Big Six Property Investment – What Investors Need to Know from JLL’s Summer 2025 Report

Every summer, JLL’s Big Six Residential Development Report provides investors with a critical snapshot of the UK’s most dynamic regional markets. The 2025 edition arrives at a pivotal moment: the housing market is slowly recovering from a challenging few years, interest rates are softening, and yet viability pressures continue to hold back development. For investors, the fundamental question remains — where are the strongest opportunities and how can they be secured?

The report focuses on six key cities outside London: Birmingham, Manchester, Bristol, Leeds, Edinburgh and Glasgow. These markets have become magnets for domestic and international investors alike, supported by large student populations, graduate retention, strong rental demand, and major regeneration schemes.

The headline message is clear. Despite a slowdown in overall price and rental growth compared with the post-pandemic boom, the fundamentals remain resilient. Demand still outstrips supply, institutional investment in Build-to-Rent (BTR) is accelerating, and Birmingham and Manchester once again stand out as the UK’s most investable urban centres.

At Centrick Invest, we see the Big Six report not just as a dataset, but as a signpost to support investor roadmaps. It confirms what we’re experiencing on the ground every day — investors want clarity, stability, and growth potential, and the right UK cities continue to provide it. In this article, we unpack the findings with commentary from Centrick Invest’s Investment Director Andy Butts and our new Hong Kong Sales Director Gareth Hart, offering insights tailored for both UK-based and international investors.

The Big Picture – JLL’s Market Headlines

The national backdrop remains complex. According to JLL, average annual price growth across the Big Six was 1.7% in the year to June 2025, while average annual rental growth hit 2.1%. Both metrics are down from the rapid increases seen in 2022 and 2023, reflecting a market that is normalising after a period of extreme volatility.

One of the biggest constraints is on the supply side. New regulations — particularly the Gateway 2 and 3 safety approvals required for high-rise buildings — are creating significant delays. Some schemes have reportedly waited more than nine months for approvals, triple the intended timeframe. Coupled with rising debt costs and materials inflation, this has slowed delivery across all six cities.

The result is an ongoing mismatch between demand and supply. Even though growth has cooled, rents remain resilient because tenants still outnumber available homes. JLL notes that four of the six Big Six cities now have a BTR pipeline larger than their existing number of operational units — proof, if ever it was needed, of how under-supplied these markets remain.

At the same time, the Bank of England’s continued rate-cutting cycle is feeding through to the mortgage market. Sub-4% products are reappearing, stimulating demand from first-time buyers and underpinning price growth in the more affordable Midlands, Scotland and the North. By contrast, some pricier South East markets are struggling to gain momentum.

Perhaps the most striking headline is the surge in BTR investment. In the first half of 2025, £850 million was invested across the Big Six, accounting for 39% of the £2.2 billion invested nationally. That figure represents a 64% increase compared with the five-year H1 average. The sector is maturing rapidly, with more operational stock being traded and less reliance on forward-funding speculative developments.

For investors, the message is that resilience and opportunity remain concentrated in the right cities. And two cities in particular — Birmingham and Manchester — stand head and shoulders above the rest.

Birmingham – The Star Performer

Birmingham has long been recognised as the UK’s second city, and the latest JLL report confirms its status as the strongest market outside London. Average prices for new build apartments rose by 5.6% in the past year, the highest growth across the Big Six. Rents increased by 6% annually, again leading the pack.

Over the past five years, average rents for new-build apartments in Birmingham have risen by more than 50%, outpacing wage growth by more than double. Even though rental growth has moderated since its 20% annual peak in December 2022, the city continues to record higher levels of growth than almost any other market.

Looking ahead, Birmingham is forecast to deliver 24% price growth between 2025 and 2029, the highest of any Big Six city. Rental growth is forecast at 18.8%, second only to Manchester. JLL notes that Birmingham’s affordability advantage compared to London and the South East has insulated it from the affordability pressures dampening other markets.

For investors, the opportunity is clear. With more than 14,500 homes in the BTR pipeline — more than the total number of operational units in the city — Birmingham is both expanding and undersupplied. Major regeneration projects, a young and growing population, and strong graduate retention all point to sustained demand.

Andy Butts, Investment Director at Centrick Invest, comments:

“Birmingham remains the most compelling regional investment market in the UK. The fundamentals are unbeatable: strong demand, a limited supply of high-quality stock, and continued regeneration across the city centre. At Centrick, we’re seeing investors from both the UK and overseas prioritise pockets of Birmingham because it offers the strongest combination of capital growth and rental yield. The JLL report confirms what our clients already know — Birmingham is a city that consistently outperforms.”

Centrick Invest is already supporting investors in key developments in the city, from boutique schemes like Emerald Court and Scholars Quarters to large-scale projects such as Centenary Tower in the heart of the city. For investors seeking long-term growth with a stable rental base, Birmingham remains the number one destination.

Manchester – Resilient and International

Manchester’s performance over the past year has been more subdued in price terms, but its rental story remains one of the strongest in the UK. Average prices for new build apartments were effectively flat year-on-year (+0.1%), reflecting affordability pressures from higher mortgage rates and rising service charges. Yet over a five-year horizon, values are still up 26%, proof of the city’s long-term growth trajectory.

The real highlight is rents. Manchester has recorded 55% rental growth over the past five years, supported by an influx of high-quality new stock and one of the largest student populations in Europe. Overseas demand continues to underpin the lettings market, particularly in the summer peak.

Manchester and neighbouring Salford together account for more than 18,000 operational and pipeline BTR units, making the region the epicentre of the UK’s BTR sector. For investors, that means both liquidity and choice. Institutional investors are also creating benefits for buy-to-let and smaller investors too, with stable, high-performing developments like Vita Living now available to individual investors on a unit level – creating significant returns and opportunity.

Gareth Hart, Centrick Invest’s new Hong Kong Sales Director, comments:

“Manchester is one of the most recognised UK markets for international and offshore investors. The international student base, world-class universities, and established BTR sector all contribute to its resilience. Even when prices pause, rental demand remains strong, which is exactly what income-focused investors are looking for. In Hong Kong and Singapore, we are seeing sustained appetite for Manchester because it combines familiarity with performance — investors know the city and they trust its fundamentals.”

For Centrick’s investor base, Manchester continues to be a cornerstone market. With strong graduate retention, thriving media and tech sectors, and ongoing regeneration across the city centre, it remains one of the UK’s safest bets for medium to long-term investors.

Build-to-Rent – From Growth to Maturity

JLL’s data paints a picture of a sector coming of age. In the first half of 2025, the Big Six attracted £850 million of BTR investment, a 64% uplift on the five-year H1 average. Operational stock levels across the Big Six now stand at around 34,000 units, an 18% increase in a single year.

Interestingly, more investment is now flowing into operational assets rather than forward-funded developments. This reflects both investor caution — given build cost inflation and regulatory delays — and the maturity of the sector. For investors, this brings advantages: standing stock offers immediate income, reduced development risk, and often proven occupancy performance.

Andy Butts explains:

“For individual investors, Build-to-Rent is less about direct access and more about what it tells us about the market. When institutions commit billions to rental housing, it signals confidence in long-term demand. That demand doesn’t stop at BTR schemes — it underpins the wider buy-to-let market too. If the largest players are betting on rental growth, that’s an encouraging sign for private landlords and individual investors.”

Gareth Hart adds an international perspective:

“From the conversations I’m having in Hong Kong and Singapore, investors take real confidence from the scale of investment flowing into Build-to-Rent. It shows the strength of the UK rental market and reinforces why cities like Birmingham and Manchester remain attractive. Even if you can’t buy into a BTR scheme directly, you can benefit by investing in individual apartments in the same markets that are attracting institutional capital.”

With pipelines still constrained by viability challenges, the balance of supply and demand looks set to remain in investors’ favour.

Scotland – A Market Reopening

Perhaps the most dramatic policy shift of the year has been in Scotland. After more than two years of temporary rent caps, the legislation was lifted in April 2025. The expectation is that BTR schemes will be exempt from any future controls, which could unlock significant new investment in both Edinburgh and Glasgow.

Edinburgh has seen average prices remain flat year-on-year, but rents have increased almost 40% over the past five years. Glasgow recorded the strongest five-year price growth of all Big Six cities at +29%, although rental growth has slowed to 2.1% annually as affordability pressures bite.

Both cities have pipelines several times the size of their existing operational markets. If viability and planning obstacles can be overcome, investors may see a surge in opportunities.

For now, Scotland is best viewed as a watchlist market. The fundamentals are strong — high student demand, international interest, and limited supply — but clarity on permanent legislation is required before capital begins to flow in earnest.

The Investor Playbook – What This Means in Practice

So, how should investors act on JLL’s findings?

Prioritise Birmingham and Manchester. Both cities lead the five-year forecasts for price and rental growth, supported by affordability advantages, strong student bases, and regeneration momentum.
Keep an eye on Scotland. With rent caps lifted, Edinburgh and Glasgow could offer upside once certainty returns.
Focus on smaller units. One- and two-bed apartments are outperforming in affordability-sensitive cities like Bristol, Leeds and Manchester.
Watch what’s happening in Build-to-Rent. The sector is attracting billions from institutions, which is a clear signpost of long-term rental demand in the UK. While individual investors can’t buy directly into these schemes, the trends they highlight — strong occupancy, professional management, and tenant appetite for city-centre living — all reinforce why well-chosen buy-to-let apartments in the same markets remain such a strong opportunity.
Factor in supply shortages. Development delays mean that undersupply will continue to underpin prices and rents, favouring landlords and investors.

At Centrick Invest, we see these dynamics play out every day. Investors are seeking a balance of income and growth, and the Big Six cities continue to deliver both — provided you know where to look.

The JLL Big Six report confirms what many investors already sense: the fundamentals in the UK’s key regional markets remain strong, despite macroeconomic challenges. Demand continues to outstrip supply, Birmingham and Manchester lead the way, and the BTR sector is maturing into a mainstream investment class.

Andy Butts sums it up:

“Investors want clarity in uncertain times. Reports like JLL’s are valuable, but it’s the local knowledge and access that make the difference. At Centrick Invest, we combine data with on-the-ground insight to help clients make the right decisions in markets like Birmingham and Manchester, where the opportunities are strongest.”

For international investors, the message is equally clear. As Gareth Hart notes,

“The UK remains a trusted market for offshore investors. With Birmingham and Manchester outperforming, and Scotland reopening, we’re seeing sustained appetite from clients in Hong Kong and Singapore who want access to stable, income-led investments with long-term growth.”

Centrick Invest is uniquely positioned to connect investors to these opportunities. From high-yield city-centre apartments to large-scale BTR schemes, our team provides access, insight, and management to ensure your portfolio performs.