Yahoo Finance One of Britain's most lucrative new housing developments is just 90 minutes away from London
Getting on the housing ladder seems like an impossible task in London— unless you’re ultra-wealthy. The average salary hovers around £30,000 ($39,548) but the average property price is near £485,000. It’s perhaps unsurprising that prices seem extortionate, after all it is Britain’s capital which is a finance and business hub.
But some of the UK’s biggest companies have been building out their operations in other major cities across the country. Birmingham is one of those places, located just 90 minutes away from London by train.
Spotting an opportunity, London’s largest private housebuilder Galliard Homes, which has around 44 projects under development worth a gross development value of £4.5bn, said in a statement sent to Yahoo Finance UK that “a London-style product at Birmingham prices is a no-brainer choice” for owner occupiers and investors.
Galliard is now building one of the most lucrative new housing developments in recent days, but in Britain’s West Midlands’ region, called The Timber Yard. Less than half the price of a London property, the 379 apartments have a starting price of £199,000.
“Birmingham has gone through a marked transformation in recent years. Major blue-chip firms such as PwC, HSBC, and Deutsche Bank have invested heavily in the city, building state-of-the-art corporate headquarters and relocating staff from London,” said Mark Evans, head of regional residential development at Knight Frank, in a statement sent to Yahoo Finance UK.
Birmingham has a £120bn regional economy and is forecasted to be the UK’s fastest growing conurbation leading up to 2022. Birmingham will host the 2022 Commonwealth Games and will eventually benefit from the £56bn HS2 rail project, which will make the Birmingham-London journey just 49 minutes. Furthermore, it will see a major improvement in its local infrastructure with a £200m expansion of Birmingham International Airport.
“Birmingham is developing into a city with an international presence, we now see buyers from across the world investing in Birmingham for all that it has to offer,” said Evans.
Galliard hasn’t released the full specs of the apartments yet as it’s coaxing in potential buyers ahead of its launch sales launch on 25 October 2018. However, we do know that there’s a choice of studio, one, two and three bedroom apartments and the development “is designed around a central landscaped garden, bordered by two statement residential buildings, up to 7 storeys and 13 storeys high respectively, providing views across Birmingham’s iconic skyline.”
Galliard says that the have large floor to ceiling windows, with balconies, terraces and winter gardens looking into the central landscaped garden.
Much like the luxury properties Galliard built in London, it has made sure that residents will enjoy the same luxury amenities of those living in the capital.
The development is fully equipped residents’ gymnasium with changing facilities, a private club lounge for relaxation, and a cinema/screening room.
