In 2016, George Osborne announced an additional 3% Stamp Duty could be processed on the purchase of additional properties. This 3% raise may seem off putting for those wishing to invest in property, but it is important to remember that investing in property is still profitable. According to a study, Coventry is one of the top ten places to invest in the UK.
What makes Coventry such a great place to invest is that the city has relatively low property prices when you compare it to other major UK cities. Coventry has a capital of affordable housing, enabling people to get on the property ladder. House prices are slowly increasing in value, suggesting that investing wisely will see a return in profit. Even more so because Coventry University has over 24,000 students a year - these students need to find somewhere to live during their time studying. This is where student property comes in. When you invest wisely and with the right support, you’ll soon see ta return on investment.
What roads in Coventry should I invest in?
If you’re looking for cheap property to invest in and rent to students then Charles Street is a great place to start. The average semi-detached house is valued at £142,180, and value is slowly creeping up by 2% a month. What makes Charles Street a student property goldmine is the fact that its 0.6 miles away (12 minute walk) from Coventry University and 0.3 miles away from (6 minute walk) from City College University. Since January 2017, there have been an average of 1.5 crimes reported crimes a month - 58% of them anti-social behaviour. Anti-social behaviour in this area may be common due to the heightened student population during term times.
King William Street is a main road in Coventry, with an Evangelical Church, Primary School and Mosque, this road has a lot to offer students and families looking to relocate. King William Street is only a 13 minute (0.7 mile) walk from Coventry University and a 5 minute walk (0.3 mile) to the High street, this street is a prime location for students and families alike. The street has had an average of 1.8 crimes a month from January 2017 to June 2017, so it isn’t surprising to see that the higher the crime rates, the lower the average value of property. However, with the council’s promise to start putting more effort into areas with higher crime rates, buying a semi-detached property at £142,139 may be an investment for the future.
Paradise Street is a postcode that is a little more expensive, and it could be because it is a prime location for students and young families everywhere. The average semi-detached house is valued at £184,770. This could be because you would only be 0.3 miles away (6 minute walk) from Coventry University, and a 10 minute stroll from the High Street (0.5 miles). Alongside this, Paradise street has an average of 0.8 crimes a month - 90% of these crimes fall under the bracket ‘other theft’. It could be suggested that the closer to university, and the lower the crime rate, the more investment required.
If you’re looking to invest in property in Coventry, do not hesitate to get in touch with LoveItts.