What’s the best way to sell your home in Coventry?
Along with Newcastle, Hull and Middlesbrough, property price growth in Coventry is not emulating that seen in many other parts of the country. Some reports estimate that the average price in the West Midlands city only rose by around two per cent in 2013. However, there is some good news on the horizon. A local property expert recently predicted that Coventry could become one of the UK’s property hotspots in 2015 and beyond, a statement backed up by a recent article on the iCov website. So what does all this mean for your property sale? Well, it means that you’ll need to think long and hard about setting the right asking price for your Coventry home.
If you’re hoping to tap into the exceptional house price growth reported throughout the West Midlands, you should prepare yourself for a long and challenging process. While prices for houses for sale in Birmingham and Leicester have been rising quickly, property values in Coventry and parts of Warwickshire are still languishing below their 2008 levels. According to a report in the Coventry Telegraph, the city is still struggling with flat-lining house prices. So it’s apparent that there are many mini housing markets in the West Midlands. But this is nothing new for this proud city. During the recession of the 1980s, property values in Coventry fell by around 40 per cent. So if you’re about to list your house for sale in Coventry, you’ll need to be very realistic about what you can achieve.
Most people will enlist the help of a property buying specialist or an estate agent to ascertain the market value of their home. However, it’s important to remember that a wealth of information is freely available to you that will help you reach your conclusions on the asking price. For example, Coventry house sold information can be found on the Zoopla website, and the Rightmove website also has an extensive selection of property transaction details to peruse. You can also access official government data on house sales on The Land Registry website.
If you want to sell your house quick in Coventry, setting realistic price expectations is essential. Find the right price level for your particular area of the city, and you’ll be able to attract interest from cash house buyers without devaluing your property.
Who should market your Coventry Home?
House price growth has been sluggish in Coventry for some time, and that has meant homeowners in the city have had to watch the value of their biggest asset stagnate while homes in neighbouring towns have skyrocketed. However, there are signs that this is about to change, and many property experts are now predicting a period of sustained property price growth in Coventry. But be under no illusions, the city’s real estate market is still in a state of flux, and although the number of buyers around is increasing, there is still a dearth of home loans and first-time buyers. As a result, effectively marketing your property is more important than ever before.
Nothing stops you from selling your house without the help of experts; if you have the time, energy, and knowledge of the property market, prepare for a complicated process and many disappointments along the way. However, if you want to sell your house quick in Coventry, consider hiring a local estate agent who gives you access to an open market of buyers and the marketing contacts you need to widen the appeal of your house. Of course, this all comes at a price, but it could be a price worth paying if you can secure a premium for your home.
Although hiring an estate agent in Coventry can give you an advantage in the local property market, it offers no guarantee of success. A buyer can pull out of the purchase of your home at the 11th hour, leaving your plans in ruin – and that’s assuming you can find a buyer willing to pay your asking price. However, if a quick sale of your home in Coventry is critical to your plans, our buyers will purchase your house in whatever the condition. We work with investors and property buyers throughout Coventry and Warwickshire, and many of them are in a position to start the process immediately.
When is the best time of year to sell a house in Coventry?
The Coventry property market has suffered some horrendous falls in average property values since the 2008 banking crisis, and it has been prolonged to recovery. Credit is scarce, and people who can secure finance are taking their time and waiting for the right opportunity. Unfortunately, predicting the best time of year to sell your home is harder than ever. Historically, peaks in demand for houses have occurred in late winter and early autumn. Still, according to statistics published on the Home website, the busiest months for a house sale in 2013 were August and December. The time of year you sell your home shouldn’t affect the price you achieve significantly, but it can determine the frame of mind buyers are in and their list of priorities. Stage your home to suit the changing seasons, and you might be able to secure a quicker offer.
The different property markets within Coventry, House Prices and More
House prices in Coventry are slowly recovering, and the prospect of steeper rises in property values means that the next few years could be an excellent time to own a home in the city. However, it’s important to remember that the outlook is not a consistent one throughout the region. Some areas of Coventry are experiencing house price growth far more than the city’s average. The likes of Ryton, South Coventry, Earlsdon, Eastern Green and Radford are all enjoying a period of sustained property value growth. Unfortunately, there are some areas where house prices are languishing below their 2007 levels, including Foleshill and Hillfields. You can research the property values in your area with the likes of Rightmove, Zoopla and Primelocation or by using our data for Coventry properties currently for sale, and the Leicester Mercury recently published a list of Coventry house prices by street, as well as a definitive guide to property values in the various districts of the city.
What factors determine Coventry house prices?
There are several factors currently responsible for pushing up house values in Coventry – albeit modestly. Factors vary from the proximity of nearby schools to low crime rates. However, Coventry is also benefitting from a range of exciting new developments, many of which attract new investment, create jobs, and give people the spending power to buy their homes. All of these factors are expected to drive prices up more steeply during the next five years.
For instance, the local authority has sold off a section of land just outside the city earmarked for 5,000 new homes. The new multi-million-pound enterprise development at Friargate has also opened its doors, and it is already attracting businesses and creating jobs. And to add to the growing optimism in the region, more than £70 million is being set aside to boost the economy in Coventry.
Located in the heart of the West Midlands, Coventry is a city of over 300,000 people, making it the 10th largest metropolitan area in England. The city enjoys a strategic location in the UK, as it is only 95 miles from London and 19 miles from central Birmingham. It is a little-known fact that Coventry was the world’s first twinned city – it formed a ceremonial alliance with Stalingrad during the Second World War. As a result, the city played a hugely important role during the Industrial Revolution. It eventually became a centre for the production of cars and armaments, which is why the German Luftwaffe laid waste to it during the war. However, the city rebuilt over the years is now a modern, cosmopolitan region with an affinity with the automotive industry.
Modern-day Coventry has suffered in recent years due to wholesale changes within the car manufacturing industry. While the area is still home to several component manufacturers, car production has more or less moved to other parts of the UK – except for a London black cab manufacturer. However, the city has managed to attract some new industries, including the aerospace, telecommunications and research sectors. Unfortunately, unemployment has remained higher in Coventry than in neighbouring Birmingham and Leicester, which has meant house prices have struggled to keep pace with those of other towns and cities in the Midlands. But there is some modest growth and slowly rising optimism for the future.
Coventry has long been a centre for trade and commerce. Indeed, it was one of the most profitable towns of the Medieval era, and it was responsible for providing successive monarchs with a significant portion of their tax receipts. Despite many relics and buildings from that era destroyed during the Second World War, there are still dozens of exciting attractions and historical sites to visit in and around Coventry, making it a great place to live or visit.
If you are a lover of museums, the Coventry Transport Museum is well worth a visit. You’ll be able to see classic cars, 19th-century trains and a selection of aircraft from the age of aviation pioneers. The Herbert Art Gallery & Museum houses a large collection of works from some of the most renowned British artists in history, including T.S. Lowry and Stanley Spencer. And you can get a real flavour of the city’s Medieval history by visiting the Priory Visitor Centre, which charts the story of St. Mary’s Cathedral and its destruction during the Reformation.
Although many of Coventry’s historic buildings were obliterated during the war, there are still a few gems in the city. A particularly poignant structure is the ruin of St. Michael’s Cathedral, which was left in its current state to serve as a reminder of the loss and needless suffering that was inflicted on people throughout Europe between 1939 and 1945. You can retrace the steps of Mary Queen of Scots at St. Mary’s Guildhall, which has been a royal stopping off point for centuries. And the nearby imposing Holy Trinity Church is a grand example of 15th-century architecture. A barge ride along the Coventry Canal Basin is a must if you prefer something a little more sedate.
Coventry has suffered some difficult times in recent history. Blighted by unemployment and a lack of inward investment, the city’s property market has been stagnant for several years – despite strong growth in neighbouring towns and cities. But the signs of house price growth are positive, and the coming years could be the time to cash in. However, there’s more than just one way to sell your home; explore all the options.