“We are expecting a shortfall of some 80,000 homes in Birmingham over the coming years and felt that rather than being commercially-driven, Exchange Square would provide the greatest benefit as a residential location,” development director with the company John Moffat remarked.

He went on to note that the planning consent allows for 230 residential units, but the company intends to develop the area into a “miniature neighbourhood” in order to instil a greater sense of community locally.

This comes after Birmingham City Council revealed that more than 200 affordable homes are set to be built in the area after the local authority arranged to borrow an additional £11.8 million from the government in order to tackle the city’s housing shortage, which is being driven by the expanding population and the shortfall in new builds.

Birmingham, Dudley and Cannock Chase all look set to benefit from this new round of funding, so if you’re thinking of moving to the region but have been struggling to find somewhere to live, this could all change in the very near future.