Where to Look When Getting on the Coventry Property Ladder

Coventry, as a whole, is one of the most affordable places in the Midlands to put down a 10% deposit on a house. With an average cost of £24,652, in comparison to the most expensive place in the Midlands, Stratford, where your average cost is nearly double, at £42,960, it’s no surprise that Coventry has become a popular spot to settle down. Today, we’ll look to offer some insight into how areas in the city rank in terms of affordability and how house prices have varied over the past year (according to Land Registry), so you can see where you might want to set down some roots.

CV1

Coventry’s City Centre previously sat at an average house price of £160,945, but recent data has indicated that property prices have had a nearly £20,000 jump, leaving the latest average at £180,600. With a 12.2% change in price, this is the biggest price increase for any region of Coventry, and one of the biggest jumps in the West Midlands, as a whole. While it has seen the most significant increase, it is still the lowest-priced part of the city and a great location for Buy to Lets due to its central position, and prominent student population.

CV2

The location of areas such as Walsgrave, Wyken and Stoke has experienced a 4.5% change from the previous 12 months, going from an average of £201,313 to £210,325. This £9,011 change has made CV2 one of the areas with the smallest price growth in the city, and in such close proximity to the University Hospital Coventry and Warwickshire and local amenities, this is a great area to move.

CV3

Binley and Cheylesmore have become some of the most expensive parts of Coventry to live in, now averaging £272,322 to buy a house there. However, this area used to offer homes at around £255,750, meaning it has experienced a £16,572 price increase, and a 6% change in price. This area seems popular among families, likely due to local high-rated schools, such as Finham Park School and Bishop Ullathorne Catholic School.

CV4

This area continues to stand as one of the least affordable postcodes in Coventry to buy a house in, being the location of Tile Hill, Bannerbrook Park and Canley. With a low percentage change of 1.6%, CV4 has seen a transition from £283,783 to £288,405, showing a £4,622 increase. This zone is well connected with populous bus services linking to the surrounding area. In addition to this, Tile Hill Railway Station provides direct transport in and around Coventry and Birmingham, making this a great area for commuters or working professionals.

CV5

CV5 has seen the smallest price change out of all Coventry areas at 1.4%. The latest analysis demonstrates that prices have gone up to £271,825 in the last 12 months, which is a £3797.60 change from £268,027. Data suggests the market in this area is stable with a gradual incline, so could be a great area to look for a home. Though this area is where the University of Warwick and many students are based, there is a prominence of older people that reside here, making it a favoured part of Coventry for retirement.

CV6

In the north of Coventry, we can see one of the biggest price jumps in the last year, where the average has developed from £198,920 to £209,837. This £10,916 change in price equals a 5.5% change for the area. Despite this, the region containing, Holbrooks, Foleshill and Coundon, remains one of the most affordable parts of Coventry, only beaten by the prices in the town’s centre. Not only that, but this postcode situates Coventry Building Society Arena, and an abundance of local amenities, making it an area full of convenience and entertainment.

 CV7

Contrasting its counterparts, this area is the only postcode that has experienced a price decline, with a -0.5% change. Regarded as one of the more peaceful districts, the home of Exhall and Keresley, there has been a drop in average from £362,375 to 364,324. Though dropping by £1,949.33, this area is still by far, the most expensive part of Coventry to purchase a house at the moment.

Heading into the new year, there will be plenty of people looking to make their first or next step onto the ladder, and at Tutis Estates, we know that deciding where and when to make your purchase can make all the difference. The property market can be a struggle to navigate, especially in the current climate, and it can be all the more intimidating without the necessary knowledge. The market is more unpredictable than ever, so ensure you check the site weekly as we aim to continue updating on the developing situation.

Maya