Why are Londoners moving to Birmingham?

London is one of the greatest cities on the planet. But will it become a ghost town?

Well… it appears Londoners are on the move.

According to the most recent official figures, analysed by the Guardian newspaper, 292,000 people left the capital in the year to the middle of 2016, up 14% on a decade earlier – and the highest level since 2006.

Among the most popular escape routes were Brighton and Birmingham, whose populations were swollen by a combined 12,100 people from London
last year.

The need to escape the capital’s often-unaffordable housing market is a prime reason for departures. At £482,000, average London house prices remain more than double those in the rest of the UK at £223,000.

So Why Are Londoners Moving To Birmingham?

It is clear to see why homebuyers and property investors are rushing to secure property in the UK’s second-largest city.

Birmingham is benefiting from significant investment in the commercial and residential property market, alongside infrastructure investment such as the HS2 rail link, which will cut travel time between Birmingham and London to under 50 minutes.

With the advent of HS2 and price affordability, we can predict greater demand for property in the area; and basic economics tells us higher demand usually leads to higher prices.

So, homebuyers and property investors who can secure their property today will potentially benefit from huge price growth over the medium to long term.

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Categories: UK property


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