House prices in Birmingham are expected to rise more than any city in the UK over the next five years, according to new research.
Property consultancy JLL said it was predicting that, over the next five years, the average value of a home in the city would rise by 4.9 per cent per year, with rental values rising by 2.8 per cent.
This would equate to a £500,000 home bought today, being valued at £635,000 or above come 2026.
The agency's latest Residential Forecast 2022-2026 report cites the 2022 Commonwealth Games as a key driver behind the growth as it will thrust the city onto the world stage, driving its profile while simultaneously bringing thousands of high-earning jobs to the area.
The average predicted rate of growth over the next five years in other major UK cities, according to the report, is 4.7 per cent in both Manchester and London, 4.6 per cent in Bristol, 4.2 per cent in Leeds and 3.9 per cent in Liverpool.
In Scotland, house prices are expected to grow by an average of 4.8 per cent and 4.2 per cent in Edinburgh and Glasgow respectively.
Simon Horan, residential director at JLL in Birmingham, said: "Birmingham is on track for a huge house price boom over the next five years, thanks in no small part to the Commonwealth Games which will result in the construction of 5,000 new homes by 2040 and a global spotlight on the city.
"Beyond 2022, the £750 million of investment set aside to ensure the legacy of the games will also add to Birmingham's future appeal to would-be home buyers who will see the results of continued investment.
"Of course, in addition to this, as one of the major beneficiaries of the long-awaited completion of HS2, Birmingham will be that much more accessible to those in London too."
