Birmingham set to outperform UK homes market

 Birmingham set to outperform UK homes market

17 November 2020

Birmingham’s resilient residential property market is showing no sign of slowing down despite the economic disruption caused by the pandemic.

That’s according to St Joseph, a leading developer which has established its HQ in the city and is set to deliver more than 1,000 new homes in the Gun Quarter and Eastside areas.

The firm has revealed the first home completed as part of 420-apartment canal side Show Hill Wharf neighbourhood complex this week, St Joseph’s first venture in Birmingham.

Charlie Joseph, sales director at St Joseph, believes Birmingham will outperform the rest of the UK’s property market over the next five years, with house prices predicted to rise 24 per cent by 2025 and rental value growth increasing by 13 per cent.

HS2 and the 2022 Commonwealth Games are key driving forces behind the city’s property growth, along with the need for more than 30,000 new homes to address a housing shortfall.

Charlie (pictured) said: “While the Covid-19 pandemic has caused significant economic disruption, the UK’s property market is performing strongly with house prices rising at their fastest rate for five years in October.

“Birmingham, in particular, is set to outperform the rest of the UK’s property market over the next five years, according to the latest UK residential forecast by property consultancy JLL.

“At St Joseph, we recognise Birmingham’s potential, establishing our HQ in the city in 2018. We have launched two regeneration projects so far, located in the Gun Quarter and Eastside, which in total will deliver over 1,000 quality new homes in the city.

“Birmingham’s appetite for a new standard of residential living is self-evident. Our landmark neighbourhood, Snow Hill Wharf, was one of the first projects in the Gun Quarter and has been met with strong demand, with over half of apartments already sold ahead of first completions in early 2021.

“The canal side community follows the regeneration of a former 1.87-acre goods yard. When complete, it will feature 420 canal-side apartments spread across five uniquely styled buildings, including the 21-storey The Regent.

“The Gun Quarter is now an established residential hotspot in Birmingham. The latest Rightmove data reveals the area’s sold prices increasing 26 per cent on the previous year.

“St Joseph is confident in the region’s future growth. The resilient property market shows that people see the Midlands and Birmingham as a prime location for living, doing business and investing.

“We are committed to building our presence here and raising the bar for residential development.”