If you’ve been mulling over investing in a New Build property next year, Centrick’s New Homes predictions are here to help you make the most informed decision about what and where to buy! As part of our series on what we think 2023 holds for the property market, we’re guiding you through everything you should expect for the new year in terms of off-plan properties, new emerging locations, and why Birmingham’s new homes are set to be as popular as ever…
With space in cities such as Birmingham, London and Manchester for New Build schemes becoming increasingly scarce and expensive, new locations for modern New Homes are emerging. At Centrick, our New Homes predictions centre around the three key locations that are set to soar in popularity in 2023:
Solihull is a vibrant gem in the West Midlands thanks to its variety of social and arts events, many of which Centrick have been honoured to sponsor. There is a tangible sense of community in Solihull that many New Homes developers are seeking to take advantage of. Better still, Solihull offers unrivalled access to Birmingham, with commuters being able to catch a train from Solihull Station to Birmingham Moor Street in the city centre in just eight minutes. The combination of Solihull’s fantastic location and community-driven environment sets it up to be one of the most sought-after towns for prospective New Home developments in 2023.
The next of our New Homes predictions centres around the town of Burton On Trent. Burton is set to see impressive levels of rejuvenation over the coming years, with the town’s high street currently undergoing significant development to ensure it is better connected, greener, and a fantastic place to set up a business. What’s more, the commutability of Burton has already solidified its status as a fantastic place to purchase property – whether you need to get to Wolverhampton, Derby or Birmingham, Burton puts you in easy reach. We’ve recently listed a development in Burton at the iconic Plough Maltings, which is already starting to gather an immense amount of interest.
Lastly, Derby is becoming increasingly popular with buyers as 2023 creeps ever closer, which bodes well for New Homes developers seeking out new areas to target. In 2020 we reported on a considerable influx in investment targeted at the East Midlands city, with 1,000 New Homes scheduled for construction at Snelsmoor Grange, a significant new community spanning over 160 acres in the south of Derby. With this suburban community already gaining popularity, we anticipate that other developers will start to set their sights on the East Midlands for their next development in 2023 and beyond.
Birmingham’s status as the UK’s second city already designates it as a popular destination for New Homes developers to invest their time, money and efforts. However, Centrick’s New Homes predictions for 2023 anticipate that Birmingham’s booming local economy, thriving job market and the lasting resonance of the Commonwealth Games will make the New Homes market even stronger.
With companies such as HSBC, PWC, and Goldman Sachs all placing their roots firmly into Birmingham soil, as well as the restructuring of government departments and the Civil Service seeing a shift away from London, Birmingham is expected to see a drastic increase in employment opportunities. This is set to build upon the existing success of the Commonwealth Games, which has produced long-term opportunities for locals, specifically in the sport, tourism and hospitality industries. Better yet, the completion of HS2’s new Curzon Street Station will not only create thousands of jobs but will boost the ease in which Londoners can get to the West Midlands. This is set to disrupt the ‘London Bubble’, making it feasible for London employees to work in the capital whilst living in Birmingham, which offers significantly better value for money in terms of property. This, in turn, could encourage more businesses to move out of London and towards other major cities in the UK.
Research has indicated that the city will require the construction of over 4,000 homes each year in order to keep up with this predicted soar in population, with demand certainly not showing any signs of waning. Demand is already far outstripping supply in Birmingham, with the average number of new homes built in the city each year sitting at only 900, which is less than a quarter of what is needed to keep up with the magnificent traction Birmingham is gaining. As a result, Centrick anticipates that the New Homes market in the city and its surrounding areas will continue to grow, with developers starting to get plans into action to avoid a housing crisis and take advantage of the unprecedented demand in Birmingham.
Whether you’re listing a house for sale in Solihull, renting a new build apartment in Birmingham City Centre, or considering where is best to expand your property portfolio in Nottingham – Centrick has you covered. Our teams are at the heart of the action and understand precisely how the market in your area of interest is moving, so that they can provide you with the best tailored advice regarding your next property decision. For more information on the market near you, contact us via the form below: we’d be delighted to help you on your property journey.
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