Coventry is one of those places in the UK that, often, doesn’t get a very good press. It’s not considered fashionable to say good things about Coventry.
But, like many such places, the reality is often very different to the public perception.
Here are 12 good reasons why we think you should consider investing in property in Coventry:
1.Coventry is the second largest city in the West Midlands (after Birmingham). It’s also the twelfth largest city in England with a current population around 345,000.
2.Coventry is one of the best connected places in the UK, being on or near the UK motorway network and well served by rail and air services. As a result it is particularly attractive for businesses who are looking to relocate.
3.Coventry is growing fast. ONS projections suggest Coventry’s population could grow by around a fifth to reach 417,000 by 2037, leading to a buoyant demand for accommodation.
4.Coventry is an integral part of the Midlands Engine programme, which aims to strengthen the economy of the Midlands over the next decade.
5.Coventry will be a part of West Midlands city devolution, coming into effect this spring. The leader of the local council has said this could unlock £568m of investment for Coventry itself.
6.Coventry is the traditional home of the British motor manufacturing industry, and in particular the HQ of Jaguar Land Rover, which supports a considerable number of jobs here. JLR are planning extensive investment in their headquarters at Whitley, to develop their engineering and development base here, and create a centre of excellence for the manufacture of electric vehicles.
7.The area also has a fledgling digital economy – well known as an industry that supports well paid jobs. Nearby Leamington Spa has been dubbed ‘Silicon Spa’, being home to over 30 innovative digital and gaming companies.
8.The HS2 high speed railway line will pass through the fringe of the area. Although there won’t be a HS2 station here construction activity is likely to bring more investment into the area, and a high demand for accommodation as a result.
9.Coventry’s city centre is undergoing regeneration, and more is planned. Friargate is a £100m 37 acre regeneration scheme to create a new business district for the city. The developers claim 15,000 new jobs will be created. Lambert Smith Hampton say the scheme has the potential to relaunch Coventry as a desirable office location.
10.There’s a housing shortage, which will help to support price appreciation in future. Press reports say that while the population of Coventry rose by 39,000 in the decade up until 2014 only 9,340 new homes were built.
11.Coventry is a major student centre, with around 50,000 students – a very high level for a city of this size. So there’s a big market for student accommodation. As well as Coventry University the highly popular University of Warwick is actually in Coventry.
12.Coventry property prices are much lower than the national average, and also lower than the average for the West Midlands as a whole. The average property price in Coventry is currently around £167,000 …. offering a good opportunity for investors to find yields.
If you interested in investing in other parts of the West Midlands, here’s a Property Insider report which looks at buying and investing in Birmingham.