As such, Birmingham is well placed to attract a more skilled workforce looking for either central urban living or a larger family home.

In addition, Birmingham’s improved transport links to London, plus the ability, post-pandemic, to work from home make the ‘Second City’ ever more appealing.

Joe Shorney, Savills residential development sales director, says, ‘While Birmingham enjoys the advantage of having an affordable city centre – especially when compared to other cities – maintaining house prices at an affordable level relies on the delivery of new homes to ease competition in the market – and Birmingham is currently failing to deliver enough new homes.’

Annual housing delivery was just 68% of the Standard Method housing need figure over the five years to March 2021, the report found.

The number of new homes built has fallen each year since 2018/19, and with the most recent housing land supply statement at 3.02 years this trend is unlikely to reverse any time soon.  Delivering new homes in larger numbers must be a priority for the city to maintain the crucial affordability advantage over comparable markets it currently possesses.

Looking at the wider Birmingham economy the report found that the city should look to attract firms in the service and knowledge sectors, where the city already has strength.    However, a skilled workforce will demand a high quality of life which can be offered through new development, both in the urban core and on the city fringe.

Andrew Galloway, Savills development director, says,  ‘Recent political turmoil and the rising cost of debt both pose a challenge in the short term.  Yes the market remains undersupplied across the residential sector and there is considerable potential for development once certainty begins to return to the market. ‘