Centrick Cheers on Birmingham Festival 2023

Get set for 10 days of fun and entertainment at Birmingham Festival 2023, the official one-year anniversary tribute to last year’s Commonwealth Games.

The event, which is set to take place in Birmingham’s very own Centenary square from Friday 28^th July, is expected to attract over 190,000 visitors and participants as Birmingham city centre plays host once more to a major event set to bolster tourism with 10 days of live music, performances and creative activities.

Marking the success of the Birmingham Festival 2022 which saw a colossal 2,467,588 people attend events across the 6 month period, this smaller, but no less celebratory festival is set to follow similar cultural and creative themes, representing Birmingham’s rich cultural diversity. The festival is a great example of public and private funding coming together with huge support from Birmingham’s business community including our friends at Hollywood Monster who’s Chair we proudly count as Trustee of our Homelessness charity, Reconnected.

When Birmingham won the Commonwealth games in 2017 both the city and the wider region looked to the games as a catalyst for growth, innovation and diversity. 6 years on the ambitious legacy of the event goes far beyond 11 days of sport and has created significant changes in our region, from new transport links to new, world-class venues and huge opportunity to drive investment in the Greater Birmingham area. Councillor Ian Ward said that the games were; “the start of Birmingham’s Golden Decade of Opportunity, providing a springboard for further success.” So what has been happening in Birmingham since then:

Regional Investment

Birmingham and the wider West Midlands region has seen an influx of commercial investment since staging last year’s Commonwealth Games.

The West Midlands region has seen a year on year increase of 6% in foreign direct investment projects during Financial year 2022 to 2023 compared to the previous year.
Consultation stage planning is in underway for further enhancements to the Alexander Stadium and surrounding green spaces as part of maintaining Birmingham as a world-class sporting destination.
National Tourism Agency Visit Britain plans to relocate their headquarters to Birmingham.
Growing number of TV and film studios launching in Digbeth with significant BBC investment across several of their shows like the popular Masterchef brand.

Property Market Impact

The Commonwealth games have left an undeniable impact on the local property market elevating Birmingham’s desirability as a city to Live in.

Birmingham continues to buck the trend of falling house prices – across the UK and especially London and the South East house prices have seen YoY falls but the West Midlands is significantly bucking the trend with a 5% increase in average house prices and current prices sitting at £251,139.
Since the commonwealth games the average times to sell a property in Birmingham has decreased by 5% continue to drive demand.
From a rental perspective rents continue to grow with HomeLet’s Rental index report showing an annual 10.8% increase on rents in the West Midlands and whilst this may not be the best news for renters many landlords will be seeing increases in rental figures.

With our roots (and our HQ) in Brum, all of our team feel an immense sense of pride and gratitude to have the Birmingham Festival 2023 right on our doorstep, celebrating the richness of our combined culture and marking the one-year anniversary of the Birmingham 2022 Commonwealth Games.

Celebrations, festivals and events add tremendous value to our vibrant city – continuing to drive attention, investment and quality of life across our region. As the city welcomes visitors from across the UK and beyond the festival is a huge opportunity to connect with Birmingham’s communities, welcoming a staggering 190,000 attendees, artists, volunteers, and local communities, all coming together to extend the excitement and joy of the iconic Birmingham 2022 Commonwealth Games.

Birmingham Festival 2023 will span over 10 days and 9 evenings, fostering a sense of unity as individuals from all backgrounds come together to enjoy, engage and soak up the atmosphere of Birmingham’s vibrant and diverse culture. As the city proudly showcases its talent, character, and reputation as a world-class destination for major events.

Such events are not merely isolated moments in time; they have a lasting impact on Birmingham’s trajectory. As the festival welcomes residents and tourists alike, it creates a wave of positivity that permeates every corner of our city. From stimulating economic growth to fostering cultural exchange and community pride, Birmingham Festival 23 plays a pivotal role in elevating Birmingham’s allure and desirability as a place to live, work, and invest.

Hosting large-scale events of this nature and attracting high visitor numbers helps to nurture investment and regeneration growth within the area. Birmingham is already seen as one of the most investable cities in the UK for the quickest ROI. Adding to this, the recent announcement that national tourism agency Visit Britain has selected Birmingham for its new Headquarters further strengthens the City’s position as a trusted contributor to UK economic growth.

So, let’s come together as a city to celebrate Birmingham Festival 23, embracing the shared moments, magic, and memories of the Birmingham 2022 Commonwealth Games.

Thinking of investing in Birmingham? Find out why you should choose Birmingham to invest in and how our Centrick Invest team can assist you through your property investment journey.