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2nd Aug 2022|Birmingham|News|

The Long-Term Impact of the Commonwealth Games

Large scale sporting events have a history of impacting their local regions prior, during and after the events take place, and the Commonwealth Games is no exception. With an estimated one million people attending events, and an additional 1.5 billion people watching across the world, to say that Birmingham is in the spotlight seems like an understatement. The Games has already provided the population of the West Midlands with a sense of immeasurable pride which will be a talking point for years to come – however, the long-term impact of the games will also be more tangible.

House Prices

Property prices are expected to soar as a result of the Commonwealth Games. In fact, house prices are set to increase more in and around Birmingham than any region in the UK, with an estimated 4.9% increase in sales prices and 2.8% increase in rental prices per annum. This bodes exceptionally well for those looking to invest in or sell property in the city.

What’s more £300 million will be generated as a result of games contracts, and tourism is set to spike significantly. Both factors will contribute to the surge in property value in Birmingham and beyond, with demand increasing due to the number of jobs created from the games and the additional visitors to the city. We’re already starting to see this take place in two key areas: the Smithfield Masterplan and the Perry Barr regeneration scheme, the latter of which will produce 5,000 new build properties as part of its Commonwealth Games Legacy Plan.

Perry Barr is set to benefit massively from the Games, with the region setting out an action plan entitled A Vision For Legacy which seeks to make the area a fantastic option for those looking to relocate to the West Midlands after witnessing the success of the Games, or locals looking for a more affordable option than the city centre. With house prices in the region set to soar, Perry Barr’s masterplan seeks to provide affordable accommodation with a sustainable focus by repurposing existing structures, such as the athlete’s village, after the conclusion of the Commonwealth Games. The same principle of repurposing is being applied to the old Birmingham City University campus, which is being redesigned to form over 2,000 homes in the new Perry Barr Village. The surrounding buildings, such as the Bus Garage, will provide optimal space for new businesses to thrive, thereby making the adjacent residential units ideal for investment.

Investment in the Region

The Alexander Stadium has been upgraded to a capacity of 40,000 seats for the Commonwealth Games and, after the games have concluded, capacity will be set at approximately 20,000 permanently with the hope of the stadium becoming the home of national athletics. This will undoubtedly impact house prices in the region as a result of the stadium’s longevity and popularity, making Perry Barr a hub for British athletics events. Furthermore, as the stadium is hosting the opening and closing ceremonies, the Commonwealth Games will become an effective form of advertising for the stadium’s capabilities. Additionally, Smethwick has seen a huge surge in investment as a result of the construction of Sandwell Aquatics Centre, which is set to become a popular destination for water-based sporting events in the years to come. The venue can also expect to see revenue come from daily use by locals and those from across the West Midlands, which will have a positive impact on the Smethwick region by ensuring more traffic to nearby local businesses.

Approximately £750 million will be contributed to the local economy from the Commonwealth games, with Birmingham City Council estimating that around 4,500 jobs have been generated in the build-up. These jobs have come from engineering and construction companies, tourism and accommodation, transport and, of course, the sports sector.

Transport Links

The enhancement of transport links in order to accommodate for the events is perhaps one of the primary reasons for the long-term job creation after The Games has concluded. 950 jobs are predicted to be created in the aftermath, as a result of the influx of opportunity into the region, creating a need for more frequent transport and a broader variety of travel options. Transport for West Midlands has outlined a transport action plan which aims to focus on the following aspects:

  • Long-term benefits
  • Safe, reliable and efficient options
  • Clean, green energy
  • Minimal disruption
  • Access for all

Part of The Games’ sustainability pledge hinges on the long-term use of transport networks after the conclusion of the sporting event, with Transport for West Midlands claiming that they want this to be the first carbon neutral Commonwealth Games. Birmingham locals have seen the benefits of the Metro extension towards Edgbaston, whose Stadium will be hosting the cricket events, and Wolverhampton, which is a vital cycling venue – the Commonwealth Games has encouraged the speedy construction of these links in time for Summer 2022. The benefits of the West Midlands Metro Extensions work well in conjunction with the implementation of the Clean Air Zone by producing viable alternatives to car transportation, which is especially beneficial for those in Wolverhampton and Edgbaston that need to access Birmingham City Centre. Centrick also anticipates that the increase in travel options will add to the property values of the neighbourhoods within a reasonable distance of these new Metro stations.

 

We have no doubt that the Commonwealth Games is going to change our beloved city for the better. By utilising existing structures to create residential communities, investing in the improvement and construction of venues across the region, and providing sustainable travel options, the Games will leave a tangible impact on Britain’s ever-evolving second city. If you’re looking to sell your property and take advantage of these exceptional price increases, or are looking to invest in the West Midlands, contact Centrick using the form below:

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