– Coventry has a population of 345,385.
– That’s an estimated 143,090 households
– According to gov.uk there was an estimated 3.13 repossessions for every 100,000 households In each quarter.
– This equates to a total of 18 repossessions in 2017.
– Repossessed houses in Coventry are a great opportunity for property investment.
Coventry may not be on the for-front of someones mind when they are thinking of below market value properties and widening their property portfolio. However, there are a wide number of reasons that in years to come it will be vastly more appealing and, dubbed by some, one of the best places to live in the UK. Here’s a brief description provided by the Coventry Telegraph of the key factors that will improve the city in the near future – 1) Friargate Development: 51 million will be pumped into the 26 acre piece of land, which will provide a new business district for the area including 15,000 new jobs once completed 2) Railway developments: This will include a second station being built, a multistorey car park being developed as well as general improvements to the facilities. This plan has been put in to place as Coventry is now the fastest growing train station in the UK outside of London (In terms of passengers) 3) Leisure: There is a ‘Gold Standard’ Olympic size swimming pool due to be installed, as well as a 36.7 million pound water park to replace the current leisure centre. 4) Improvements to city centre: 200 million pound project has been put in place to enhance the city centre with shops, restaurants and cinema.
Why invest in a property in Coventry?
The listed reasons why Coventry looks like it’s on the up are just some of the improvements that have recently been put into place, yet the statistics already suggest it’s a city that has improved. The Coventry Telegraph revealed that Coventry has seen a 55% growth in property prices over the last 5 years, this growth was second only to London. This may be slightly alarming for some of the locals, as salaries have not increased at the same proportion. This may result in higher opportunities from those outside the city to buy repossessed houses, as locals may become increasingly priced out. In addition, it may even lead to a higher amount of repossessions in the area, due to the mortgage repayments increasing at a quicker rate than the average salary. This may be particularly present in the coming years as well with interest rates due to rise.