveiled its largest-ever housing plan as the city expects to grow by the equivalent population of Oxford over the next 16 years. Birmingham City Council is targeting £9 billion of investment from property developers to meet the target of 80,000 new homes, having identified some 40 major brownfield sites throughout the city.
The Council has also stated that it is very keen to see the development of purpose built Private Rental Sector (PRS) housing in Birmingham, both to increase supply of housing overall, and to drive up standards in this sector, so this should prove beneficial to anybody relocating into the region.
Like many cities, Birmingham has embraced modern and cosmopolitan living in a big way with a number of city centre developments springing up as Birmingham is being heavily redeveloped. Anyone looking to buy in Birmingham will find that prices are still relatively competitive, especially compared with the south of the country.
Families who prefer a more suburban lifestyle may consider the following areas: Sutton Coldfield and Solihull on the outskirts of the city, Moseley, Kings Heath, Bournville, Harborne and Edgaston are home to affluent and well-educated, professional people. Of course, there are perfectly good areas that are cheaper the further you move out of the city centre - it really depends on your budget, maximum commute time, and what local amenities you are looking for.
Regional house prices, August 2015
The average house price in the region as at August 2015 is just under £141,000, although this does hide significant variations across localities which are detailed below.
Birmingham and London house price comparison
The vast chasm in house prices between Birmingham and London is at its widest for 20 years, according to new research.
Researchers for Hometrack’s UK Cities House Price Index claim the gap between London properties and those in other major regional cities in the UK is now at its largest for two decades.
While property prices are still to return to the pre-recession peak in Birmingham, the average cost has risen by almost 44 per cent in London, which means homes in Birmingham are 31 per cent lower than the cost of the equivalent property in the capital.
So how far does your pound stretch in Birmingham as compared to the capital? We took a look at what is on the market at the moment (August 2015).
It’s fair to say this doesn’t get you far in London. You can, however, secure yourself a garage.
It’s not just any garage though, agents (yes, garages have agents in London) say it is “in an enviable location moments from Fulham Broadway”.
The single unit is ideal for either car parking or storage, they add.
However, £100,000 gets you a three-bedroom terraced house in Kingstanding, comprising two reception rooms, a kitchen, three good sized bedrooms and a family bathroom, front and rear gardens.
They even throw in some double glazing and gas central heating.
In London, £200,000 will get you a one-bedroom conversion located in the heart of Tottenham.
The property is based on the ground floor and benefits from a small garden. Estate agents say it has been recently been refurbished “to a high standard”.
In Birmingham, you can have a three-bedroom semi-detached house in Great Barr.
It boasts a long garden, refitted bathroom, good size through living room and a large conservatory
There is ample off road parking on the driveway and a good size garage.
For £300,000, you can have a generous one bedroom, first floor flat, in Camberwell.
There is a reception room “with plenty of natural light”, a fitted kitchen and shower room.
Camberwell is a popular location for its shops, restaurants and amenities and Denmark Hill Rail Station is not too far away.
You’re talking an altogether larger property in Birmingham though. Specifically, a four-bedroom semi-detached property in Acocks Green.
Not only does it have three reception rooms and all those bedrooms, it has workshops, a summer house and a giant pond.
Head to the capital and you can pick yourself up a two-bedroom first floor flat converted from a Victorian home.
The property, in Saville Road, Chiswick, has a spacious reception room, bathroom and kitchen with integrated appliances.
In Birmingham, it lands you a three-bedroom detached house in Harborne, complete with a large rear garden.
The property, on Court Oak Road, is handy for the Queen Elizabeth Medical Centre, University of Birmingham and the Harborne Leisure Centre as well as “excellent local amenities” in the High Street area, agents say.
Owners of a two bedroom ground floor apartment near Newington Green are looking for offers in excess of £500,000.
The property has an open-plan kitchen/reception room and a family bathroom “with a contemporary design”, according to estate agents, who add it offers “brilliant value for money”.
In Birmingham, you can have a six-bedroom home in Yardley.
For that, you also get yourself a study, dining room, en suite and rather nice garden.
You’re getting on for two-thirds of a million pounds now, so you can have a house in London. Although, it is a two-bedroom semi-detached one.
This property, in Whetstone, has two bathrooms, three reception rooms and a well-stocked garden, but is in need of some modernisation.
In Birmingham, you can have a seven-bedroom house on Bristol Road, Edgbaston.
A grade-II listed, three-storey, property is up for sale on the Calthorpe Estate, complete with four reception rooms, an open plan kitchen dining area and two en suite bedrooms.
And just in case you didn’t know it was a plush home, there is also a temperature-controlled walk in wine store.
A two-bedroom maisonette in Islington can be yours for £700,000.
The period conversion has two double bedrooms and a loft room which could become a third bedroom, as well as a south-facing garden and a terrace. The property comprises of a family bathroom, separate kitchen and reception room with a contemporary style throughout with period features.
Finsbury Park is located within walking distance, agents are keen to point out.
By comparison, you can have an eight-bedroom detached Edgbaston house for the same price, complete with three reception rooms, a conservatory, two en suite rooms and a patio.
£800,000 lands you a two-bedroom flat near Battersea Park in London.
Said property, near Clapham Junction, is a second-floor apartment with a well-proportioned reception room and a contemporary kitchen/diner.
By comparison, you can have a five-bedroom detached home in a sought-after part of Harborne.
The property, off Sir Richards Drive, has a music room, dining room, spacious kitchen, two en suite bathrooms and a generous garden to the rear.
“An unmodernised two bedroom fifth floor apartment, with lift, river views, balcony and secure underground parking,” that’s how agents are selling this £900,000 pad.
It does have rather nice views of the River Thames though, and is near Vauxhall station.
Travel 120 miles up the motorway, you can have a recently renovated Edwardian residence in Moseley with eight bedrooms.
The spacious period building near Moseley village benefits from accommodation over four floors.
Seven figures get you a three-bedroom terraced house in Finsbury Park, not too far from Arsenal’s Emirates Stadium.
However, agents accept the “fantastic period freehold house” was “requiring some refurbishment”. It has three reception rooms, a family kitchen breakfast room and two bathrooms as well as a garden.
In Birmingham, you can have an eight-bedroom detached house on Handsworth Wood Road with more than three acres of land thrown in.
This property has five bathrooms, three reception rooms and an in-out driveway for up to 15 cars.
Source: Birmingham Post