Last Friday, the regenerated New Street station and Grand Central shopping centre in Birmingham, swept the board at the 2016 RICS Awards. However, the praise shouldn’t end there, as research by leading fixed fee estate agent, Emoov.co.uk, has found that since the completion of both these projects in 2015, the local property market has seen a dramatic boom.
The Royal Institution of Chartered Surveyors awarded the £750 million revamp of the station and the old Pallasades shopping center the title of ‘Project of the Year’. Judges commended the project’s attention to detail, environmental considerations and the way is had been integrated into the region’s infrastructure.
It appears that the only praise missing was its improvement to Birmingham’s property market, as following the completion of the projects, house prices have seen an +11% increase over the last year.
With property prices in the UK’s major cities becoming out of reach for even the most well-heeled businessman, people are looking to invest their money elsewhere in order to maximise their property potential. With Birmingham New Street just an hour and a half commute to London, it appears that the regenerated train station is helping to breathe new life into the area. The continuing regeneration of the city has made Birmingham a sought after place to live and as demand across the city has increased, so has the average house price – up from £184,038 to £204,164 over the last year.
This is great news for Birmingham and the city centre in particular and it is nice to see the area receiving the credit it deserves.
This will undoubtedly benefit Birmingham as a whole, as such top level accolades will only help attract other companies to invest in such a thriving city.
There are still exciting times ahead with projects such as the development at Exchange Square now underway. With the extensive improvement including a hotel, offices and residential apartments, the property market and wider economy should benefit sizably.
The Birmingham market has found a strong stance to build upon and with the award of such high profile accolades, the current upward trend in the Birmingham market looks set to continue.
If you’re looking for an estate agent in Birmingham, click here to contact Katie Smallwood and get a free valuation.