West Midlands mayor calls for more housing funding from government

 

Birmingham and the surrounding West Midlands is seeing an “economic renaissance”, but Mayor Andy Street wants more government investment away from London to keep the momentum going.

Billions of pounds worth of investment has transformed Birmingham into one of the most important major cities in the country over recent years, which has been reflected in the property market. One prime example of this regeneration is in the Ladywood area of the city (B16), which made headlines last year after house prices there jumped by 17% in the year to July 2017, despite being named the UK’s poorest area. Since then, swathes of investors and young professionals, including many London-leavers, have arrived in the area, fundamentally changing the face of it.
[crb_image link=”https://www.buyassociation.co.uk/advice/property-investment-starter-course/” image=”https://cdn2.hubspot.net/hubfs/1717782/Asset_Store/WebCTA/cta.jpg” align=”left”]

It is this level of investment that West Midlands Mayor Andy Street wants to see across the region as a whole, including other areas of Birmingham, to help balance the UK economy, particularly after some major international companies have set up offices there, including HSBC, Jaguar Land Rover and BBC 3.

Mayor Street said: “The West Midlands today is seeing an economic renaissance, with wages growing faster than any other region… But with this renaissance well underway, why is it still so difficult to get these 1,150 new homes built in a prime canalside location like Icknield?

“Developments find it difficult to be considered ‘value for money’ compared to sites in London and the south-east, because the economic impact of any public funding is measured by looking at the potential for land values to increase. Even with its dynamic economy and HS2 arriving soon, the price of land in the West Midlands is no match for the commuter belt around London.”

Soaring house prices

According to research by Savills, house prices in the West Midlands are expected to rise 14.8% over the next five years, which is above the UK average of 14.2%, meaning ample opportunities for investors who buy property in the area now.

If Mayor Andy Street secures extra funding from the government to build new homes and transform areas, on top of factors such as the impending HS2 and other transport investments making the region more accessible to the rest of the UK as well as internationally, it seems that Birmingham’s growth is still a long way from hitting its peak.

Street adds: “It’s not just the West Midlands that has these ambitions. Today I am meeting with Mayors from around the around the country, Conservative and Labour, to make an offer to the government.

“We all have brownfield sites which have been derelict for years, and we need the financial muscle of the government to get them moving. We stand ready to get the diggers fired up, and build the homes we desperately need.”

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

Birmingham

West Midlands mayor calls for more housing funding from government

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.