Birmingham offers upside potential for Hong Kong’s BN(O) migrants with budget-friendly homes, schools and proximity to London
- The average home price in Birmingham was £209,000 in December, less than half of London’s average of £521,146, property agents said
- Rent in inner-city Birmingham is up by 9.6 per cent from 12 months ago, faster than the 7.7 per cent growth in outlying locations
Birmingham, the second-largest city in the United Kingdom with half of London’s average home price, offers a budget-friendly alternative to the British capital for Hong Kong’s migrants under the British National (Overseas) visa programme.
The average home price in Birmingham was £209,000 (US$279,000) in December, less than half of London’s average of £521,146, property agents said, citing the government’s latest data. Rental charges had jumped in the past year, as migrants opt for the schools and colleges in the West Midlands after initially setting foot in London.
“Rent in inner-city Birmingham is up by 9.6 per cent from 12 months ago, faster than the 7.7 per cent growth in [outlying] locations,” said Eli McGeever, research director of One Global Property agency’s One Global Labs, citing listings on the Zoopla website.
That upside has delighted Hong Kong businessman Jabbie Yip, who began buying Birmingham property in 2016, first with a two-bedroom flat for £210,000 and then a three-bedroom unit two years later for £310,000.
“The rental yield has been reasonable,” said Yip, who paid £180,000 for a single-bedroom serviced apartment in 2018 in the city. “Recently, there was a 5 per cent increase in rent.”
To be sure, Birmingham is not the first landing spot for most BN(O) migrants, with only 4.8 per cent picking the West Midlands in the first six months of their relocation, compared with 22.3 per cent opting for London, according to a survey of 720 respondents by the support group Hongkongers in Britain.