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Coventry Buy-to-Let Guide

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    Investing in Coventry Buy-to-Let

    Welcome to our Coventry Buy-to-Let Guide for 2024.

    If you’re considering venturing into the world of property investment in this vibrant city, you’re in the right place.

    In this comprehensive guide, we’ll provide you with valuable insights, property investment tips, and up-to-date information to navigate the Coventry property investment market with confidence.

    Whether you’re a seasoned investor looking to expand your portfolio or a first-time buyer exploring the potential of buy-to-let opportunities, our guide is designed to help you make informed investment decisions in Coventry.

    While inflation rises and the Bank of England interest rates hike may have thrown the rest of the country into economic turmoil in 2023, the property market has always proven to be solid during turbulent times. As such, a foray into BTL investment in the Coventry area may prove to be a wise and financially viable decision.

    Intrigued? Check out the rest of the guide below.

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      Coventry Aerial View

      Buy-to-Let Property Prices in Coventry

      According to Zoopla, the average price for houses sold in the last 12 months stood at £239,110.

      In comparison, the UK average price for the same period is £261,500. As such, property in Coventry is 8.6% cheaper than the UK average property price.

      Rightmove’s analysis of the market shows that most sold properties were terraced houses. In addition, Rightmove also states that Coventry’s sold prices were 5% higher than the previous year.

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        Coventry Bridge

        Buy-to-Let Rental Market in Coventry

        According to Zoopla, Coventry has a gross rental yield of 6.03%, which is higher than most areas in London. Learn more about property investment in London with our free property guide.

        As per Home, the average monthly rent prices were recorded at £1,407, which is slightly below the £1,213 UK average.

        According to the Homelet Rental Index, the West Midlands has enjoyed annual rental growth of 9.60%, meaning healthy capital growth is more than attainable for buy to let investor investments in this area.

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          Investment Properties for Sale in Coventry

          There’s diverse property types in Coventry that are suitable for investment. Most properties in Coventry are modern, but some areas have Victorian and Edwardian houses. There’s also purpose built student accommodation and other types of student housing. Luxury apartments can be found in the city centre due to the large young professional population, and semi-detached and detached housing is commonly found in the suburbs which are sought after by commuter families.

          Prices can vary significantly depending on the property type. According to Rightmove, the most popular type of Coventry property sold during the last year was terraced houses, selling for an average price of £209,223. Semi-detached properties sold for an average of £262,756, and detached properties had an average price of £425,169.

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          Coventry Church

          Buy-to-Let Investment in Coventry: Area Breakdown

          Before choosing the Coventry buy-to-let market, investors should brush up on different districts within the city to ensure their new property achieves their desired yield on rental income and maximise any potential growth.

          Read on for more information.

          City Centre

          Compared to other big cities, Coventry’s city centre doesn’t offer much for tenants in terms of living space. However, plans such as the Coventry City Centre South initiative are set to introduce thousands of new homes into the CV1 postcode. That being said, the city centre does play host to plenty of student accommodation. With proximity to shops and amenities, the CV1 has the potential to become a great buy-to-let investment area.

          Average Property Prices in Coventry City Centre

          In the past year, the average price for properties in CV1 stood at approximately £180,263 according to Rightmove.

          Terraced properties were the most common type of sale in CV1 during the preceding year, boasting an average price of around £192,646. Flats were sold at an average price of £136,846, while semi-detached properties commanded a higher average of £279,000.

          The sold property prices in CV1 experienced a notable increase of 14% compared to the preceding year, and they were up by 11% compared to the peak price of £162,627 recorded in 2019.

          Average Rental Yields in Coventry City Centre

          According to LiveYield, the CV1 postcode offers rental yields of 5.6%.

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          Coventry street view

          Northern Suburbs

          The CV2, CV5, CV6 and CV7 northern suburbs include areas such as Aldermans Green, Foleshill, Hawkesbury, Holbrooks, Keresley, Longford, Neal’s Green and Radford. These areas feature good transport links to the city centre and the M6 motorway. In addition, the Coventry Arena train station offers reliable journeys into the centre and Nuneaton.

          If you look further North, the town of Bedworth – part of the Nuneaton and Bedworth area – is a popular residential locale with a train station. You can reach Coventry in roughly 15 minutes.

          The area is spread across the CV2, CV5, CV6 and CV7 postcodes, where yields are between 4.6% and 5.9%.

          Average Property Prices in Coventry Northern Suburbs

          In the past year, the average price for properties in CV2 stood at £209,310.

          Terraced properties dominated sales, achieving an average selling price of £205,667. Semi-detached properties secured a higher average of £233,814, while flats garnered an average of £117,417.

          In a broader context, the sold property prices in CV2 witnessed a notable increase of 5% compared to the preceding year. Moreover, they exhibited a substantial 17% surge from the 2020 peak of £178,826.

          Properties within CV5 commanded an average price of £272,535, while terraced properties in this area achieved an average selling price of approximately £243,348. Semi-detached properties earned a higher average of £318,659 in sales, while flats secured an average of £146,298.

          The sold property prices within CV5 experienced a notable uptick of 4% compared to the previous year. Furthermore, they exhibited a significant 13% rise from the 2020 peak of £241,159.

          In CV6, properties achieved a collective average price of £207,774. Terraced properties attained an average selling price of £198,016. Semi-detached properties achieved a higher average of £222,479, while flats garnered an average of £128,181. The postcode saw a noticeable increase of 6% compared to the preceding year. Moreover, they showcased a substantial 14% rise from the 2020 peak of £182,844.

          Meanwhile, CV7 commanded an average price of £368,251 on the whole. Detached properties were the predominant choice for buyers in CV7 during the preceding year, achieving an average selling price of approximately £576,899. Semi-detached properties secured an average of £292,705, while terraced properties garnered an average of £224,945.

          CV7 experienced a noticeable 6% increase compared to the preceding year. Furthermore, they showcased a significant 10% rise from the 2020 peak of £333,798.

          Note: All figures were found on Rightmove.

          Average Rental Yields in Coventry Northern Suburbs

          In the northern suburbs, rental yields ranged from 4.6% in CV5 to 5.9% in CV6.

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            Coventry Architecture

            Eastern Suburbs

            The eastern suburbs include Coventry’s CV2 and CV3 postcodes. Locations include Binley, Binley Wood, Henley Reen, Stoke, Walsgrave and Wyken. You’ll also find the Coventry University hospital in this area, which attracts hospital staff looking for an easy commute.

            Average Property Prices in Coventry Eastern Suburbs

            As mentioned, CV2 saw an average house price of £209,310 over the last year.

            In contrast, Rightmove reveals that properties situated in CV3 commanded a comprehensive average price of £274,218.

            Terraced properties emerged as the most prevalent choice for buyers in this area, achieving an average selling price of approximately £218,908. Semi-detached properties realised an average of £313,768, while detached properties commanded an average of £419,456. Learn more about how to  invest in real estate in the UK with the RW-invest fact sheet.

            The sold property prices within CV3 witnessed a notable 8% increase compared to the preceding year. Furthermore, they showcased a substantial 18% surge from the 2020 peak of £232,640.

            Average Rental Yields in Coventry Eastern Suburbs

            LiveYield data puts average rental yields at 5.4% in CV2 and 4.6% in CV3.

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            Coventry Canal

            Southern Suburbs

            The southern districts of Coventry include the spacious suburbs of Stivichall or Styvechale, as well as Willenhall, along with the distinct villages of Baginton and Ryton-on-Dunsmore. These regions boast convenient transport links via the A45 and A46, allowing easy access to destinations like Rugby, Kenilworth, Royal Leamington Spa, and Warwick. As a result, they are particularly favoured by Coventry residents commuting to these neighbouring areas.

            Moving further south within Coventry and extending into the Warwick district, you can find some of the region’s most prestigious residential neighbourhoods, where properties become much more expensive.

            Average Property Prices in Coventry Southern Suburbs

            As we have previously mentioned, Rightmove puts the average property prices for CV3 at £274,218, though you can expect to pay more in the more affluent neighbourhoods.

            Average Rental Yields in Coventry Southern Suburbs

            Again, the average rental yields for the CV3 postcode stand at 4.6% for the last year.

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              Coventry Aerial View

              Western Suburbs

              This area includes several suburbs, such as Coundon, Spon End, Earlsdon, and Canley, and extends to Allesley, Eastern Green, Westwood Heath, and Tile Hill further afield.

              Prospective property investors should take into consideration the presence of the University of Warwick campus and the University of Warwick Science Park, employing over 2,000 individuals, which translates to robust demand for buy-to-let properties.

              Additionally, the Canley and Tile Hill train stations enhance the area’s appeal, providing frequent connections to Birmingham. The reliable transport links make the area an attractive option for Birmingham commuters.

              While certain parts of these locales fall within Coventry’s pricier residential districts with many semi-detached and detached multi-bedroom buy to let houses for sale, investors can still locate below-average prices in emerging neighbourhoods.

              Average Property Prices in Coventry Western Suburbs

              As per Rightmove, properties within CV5 go for an average price of £272,535, while CV4 average house prices stand at £286,383 over the last year.

              Average Rental Yields in Coventry Western Suburbs

              Rental yields in the CV4 and CV5 regions are 5.0% and 4.6% respectively.


              Why You Should Consider a Buy-to-Let Investment in Coventry?

              Coventry has many features and facilities that enhance the city’s buy-to-let potential. These include:

              Excellent Transport Links

              Coventry’s proximity to major roadways, including the M6, M6 Toll, M69, M45, M42, A45, and A46, facilitates travel to other parts of the country. The region offers a well-connected rail network with regular services to various destinations such as Birmingham, London, and more. Notably, Coventry’s railway station is undergoing expansion, and an innovative Very Light Rail (VLR) tram system is in the planning stages, potentially revolutionising local transportation.

              With Birmingham Airport in close proximity and the forthcoming HS2 high-speed railway network featuring a station at Birmingham Interchange, a short distance from Coventry, the city’s accessibility is set to become an even greater appeal to prospective tenants.

              Coventry is also a preferred choice for Birmingham commuters, boasting a frequent train service with up to seven trains departing hourly, allowing for a swift 20-minute commute, making it an ideal option for those working in Birmingham but open to living further afield.

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                Regeneration Schemes

                Currently, Coventry is in the midst of extensive regeneration, involving investments in the tens of millions. Forthcoming initiatives include the expansion of the emerging business hub at Friargate, the revitalisation of the expansive City Centre South retail and entertainment complex, and the imminent inauguration of two new upscale city-centre hotels scheduled for this year.

                Notably, nearly £80 million has been allocated for the enhancement of shopping districts and public spaces within the city centre, complemented by ongoing efforts to restore Coventry’s historical structures. The overarching objective driving these initiatives is to cultivate an improved quality of life for residents, an enriched work environment, and an enhanced visitor experience in Coventry.

                Furthermore, the Coventry Gateway project, a substantial £140 million venture by SEGRO, aims to develop a sprawling 3.7 million sq. ft. expanse of industrial and warehousing facilities adjacent to the A45 and the compact Coventry Airport. Projections suggest that this initiative has the potential to generate upwards of 14,000 job opportunities within the region.

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                  A person reading a book with a cup of coffee in their hand

                  A Substantial Student Population

                  Coventry stands as a prominent hub for higher education, boasting an impressive student population of approximately 54,000. In addition to being home to Coventry University, the esteemed University of Warwick is also situated within the city. Evidencing the substantial demand for student accommodations in Coventry, a plethora of modern student residences have been erected in recent times.

                  Desirable locations for Coventry University and the University of Warwick student accommodations encompass various areas, including the city centre, Earlsdon, Stoke, Canley, Barras Heath, and Stivichall. Furthermore, students from the University of Warwick often seek housing options in Leamington Spa, a distinct town located to the south of Coventry.

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                  modern apartment building in city. front exterior of newly built apartment block with balconies. city living in the UK

                  New Builds Coventry

                  The demand for new build properties is growing in the UK among both investors and tenants. The private rental sector has been plagued by an undersupply of available homes, meaning renters are forced to compete for a place to live. Coventry is no exception to this, and calls for new homes to meet demand are growing.

                  As part of Coventry’s regeneration, the council are promising over 1000 new build homes in the city centre.

                  This may have an effect on property investment opportunities in the city, as these regenerated areas become more appealing to private developers. As it stands now there are diverse new build investment opportunities in Coventry, with student accommodation, city centre apartments, and suburban houses.

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                    Off-Plan Property

                    Off-Plan Property in Coventry

                    As new build property gains more popularity as an investment strategy, off-plan investment is also becoming more common. By investing off-plan, an investor can acquire a new build property at a lower price. As new build properties are highly in demand, but also pricier than older properties, more and more investors are considering this option.

                    At the moment, off-plan options are quite limited in Coventry. It may also be worth looking at other Midlands cities and towns for opportunities, such as off-plan property in Lincoln.

                    However, the best way to find a range of off-plan investment opportunities is to target the UK’s most major cities such as London and Manchester.

                    Foreign Investment in the UK 2023/24

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                    Off-Plan vs Completed Property

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                    Download Guide
                    Bradford City Centre Aerial View

                    How Does Coventry Compare to Other UK Regions When It Comes to Buy-to-Let?

                    As mentioned, Coventry has an average house price of 8.6% cheaper than the national average. However, when compared to bigger cities such as Liverpool, Manchester and Birmingham, Coventry begins to pale in comparison. All three cities boast a cheaper average house price valuation, while a typcial buy to let in Liverpool also has a larger rental yield at 7.76%, as per Home and the UK House Price Index. In addition, Liverpool and Manchester also have fantastic business opportunities compared to their Warwickshire counterpart.

                    Incorporating tenant contentment into their buy-to-let investment approach could be a wise consideration for landlords. Cities such as Liverpool and Manchester provide exceptional amenities and recreational opportunities, and the North West region presents a robust Savills growth projection of 11.70%, notably surpassing the 8.90% prediction for the West Midlands.

                    So don’t go rushing to check out those buy-to-let mortgage rates in Coventry just yet, without exploring some alternative locations first.  We also recommend learning more about the types of Buy to let costs that are likely to be incurred.

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                    Want to Invest in Coventry in 2024?

                    In the dynamic buy-to-let landscape of 2024, Coventry emerges as a compelling investment destination. With its strategic central location, thriving university scene, and ongoing regeneration initiatives, the city offers a promising platform for investors seeking diverse opportunities and good-value buy-to-let properties.

                    Coventry’s ambitious plans, encompassing business expansion, modern transportation systems, and cultural revitalisation, are set to enhance its appeal and transform it into an even more vibrant and prosperous hub. That being said, investors should still consider cheaper regions like Liverpool if they want to maximise their potential for capital growth.

                    If you are looking to invest in property, RWinvest can help.

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                    The RWinvest property experts have put together some additional Buy to Let guides for potential investors to review:

                    1. Stoke On Trent Buy to let guide
                    2. Leicester City Buy to let guide

                    Map of Coventry

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                    Dale Barham

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                    Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.


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