Buying a home in Birmingham
Thinking of buying a home in Birmingham? We cover Birmingham house prices, the best places to live in Birmingham and more.
Why buy a house in Birmingham
Many people who buy in Birmingham want to enjoy city living at a lower cost.
The cost of living and house prices are lower in Birmingham, which makes it a good option for people looking to move.
Reasons to buy in Birmingham include:
lower cost of living
job opportunities with big businesses
great transport links
universities
sense of community
independent businesses
restaurants and pubs
Birmingham property
In Birmingham, according to the 2011 census¹:
there were 410,736 households
56.2% of properties were owned by the people living there
17.9% of properties were rented from a private landlord
Birmingham house prices
In Birmingham, the average house price between December 2019 and November 2020 was £189,421.²
This is lower than the UK average of £249,309.
House prices in Birmingham are going up, but not as quickly as other areas in the UK, so it could be a good option if you’re thinking of buying.
The cost of some property types are going up more than others.
In Birmingham the average property price for a:
detached house is £359,828
semi detached is £214,727
terrace house is £171,306
flat is £133,692
The cost of living in Birmingham
The cost of living in Birmingham is lower than in some other areas in the UK.
It’s 29% lower than London and similar to Bristol.
It’s estimated that living in Birmingham will cost a single person £1,683 a month.³
First time buyers in Birmingham
The average property price for a first time buyer in Birmingham was £166,650.²
The average deposit for a first time buyer in Birmingham is £26,882.⁴
Zoopla estimates that first time buyers would need a household income of £38,097 a year for a home in Birmingham. So if there are 2 of you, this would be your combined earnings.
The areas with the lowest average house price in Birmingham are⁴:
All Saints, Wolverhampton at £101,617
Birchfield at £111,711
Pleck, Walsall at £113,297
Aston at £114,364
Wolverhampton City Centre at £114,565
Buy to lets in Birmingham
Birmingham is a good city to invest in with a growing population and business opportunities.
There are a lot of people buying or renting in Birmingham so if you’re looking to rent a property out, it could be a good choice.
It’s a popular city for young people who are looking for work. So there’s high demand for rental properties for young professionals who are saving up to buy.
The median monthly rent in Birmingham between 1 April 2019 and 31 March 2020 was⁶:
£367 to rent a room
£600 for a studio
£655 for a 1 bedroom property
£725 for a 2 bedroom property
£750 for a 3 bedroom property
New builds in Birmingham
It’ll cost you more to buy a new build than an older property in Birmingham.
Between December 2019 and November 2020 the average cost of:
a new build was £243,057
an older property was £188,015
The average price of a new build in London during the same time period was more than double at £494,170.²
Best places to live in Birmingham
Brindley Place is a great choice for young professionals.
It’s a good choice as it:
is close to the city
has lots of places to eat and drink
has more flats than other areas in Birmingham
is more affordable than nearby areas
The average property price is £157,488.⁴
Edgbaston has a strong sporting heritage with many sports venues, clubs, and activities to enjoy.
There are also lots of good schools, restaurants, cafes, and pubs.
The average property price in Edgbaston is £300,508.
Harborne is popular with families as it offers a break from city life with a strong sense of community.
It has 5 primary schools and 4 secondary schools, including a grammar school.
At just 20 minutes from the city centre, Harborne is ideal for a good work and home life balance.
There are lots of things to do, with plenty of independent shops, leisure and sports clubs, restaurants, and cafes.
The average property price in Harborne is £342,621.⁴
If you’re looking for nice scenic walks then Bearwood might be the area for you.
It's close enough to the city centre to commute.
The average property price in Bearwood is around £174,164.⁴
House prices in the area are rising.
Digbeth is a popular area for creatives and is also good value for money as it’s recently gone through improvements.
In 2018 it was named one of the ‘Coolest places to live in the UK’ by The Sunday Times.⁷
The average property price is £157,551.⁴
There are art galleries and plenty of venues that host live music events.
Digbeth is a part of Birmingham that’s growing in popularity, so more flats are being built in the area to manage demand.
It’s only a 10 minute walk from Bullring & Grand Central train station, meaning it’s well connected.
Get a mortgage with Trussle today
Fee free online mortgage broker
Rated 5 stars "Excellent" on Trustpilot
12,000 deals from 90 lenders
Apply online any time from any device
Personalised recommendations, usually within a few hours
Free mortgage monitoring - we'll tell you when it's time to remortgage
No waiting for appointments
No paperwork
Your home could be repossessed if you don't keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Sources
¹ Birmingham City Council
² Land Registry
³ Expatistan
⁴ Zoopla
⁵ White and Company
⁶ ONS
⁷ The Sunday Times