Coventry Population Boom vs New Housing

It has long been said on most platforms that the population in this Country is far exceeding the New Property growth and most of the focus is mainly on London when statistics are talked about. But what about Coventry? With the population living longer, fertility rates rising and the amazing success of Both Coventry University and Warwick University is Coventry busting at the seams?

Whilst there are developments on going for new homes and social housing you will have seen over recent months larger Student specific accommodation being started and some already finished ready for 2017/2018 intake the stats paint a bleak picture on housing availability for our youngsters. This can lead to something I have experienced personally myself in my locality. With Children living at home till their early twenties due to affordability and availability of new homes this has a knock on effect. Spending more time in the evening finding a place to park when once upon a time there were only one maybe two cars per household for instance. So what is being done for the future, where will the extra population live, with births far outweighing deaths at a rate of 4,600 births and 2,800 deaths in the city between mid-2014 and mid-2015.

The Office for National Statistics (ONS) published their updated mid-year population estimates on 23rd June 2016; these estimates are aimed to support service planning, resource allocation and calculate population rates. These estimates suggest that Coventry has 345,400 people living in the city. This is 8,000 more people than in 2014 when the population was estimated to be 337,400. This is an increase of 2.4%, compared to the England average of 0.9%. Between June 2014 and June 2015 Coventry’s population was growing at the 9th fastest rate out of all council areas in Great Britain. The table below shows Coventry’s medium term growth since 2000. After a period of population decline at the start of the century Coventry’s recent growth has been faster than the national and regional averages. The overall growth rate since 2000 is now slightly higher than the average across England overall.

With growth in the population rising year on year the demand for housing is not going to ease in the near future. Lets just hope more affordable housing is built in accordance with the Governments projections.

What does this mean for Landlords in Coventry? Well for a start there is no shortage of potential tenants, but will it mean those elusive Buy-to-Let deals will be harder to find? Why not get in touch and see how we can help.

If you’re a landlord looking for a little help with any of the changes happening or even looking to enlist the expertise of an industry leading lettings specialist then feel free to get in touch. Coventry 02476 222441 @GodivaEstates
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