Average Coventry house prices rose by 10 per cent in the last 12 months with the value of the average home rising by £37 a day.
Prices have risen 9.6 per cent in the last year – an increase of more than £20,000 from £134,125 in April 2015, to £155,731 in April 2016, according to new figures.
Tony Twigger, a member of RICS (Royal Institution of Chartered Surveyors) said the reason Coventry is seeing such high price rises is because there aren’t enough homes on the market to meet demand.
“There is a reasonably strong level of demand mainly because of the growth of employment in the area,” he said.
“It is all about supply and demand. Even though there is a rise in demand for the properties, there isn’t as many as we’d like becoming available.
“So when they do become available, they fetch more than what is expected.
“It’s also important to consider school catchment areas. If more are available in the catchments, more families will be going to for those.
“They are prepared to pay a bit more money if they are nearer to the schools.”
New jobs being created, transport links and schools
This view is confirmed by recent excellent job news for Coventry such as the new site being planned for the US telecommunications giant Sitel and the big expansion plans announced by Jaguar Land Rover.
Coventry is also well placed for transport links with good access to the M6 motorway and the main train station being on the West Coast mainline. There are also several smaller local stations serving Coventry’s districts. There is also a new station being opened at the Ricoh Arena.
Coventry is also with well served by excellent primary and high schools, spread all over the city. Generally you wherever you live in Coventry you should find yourself in the catchment area of a good school.
Typical Coventry house prices
According to Rightmove using Land Registry data last year most property sales in Coventry involved terraced properties which sold for on average £139,931. Semi-detached properties sold for an average price of £183,069, while detached properties fetched £294,513.
Coventry, with an overall average price of £167,400 was cheaper than nearby Meriden (£329,172), Balsall Common (£361,447) and Hampton-In-Arden (£425,681).
During the last year, sold prices in Coventry were 6% up on the previous year and 13% up on 2007 when the average house price was £147,697. See this link for more information: http://www.rightmove.co.uk/house-prices/Coventry.html. See our Foster Lewis and Co page on Rightmove.
Get in touch to find out the value of your home
These are average prices. We would be very happy to advise you on the value of your home as there are many factors that influence the price.
Please get in touch if you want to discuss selling your home please get in touch with the Foster Lewis and Co estate agents office on 02476 592929 or use our contact form.
See this link for more information: Average house prices rising by £37 a day in Coventry