Digbeth has been named the top area in Birmingham for residential property investment, new data from SevenCapital revealed.
It was announced earlier this month that HS2, the high-speed rail network which connects London to Birmingham, Manchester, and Leeds, will be going ahead.
This development is likely to give Birmingham a further boost in popularity as a location to both live and invest in.
Data from SevenCapital, the leading Birmingham based developer, has revealed the top areas for property investment in the city.
Digbeth is ranked first on the list; it’s considered to have a rather high growth potential. The area has grown by 38.04% over the last ten years, and its current average property price amounts to £189,400.
The area is ranked first as a result of its “future potential over current statistics,” Andy Foote, Director at SevenCapital, said.
Next on the list is City-Core, which is also considered to have a high growth potential. Growth over the past ten years in this area was 37.77%. Meanwhile, the average property price is currently at £200,300.
Jewellery Quarter also made the list with a medium growth potential. Growth over the past ten years was 39.26% and the current average property price is £212,300.
Meanwhile, Harborne, Edgbaston, Selly Oak and Erdington have also been identified as some of the top places to invest in property in Birmingham.
“Birmingham’s best areas are a mix of up-and-coming, well established and specific area types,” Andy Foote, director at SevenCapital, commented in a statement.
“Digbeth tops our list for 2020 due to its future potential over current statistics. Whilst the more established central “hotspots” such as the Jewellery Quarter, Edgbaston and Harborne benefit from higher average house prices and marginally higher growth over the past 10 years, there is significantly more space for future growth and regeneration in Digbeth, which is exactly what is planned for the area,” Andy Foote continued.
“Couple that with its lower entry point for buyers and investors, prospects for returns in the future for those who buy now, ahead of the area reaching its anticipated potential look very positive.”
Andy Foote added: “Digbeth is within walking distance of HS2’s Curzon Street Station, the existing Moor Street and New Street stations, the main city shopping area and of course is the heart of the city’s emerging Creative Quarter. That’s not forgetting its already been dubbed the ‘coolest place to live in the UK’ by The Times and is subject to more than £2billion of planned development projects over the coming years, including the Birmingham Smithfield masterplan and long-awaited Connaught Square development.”
“Overall, Birmingham has begun to shine out on a global stage over the past decade, but with recent and future developments, the best is yet to come for the city, so for residential property buyers, there has never been a better time to invest.”
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