Coventry Property Market

The UK property market has demonstrated notable growth in 2024, with the volume of agreed sales up by 18% compared to the same period last year. By 22nd November 2024, a total of 1,009,340 homes had been sold subject to contract (STC), a significant increase from the 855,083 recorded during the same timeframe in 2023.

This growth has also been accompanied by an increase in average selling prices, which now stand at £362,017, up from £326,125 in 2023. However, this 11% rise doesn’t necessarily reflect a direct increase in property values but rather a higher proportion of high-value properties being sold. A clearer indicator of market changes is the cost per square foot, which has seen a modest 2.7% increase, rising from £331 in 2023 to £340 this year.

Regional Growth Across the UK

All regions in the UK have seen an uplift in the number of homes sold STC this year compared to last. East Anglia leads the way with the highest growth at 22.2%, followed closely by the East Midlands (21.5%) and the South East (19.6%). Other regions, including London, the North West, and the West Midlands, also recorded significant increases, while Scotland and Northern Ireland experienced growth of just over 12%.

Interestingly, despite the increase in sales activity, the overall supply of homes on the market has remained steady. In November 2024, 643,327 properties were available for sale, compared to 630,307 at the same point in 2023.

Opportunities for Buyers in 2024

For prospective buyers, the current property market offers more opportunities than recent years. Mortgage rates are showing signs of stability, with some lenders offering competitive rates below 4% for those with sizeable deposits. Buyers now have greater choice, as many properties are spending longer on the market, providing time to consider options and negotiate favourable deals.

However, competition remains for high-demand properties, especially those in desirable locations or with unique features. Buyers are encouraged to secure a mortgage agreement in principle to streamline the purchasing process and enhance their credibility with sellers.

Sellers: The Importance of Strategy and Presentation

For sellers, this is a market where strategic pricing and excellent presentation make all the difference. In Coventry, 4,910 homes were sold STC by 22nd November 2024, reflecting a 16.3% increase compared to the same period last year. The average selling price in the city has risen slightly to £255,060, up from £248,856 in 2023, while the cost per square foot has increased from £264 to £270.

Despite these positive trends, not every home is finding a buyer. In 2024, approximately 58.7% of Coventry homes listed for sale were successfully sold, a small improvement on the 55.5% seen in 2023. However, this still means more than 4 in 10 properties are failing to sell. Sellers must focus on realistic pricing and use high-quality marketing to ensure their property stands out.

Local Trends in Coventry

Coventry’s property market is marked by variability across different areas. Some locations are experiencing quick sales and strong buyer interest, while others are seeing more subdued activity, giving buyers room to negotiate on price and terms. For sellers, it’s crucial to understand these local nuances and adapt their pricing and marketing strategies accordingly.

The Dual Role of Buyers and Sellers

It’s worth remembering that many sellers are also buyers. While achieving the desired price for their property is important, accepting a slightly lower offer can open up opportunities to negotiate favourable terms on their next purchase.

Looking Ahead

As we approach 2025, the Coventry property market is poised for continued activity. Buyers should prioritise financial readiness and act decisively when the right property becomes available. Sellers, on the other hand, should focus on competitive pricing and top-notch presentation to ensure their homes attract the right audience.

The property market remains dynamic, and navigating it successfully requires a thoughtful and well-prepared approach. Whether you’re looking to buy, sell, or simply keep track of market trends, staying informed and adaptable is key to making the most of the opportunities ahead.

What’s your take on Coventry’s property market? Are you seeing similar patterns, or do you have a different perspective?