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SUNSHINE WITH SCATTERED SHOWERS: MAGUIRE JACKSON`S BIRMINGHAM CITY CENTRE VISION FOR 2008-14 december 2007
Autumn gloom
We’ve seen the most difficult year for residential sales for the last decade and the latter end of 2007 should probably now be forgotten. The downturn in city centre prices by as much as 10% through September and October was far sharper than most observers realised at the time.
The autumn gloom in the papers was, however, one month out of date. Our offices reflected a different story with good sales being agreed in November and December. My instincts suggest that, while vendor expectation may have taken a knock, there will continue to be a consistent flow of buyers seeking good quality properties.
Lettings
The strength of the lettings market has been largely overlooked with rents hardening as the year progressed. The days of ‘below par’ Harbourne and Moseley conversions are numbered as potential tenants realise that, for similar rents, they can now secure high-quality flats closer to the city centre
The success of Birmingham’s colleges and universities in attracting overseas students has helped underpin the market. Far Eastern-based students can now look at our website in Mandarin – so not only are they able to view the accommodation on offer, but they can also reserve it for when they arrive.
Landlords must not become complacent. First appearances still matter and well-presented apartments always let first, even in a busy market.
Developments
I think the property ‘experts’, often London-based, missed several vital points regarding the housing market in central Birmingham over the last few months.
Although the number of flats is greater here than five years ago, it has still not saturated demand. There are still opportunities for developers in the city centre – for townhouses, loft-style flats and ‘first-time buyer’ accommodation.
Any developer building with character and a price conscience will win in 2008.
Quarters
Over the last two years, I have talked in terms of Birmingham city centre being a number of residential ‘quarters’ – each with their individual character and qualities.
The Convention Quarter is really now the most established area with the highest proportion of owner-occupiers. The Chinese Quarter, encapsulating an area from Park Central to below the Hippodrome, is changing fast and becoming a promising area for the future, while the city core will always be popular for its convenience.
Transformations are most visible in the Jewellery Quarter. Strong residents’ and business groups work monthly to bring about change for the better. The local planning rules can be awkward, often holding back ambition, but the reality is that if we are to get the best of a living and working environment close the heart of the city, the Jewellery Quarter is right on track
The increasing numbers of professional firms happy to move into the area suggest this change will continue through the whole of 2008
Vision
My conclusion for the New Year is that, barring any unforeseen calamity, the overall market activity looks better than many expect. Prices for sales will remain largely where they are today and there is still a good chance the first million pound city centre apartment will actually be sold!
Maguire Jackson, Leading Letting & Estate Agents in Birmingham City Centre: flats & apartments to rent Birmingham, property to rent Birmingham. Property, flats, apartments, for sale in Birmingham. Commercial property, offices to rent and for sale, Birmingham.
