Coventry sits in a brilliant position. Its location in spitting distance of Birmingham makes it a great alternative to the prices and bustle of Britain’s second city (just don’t say that too loudly in front of any Mancunians), and it is only a one-hour train journey to London.
It’s also a city of change. After its near total decimation during the Second World War, Coventry seems to have become the master of change. There is some major investment going on in this city right now. Coventry’s inhabitants can look forward to a shiny new retail centre and more job creation – a big draw for young professionals looking to life outside London.
With a 5.2% annual return between 2010 and 2015 according to the This is Money site, Coventry is an incredibly attractive location for buy to let investors. As well as this, according to The Coventry Telegraph, the city is in the UK’s top ten for investment property yield thanks to “low house prices coupled with strong demand from students and young professionals.” In fact, Coventry has an extremely healthy student population with around 35,000 students split between the two universities.
As it stands, Coventry also has some major attractions including it’s amazing cathedral, and the old town which amazingly still has some examples of medieval architecture. Of course, the landmark most well known in Coventry is the old St Michael’s cathedral which was almost entirely razed during the overwhelmingly violent Nazi bombing campaign of 14th November 1940. Coventry has some history to it, and a long story to tell.
For shoppers, there are all the usual high street brands as well as a couple of out of town retail parks. There are plenty of places to eat and drink, and the city is well served by nightlife and cultural events.
Coventry has a lot going for it but where should you buy to let?
Perhaps due to its growing popularity with young professionals, Coventry’s city centre has increased in popularity with renters. This has had the knock-on effect of causing a springing up of new properties all within the city centre.
Willenhall is an area of Coventry popular with renters on the lower end of the economic scale. There is a higher than average renting population and plenty of low-cost stock on offer.
Hillfields is an area hugely popular with the student population of Coventry. Think diversity, take-aways a-plenty and wheelie bins galore and you’ll be in the right ball-park. If you are looking to target the very strong student market than it would be well worth checking out Hillfields. It’s location just minutes away from the university and close to halls of residence means it is also popular with students of all ages.
Coventry has plenty to offer the buy to let investor. With low house prices and a high renting population, this really could be a good option for first time investors or those of you looking to build up an existing portfolio. As ever, make sure you do plenty of your own research before splashing the cash!