The 6th best buy-to-let hotspot in the UK for high rental yields
Coventry is a master of reinvention. From its beginnings as capital of England to ribbon weaving, through watch making, bicycle production, and on to mass car manufacturing, the city has been a chameleon for centuries.
The population of the region is currently around 329,810 which is a rise of just over 2% over the last year. Students make up a large percentage of the population.
Employment figures in Coventry are very encouraging, with unemployment already back to pre-recession levels and continuing to lower.
Coventry is ranks highly in UK buy-to-let hotspots. Recent research from HSBC shows that it is the 6th best UK buy-to-let location based on returns with rental yields averaging at 7.09%.
Property prices across the region currently are around 68% below the national average. It has the perfect combination of relatively low housing prices, together with a massively expanding student market and a growing number of young professionals due to a variety of employment opportunities.
The region is well known for its involvement with the motor industry. From the early development of the Daimler Motor Company in a disused cotton mill to the world renowned Land Rover brand which has its roots in nearby Solihull. Land Rover still manufacture in the city today at the state-of-the-art Range Rover Evoque production plant. That means Coventry property investment is ideal for you if you’re looking to invest in a major city.
Economy & Employment
Coventry’s economy is expanding as established businesses are growing taking on extra staff.
Current figures show the highest employment in the district is in public administration, education and health sectors followed by the automotive sector.
Coventry is one of the best places in the UK for entrepreneurs to make their mark, with many global businesses having their headquarters in the region.
Familiar names such as Jaguar Land Rover, Aston Martin & E-on, are just a few that employ many of the region’s workers.
The Motor Industry Research Association (MIRA) has announced expansion plans to its new Technology Park in the form of an additional 250,000 sq ft of workspace for its cutting edge research centre.
Health food giant Holland and Barrett have just announced a boost to the local economy with the creation of 70 new jobs.
Coventry has a vast construction programme underway to supply demand with 36,000 new homes by 2032.
Coventry City Council’s Local Plan aims to create over 36,000 new homes to meet government targets. This includes the £59m Friargate development, £70m Bishop Gate development and a revamp of the Cathedral Lanes shopping centre into a restaurant and bar quarter.
The huge expansion of Coventry University will see £125m regeneration of the historic city centre including demolition of existing Civic Centres from 2017.
A disused AXA Insurance building will be converted into student accommodation as part of the wider city centre regeneration plan. This is in addition to the approved £20m student residential and retail development at Gosford Gate. The development will link Coventry University with the city’s new creative quarter, Fargo Village, which opened in Autumn 2014 and has been likened to London’s Camden Lock. A £1.5 million refit of a former nightclub will also create a new Pure Gym.
Road: Coventry is well served by main travel routes, namely the M6, M40, M45 and M69 Motorways, as well as both the A45 and A46 dual carriageways. The city’s traffic flow has been greatly improved in recent years, by an inner ring road, and the Phoenix Way.
Bus: National Express Coventry, Stagecoach and Travel de Courcey operate a number of services throughout the region. The city’s central bus station is Pool Meadow Bus Station. There is a park-and-ride service near War Memorial Park near the ring road.
Rail: The West Coast Main Line serves Coventry railway station, with regular services to London, Birmingham, and beyond. Nuneaton and Leamington Spa are also reachable by rail from the city.
Air: Birmingham Airport is under 12 miles away from the city centre, and can be reached in around 40 minutes by road. The airport offers flights to as many as 110 destinations across 38 countries worldwide. East Midlands Airport is 42 miles away, around an hour by car.
Coventry has 86 primary schools, 22 secondary schools, 8 special schools, 3 further education colleges, 2 universities and 8 independent schools in its catchment area.
Coventry has several top 500 best performing schools in England including:
Bablake School, an Independent co-educational school catering for 11-19-year-olds. Founded in 1344 it is said to be one of the oldest schools in the UK.
Princethorpe College, an Independent Catholic co-educational School for 11-19-year-olds.
Further Education: Around 12,000 students attend City College in the Swanwell area and around 6,600 students attend Henley College. Hereward College, which specialises in work-based learning for students with physical and learning difficulties.
Higher Education: Coventry’s two universities cater to over 50,000 students between them. The largest is Coventry University in the city centre, the other is the University of Warwick which is based on a 290-hectare campus on the outskirts of Coventry.