Developer brings forward £16m Jewellery Quarter scheme

A PROPERTY developer is bringing forward the timetable on a £16m scheme in Birmingham’s Jewellery Quarter to capitalise on new figures showing it is cheaper to buy a property in the Midlands than rent.

Delph Property Group, which is developing the site in Warstone Lane, is hopeful the data will trigger a surge in demand for city centre properties.

The company said it had already seen an increase in interest from potential buyers and investors in the Metalworks development, following publication of the figures by Halifax.

Delph said the data, along with the expected rise in property prices over the next few years, suggested first time buyers and home owners would need to act quickly to take advantage of the situation.

The Metalworks development comprises 105 one, two and three bedroom apartments. They are due to be released at the end of September.

Richard Forman, sales director at Delph Property Group, said: “The Jewellery Quarter is a vibrant and thriving region of the city, and we’re delighted to be part of the regeneration of this much loved area. As real hotspot in Birmingham, we have seen a big interest in the property available here, so are excited to be able to meet this increase in demand.”

Kathryn Molloy, director at Maguire Jackson, said the area was already proving popular with house hunters.

“It’s great to see developers on the ground in such a prominent area of the city and we look forward to seeing what is set to be some very impressive apartments,” she said.

The first residents are expected to move into the apartments from April 2015.

Elsewhere, new research by Knight Frank has suggested that Birmingham is the eighth most affordable city in the UK for young professionals to buy a home.

The study, which compared 25 cities across the UK, showed that young professionals in northern cities have a much greater chance of getting on the housing ladder. Durham is the most affordable followed closely by Nottingham and Liverpool.

The examination of affordability, which measures house prices to regional average earnings for those aged between 22 and 39, shows how house price to earnings ratios vary across the country.

Stuart Eustace, sales manager at Knight Frank’s Birmingham office said:  “Birmingham offers fantastic affordability in comparison with the capital. We are beginning to see the city centre apartment market mature as infrastructure in Birmingham improves and more owner occupiers seek to make it home, as opposed to the more transient nature of the market during the last cycle, which was heavily dependent on the buy-to-let investor. The rise of owner occupiers in Birmingham city centre will continue, alongside news that HS2 is gathering pace.

“At present, the Birmingham city centre apartment market is fuelled by an undersupply of stock, which again will continue into 2016/17.”