The Changing Face of Beds in Birmingham
This morning the property world came together to share thoughts on the future of beds in Birmingham. With so much development and inward investment coming into the city not to mention a huge forecasted population growth, building high quality housing that really meets the needs of the influx of growing businesses, professionals and households needs a “laser focus” according to David Warburton.
Investors globally will be interested to know that demand continues to outstrip supply, with 215,000 new homes needed by 2031 – more interestingly the central and local authorities are not only seeing the benefits of what David called the “most significant housing deal” (£350m funding) but are actively working together to collaborate on delivery, infrastructure and strategy to achieve this.
With a nod to the luxury market and the calls from the regions’ business leaders including Jaguar Land Rover and HSBC to house their growing workforce there is clearly a need to ensure that Birmingham delivers the right type of housing to continue the strong economic growth seen in the midlands. Demand in the city centre from all areas, students, professionals, families and importantly businesses is high and it’s driving the regions’ house price growth rising faster than any other region highlighting the need for the right type of housing, apartments and amenities across the city.
Poignantly David asked “Has Birmingham missed the BTR and PRS boom?” (Buy to Rent) (Private Rented Sector) interestingly enough citing oversupply in areas like Leeds and Manchester. Unlike other locations, Birmingham and the combined authorities have, and continue to deliver, a considered approach and sustainable delivery model through the housing mix, amenity mix, employer mix and investment mix giving Birmingham a “fantastic opportunity” to support economic growth.
No discussion on Birmingham would be complete without the mention of HS2 and this was no exception, due in 2026 the Curzon Street Station and HS2 routes will improve connectivity from Birmingham to London to less than an hour (as we all know by now!) Interestingly the panel predicted that the economic growth in the Digbeth and HS2 areas will come from the creative and digital industries, staffed by graduates and young people, professionals that want to live in a creative, immersive environment.
What was clear from the whole panel is that the city centre is becoming squeezed and demand continues to grow and that creating new, world class assets and destinations in Birmingham is in full swing. The investment in the Digbeth area with the Smithfield Plan, revival of the River Rea and creation of world class public spaces, squares, leisure and retail (not to mention housing) will create some of the finest public realm space in the UK – for investors looking for their next real destination this type of signposting, regeneration and investment into new destinations cannot be underestimated.
Closing out the discussion all of the panellists recognised the changing face of the city; the growth of global business in the city, increasing private and public sector investment, incredible retention of both professional and graduate talent as well as the continuing growth of the population as pivotal opportunities for residents, investors and developers to make a huge impact on the future of beds in Birmingham.
“The Future of Beds in Birmingham” Panel Discussion was hosted by Bisnow at Birmingham’s Repertory Theatre on Broad Street and featured the panellists:
Andy Foote – Director, SevenCapital
Anthony McCourt – CEO & Founder, Court Collaboration
Michael O’Shea – Partner, Gowling WLG (Moderator)
Questions and Topics included:
- How can local authorities and the property industry in Birmingham work together to deliver on Mayor Andy Streets’ housing plan of 215,000 homes by 2031?
- Residential development is booming, so how is configuration of the city centre changing and forcing developers, architects and contractors to get creative?
- What will HS2 mean for Birmingham and it’s housing landscape?
- Generation Rent is rapidly growing and people are staying off the housing market for longer. How are we targeting young professionals, as well as families?
- Are there too many student flats in Birmingham? How can we encourage students to continue renting in Birmingham after graduation?