Businesses and students help boost lettings claims Loveitts
Coventry and Warwickshire’s rental market is ‘absolutely booming’ claims a leading local estate agent – helped by business growth, a rise in student accommodation and investment in the region.
According to experts at Loveitts, which operates out of Coventry, Nuneaton, Leamington and Southam, there has been a massive growth in the lettings market as demand for properties reaches record-levels.
The rise in demand is being attributed to the growth in student accommodation in Coventry, new housing developments in Southam and ongoing investment at local car maker Jaguar Land Rover.
And the team at Loveitts says Coventry’s bid to be UK City of Culture in 2021 – which will put the city on a global platform – is also contributing to its growing popularity as a place to live.
Paul Barnes, Director said: “We are experiencing a tremendous boom in the region’s rental market with more and more people choosing to live in Coventry and Warwickshire.
“There are many reasons for the soar in popularity including the expansion at University Hospital Coventry and Warwickshire and contract workers coming to the area for various building projects in the city. However, one of the main contributors has been the growth of Jaguar Land Rover, which is not only good news for the jobs market, it is also a massive boost for the housing market.”
JLR’s ongoing investment has led to a substantial rise in lettings in Coventry, Leamington and Southam. Earlier this year, JLR announced plans to create 5,000 new jobs – boosting its UK workforce by 15 per cent to 42,000 staff, primarily in the Midlands.
The jobs boost followed a pledge by Jaguar Land Rover’s chief executive Ralf Speth to put Coventry at the heart of the firm’s growth plans as a ‘smart’ motor city – helping the UK lead the world in autonomous, connected and electric vehicles.
Over the last year, JLR has begun expanding its base at Whitley and opened its huge Classic Works operation at Ryton – the largest facility of its kind in the world.
And just last month, the public was given the first glimpse of the new £150million National Automotive Innovation Centre at the University of Warwick – which is a long-term partnership between JLR, Tata and the Warwick Manufacturing Group.
The facility, which will create 1,000 new jobs and help underpin 3,000 supply chain roles, will be the largest automotive research and development facility in Europe.
Another region which is experiencing a growth in rentals is Nuneaton where affordable housing, increasing job opportunities and strong transport links with the rest of the UK are all contributing to its growing popularity.
Paul added: “Lettings are extremely buoyant in Nuneaton. As soon as we have we uploaded a vacancy to Zoopla or Rightmove we are inundated with inquiries within seconds. At the moment we have an average six people chasing every property.
“The number of lettings in Nuneaton is rising every month, reflecting the market in general. And it’s a real range of properties – everything from two-up, two-downs to three, four or even five-bedroom properties.
“We are thrilled to see the rental market performing so well and it’s a testament to the ongoing investment of businesses across the region – making Coventry and Warwickshire a popular choice when looking for a place to live.”
Established in 1843, Loveitts is now the largest independent multi-discipline practice of estate agents, chartered surveyors, valuers and auctioneers in the region.