PHILIP’S BLOG 24/07/2014

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The excitement of the City

There is an increasing stream of applicants now coming through our three office doors across the City Centre looking to let & to buy ,whether for a home or as an investment. This City is on the up and the recent decision by several leading companies to expand their presence here is undoubtedly fuelling a feel good factor. The combination of the City wide infrastructure improvements now being put place & increasing private investment is starting to push Birmingham forward with a momentum gaining month by month. Whether it’s the revamped New Street Station , the imminent Paradise Circus redevelopment or merely the success of the local Business Improvement District teams helping their City Centre areas we are seeing increasing interest from outsiders from home & abroad. I say the latter in the light of the recent Birmingham runway extension which can now take direct flights from the Far East & my looming appointment with a Chinese investment group looking for property based opportunities here.

This summer is unusual because letting applicants now searching have very little brand newly built stock to occupy . They therefore can only take existing stock currently empty or becoming empty ,as existing tenants move location within the City or into the buying market. For landlords it’s a special summer as the voids between tenancies can amount to only hours or at the maximum a very few days. For tenants it is frustrating as we in many cases need to give twenty-four hours notice to existing tenanted properties to view so just turning up and hoping to arrange an immediate tour is often not possible. The pressure to make a decision too is high because the market is so busy at this time of year. If prospective tenants pause they can easily miss out to others wanting to be in before early September. Residential rents are rising because of this imbalance in the market & we anticipate this may continue for at least twelve months until the new stock of apartments currently planned, or now being built ,become completed & habitable.

The New Homes department have some terrific schemes coming forward .This includes a superb niche Jewellery Quarter loft scheme located close to St Pauls Square to a glorious warehouse conversion located almost adjacent to The Mailbox & including several new build apartment projects which undoubtedly will appeal to owner occupiers & investors alike. If you cannot see what you want on our fast changing website do talk to Kathryn & her team in New Homes as they can ensure you are fast tracked when the projects launch.