Housebuilder Bellway is helping to meet the growing need for new housing in West Midlands – where the population is predicted to grow by more than 200,000 in the next decade. The housebuilder has committed to deliver hundreds of new homes to support the region’s growth – which looks poised to play a major role in the UK’s economic recovery in the post-pandemic era, according to a new report by estate agents Knight Frank.
The report – which includes figures from Experian estimating that the West Midlands population is set to rise from 5.94 million people currently to 6.15 million by 2030 – suggests that population growth and growing residential demand in the region will come as highly-skilled new workers from areas including government, finance and life sciences are attracted to the area.
“This new research confirms what we have known for a while and that is that the West Midlands has a very bright future and in fact, is already experiencing something of a boom. New housing will be needed to keep pace with the rising demand generated by a growing population, which is why the West Midlands is a key area for us. We have a strategy that will deliver hundreds of much-needed new homes in Birmingham, Solihull, Warwickshire, Staffordshire and Shropshire over the next few years,” said Marie Richards, Sales Director of Bellway West Midlands.
The Knight Frank report says that Birmingham is currently the most popular destination for those moving out of London, ahead of other major cities such as Bristol and Manchester, based on figures from the Office for National Statistics (ONS). Average house prices across the West Midlands have increased by 32 per cent over the last five years, compared to a 25 per cent rise across the UK as a whole during that period.
“House prices rising by almost a third in five years shows strong confidence in the property market and is positive news for those who have already invested in their own home here. Meanwhile, the good news for potential buyers is that prices remain relatively affordable, with the ONS figures showing that the average cost for a home in the West Midlands is £229,590, while the London figure is £509,566. This means the area is well placed to attract employees from the capital working in the high-skill industries which are thriving in the region,” Marie added.
The Knight Frank report cites the Greater Birmingham and Solihull Local Enterprise Partnership’s prediction that the West Midlands’ life sciences sector is set to expand, with up to 10,000 new and replacement life sciences jobs needed within the region by 2030.
In the technology business arena, the report also highlights that Birmingham was recognised as the UK’s regional start-up capital for the seventh year running, with 18,394 new enterprises starting life in the city in 2020, according to UK think-tank Centre for Entrepreneurs.
With homes currently for sale at 15 developments, Bellway West Midlands also has plans in the pipeline for several further sites in the region, including 169 homes at Astley Fields, which will see the regeneration of a former colliery site in Bedworth. The housebuilder is also set to start work on 181 homes off Caverswall Lane in Meir, Stoke, to be known as The Crescent development, and has submitted detailed plans to deliver 159 new homes on a development off Gipsy Lane in Nuneaton.
