New research has unveiled the five best Birmingham areas to invest in property in 2024.
Property investment specialists and development company Joseph Mews has named Birmingham as one of the best UK cities to invest in 2024, largely due to the 'sheer amount of regeneration, demand and growth it is forecasting'. The company also highlights the Our Future City plan, which they say is set to revolutionise the city, adding new mixed-use developments and public spaces.
The city is forecasting price rises of 19.2% by 2027. Average rents in Birmingham have risen by 9.2% over the past year alone according to Zoopla. Joseph Mews say this is down to the "overwhelming success of the Commonwealth Games, continuing construction of HS2 at Curzon Street, and the abundance of inward investment."
They say a rising population forecast to hit 1.24 million by 2030, tenant demand from young professionals leaving London for Birmingham’s affordability, and a 41% graduate retention rate bringing in new young professionals seeking rental accommodation are all contributing to the city becoming an investment hotspot.
The investment specialists have also looked at the five best Birmingham areas to invest in property in 2024. Here are the five best rental yields in Birmingham this year, according to the development company:
1. Selly Oak
Selly Oak has a 9.6% rental yield, according to Joseph Mews
2. Digbeth
Digbeth has a 6.6% rental yield, according to Joseph Mews.
3. Hockley
Hockley has a 6.5% rental yield, according to the investment specialists
4. Birmingham city centre
The city centre has a 6.2% rental yield, according to Joseph Mews