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New homes snapshot – plenty of choice for homebuyers around Coventry

Posted 20 April 2017 by Keith Osborne

The WhatHouse? team looks at Coventry's appeal and the wide choice of new homes currently for sale at developments across the city...

With its central location offering great transport links to match its local amenities, the popularity of the city of Coventry and its need for thousands of new homes should come as no surprise.

Cromwell GardensThe city’s Local Plan is currently heading towards the end of a statutory consultation process having been given somewhat controversial approval by a government planning inspector. Though currently nearly 1,000 new homes are being built every year within the city boundaries, this is short of the 1,250 per annum required to meet the 25,000 target between 2011 and 2031.

Current developments are taking place in areas across the city, and further plans continue to be submitted: one recently proposes a mixed-use scheme including high-specification city centre apartments, while another looks to bring nearly 700 new properties to a village just seven miles north-east of the heart of the city.

Property Wire recently reported research by peer-to-peer lending platform Kuflink Group that at 5.64%, the average buy-to-let yield in Coventry is currently strong and competitive in comparison to a number of major towns and cities across the UK. While stamp duty rates for investors have risen steeply, a good yield and constant price growth can still mean a worthwhile return for some property investors.

While driving into London is convenient enough via the M1 or M40, the average journey time on the road is around two hours. By rail, it is a little more than half that, with frequent fast services into Euston station. Coventry station is served by a number of railway companies, with convenient routes to a number of commuter towns close by, such as Leamington Spa and Nuneaton, as well as major destinations such as Birmingham, Manchester and Milton Keynes. These connections are bound to attract interest from a spectrum of buyers.

Among the new homes for sale in Coventry now are:

Prices start at £244,750 at The Spires, a Morris Homes development in the east of the city with one- and two-bedroom apartments alongside three-, four- and five-bedroom detached houses. The development will suite fist-time buyers, families and downsizers alike, and is within easy reach of the city centre as well as the motorway network. There’s a limited choice of homes still available, but the scheme is open seven days a week from 10.30am to 5.30pm and there is Help to Buy to assist purchasers. 

Spirit Quarters​Prices will be announced soon for the third phase of homes at Spirit Quarters, a Keepmoat development that will eventually see around 3,300 new homes built in the north-east of Coventry, around Wood End, Henley Green, Manor Farm and Deedmore. Regeneration of the area started in 2001 and the new collection of homes will be diverse to attract a real mix of residents. The local area already has some great amenities, and the city centre is just four miles away, with good transport links in all directions. Help to Buy will be available, requiring buyers to provide a deposit of just 5%.

In the same vicinity, Bellway has a great choice of homes at The Brambles, with a range of properties with two, three or four bedrooms and a number of purchase assistance schemes to help house-hunters. The homes are set within many green spaces and close to a number of public parks, including Wyken Croft Nature Park, the city’s first ecological park. Good primary and secondary schools are sure to attract family buyers to this area.

For those on a limited budget and unable to purchase the home they need on the open market, Shared Ownership is a great way to get a foot on the property ladder. Orbit Homes is offering a three-bedroom property at Cromwell Gardens in Howcotte Green, in the west of the city, where a 25% share can be purchased for £42,500. The semi-detached house has a great specification and two car parking spaces and is just three miles from the city centre.

Close by is Mulberry Gardens, with open market two-bedroom terrace homes starting at £181,995. The Signature New Homes development itself has a mix of tenures and comprises 83 properties in all, a mix of two- and three-bedroom homes to suit first-timers and young families. The ‘Cedar’ home has a lounge/dining room, separate kitchen, two generous bedrooms and bathroom and downstairs WC.#

National housebuilder Persimmon has a number of active sites in Coventry right now. Four developments are close to each other in the north of the city, with Lythalls Place offering homes with from two to five bedrooms from £224,995, two-bedroom houses at The Brooks from £149,995 and a starting price of £154,995 for a choice of two- and three-bedroom homes at Weavers Wharf. Paragon Park has two- to five-bedroom homes from £154,995, located a little closer to the city centre, while further out to the north-east and close to the M6 is Shilton Place, where two- and three-bedroom homes start at £167,995. 


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