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Coventry In our coventry homes...

#1 User is offline   threespires 

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Post icon  Posted 09 July 2009 - 11:55 AM

I've created this topic for people interested in the housing market in and around Coventry to make observations and perhaps bring some evidence to the table to show how the market is behaving here.

Personally I've been monitoring the market since the turn of the year. I've been renting since I returned to Coventry from Uni about 4 years ago. I'm currently in Earlsdon and I would like in the next few years to consider buying a 2-3bed property in a decent area (Coundon, Chapelfields, Allesley, Earlsdon etc) at a reasonable price.

So far this year any properties I've tracked just don't seem to be dropping in price. Some appear to have gone to rental, as recently I have seen a few listed with letting agents that I recognise having seen them a few months ago for sale on globrix.

So, what's agwan in Cov?

#2 User is offline   Caveat Mortgagor 

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Posted 09 July 2009 - 01:19 PM

Hi 3spires

I saw your comment on the main forum.

You seem to be monitoring the same area as me. When I get time I will send you some info that should be of interest. I have kept a lot of Rightmove e-mail alerts from the last 18 months or so, and as sale prices have been recorded on LR i have re-sent the e-mail alert to myself with the completed sale price and date.

This last bit of info completes the circle.

The alerts tell me when the prop went on the market and initial asking. The LR data shows how quickly they sold and how much discount.

You are right about going to rented though. A number of the houses on the RM alerts that would appeal at the right price have come up for rental. And they are struggling to rent them out.

Anecdotal: I viewed one property recently that had failed to sell at £175k. Beat the LL down on rent by £75pm before agreeing to viewing The place was in a state. It had been empty so long that people had started dumping rubbish at the back gate!! LL lives overseas and had obviously decided to rent cos they couldnt get the price that only existed in LL's mind.

After a few months of being empty and starting to look shabby, I cant help but think they will soon think they should have tried harder to sell.

Its only a matter of time now. It seems to me that it is only the combined afforts of a few estate agents (B Holt, Connells etc) that are keeping some asking prices high. Many others seem to be pricing to sell - in particular Hawkins and Halifax.

#3 User is offline   threespires 

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Posted 18 July 2009 - 09:58 AM

Still watching the CV5 area generally and noticed this property has come on the market. Have you seen this one before?

http://www.loveitts.co.uk/?_id=353&act...iew&id=6088

I'm fairly sure this was up about 6 weeks ago and "sold". I was told through friends who were looking at it that it went for 136k.

Anyways, for me these are the kind of properties I'm looking for. This one is tempting for a lot of people as its probably 10k cheaper than the rest of the market, and for me the exception to the rule that house prices just aren't moving in Coventry for decent quality 2/3bed terraces.

#4 User is offline   threespires 

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Posted 18 July 2009 - 10:00 AM

Oh and one more thing, can anyone point me in the direction of a good resource for house price sales.

http://www.housepric....uk/e.php?q=cv5

HousePrices.co.uk's last recorded sale was in January. That can't be right... can it?

#5 User is offline   BlueRat 

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Posted 23 July 2009 - 10:34 AM

You can find sold house prices on Zoopla, looks like they haven't got much data either, 34 sales in 3 years.

#6 User is offline   threespires 

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Posted 30 July 2009 - 11:30 AM

Little update on Cov. PropertyPrices.co.uk shows a mere 9 house sales in June (they just e-mailed me to say they had the latest data):

http://www.housepric...=coventry&n=100

Shocking! Also the land registry data published yesterday show a +0.6% increase in the "metropolitan district" of Coventry, -17.1% for the year with the average house price at £105,941 apparently.

#7 User is offline   threespires 

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Posted 18 August 2009 - 10:35 AM

Article from the Coventry Evening Telegraph:

Quote

Coventry house prices may rise by end of 2009

Aug 18 2009

THE housing market across Coventry and Warwickshire is showing signs of emerging from its depressed state, according to local experts.

The Royal Institution of Chartered Surveyors has revised its housing price forecast for the region – saying that values will end the year on a slight rise.

This good news came after the Bank of England’s Monetary Policy Committee last week voted to keep the official bank rate paid on commercial bank reserves at 0.5 percentage points.

RICS Coventry and Warwickshire spokesman Harvey Williams said: “With interest rates steady at 0.5 per cent, far more interesting news is the £50 billion more the bank is pushing into the economy, obviously to stimulate spending.

“We would hope to see this injection of much-needed funds go some way towards helping spur the construction and property sectors, as a whole, into action.

“The housing market across the region is also showing signs of emerging from its depressed state.

"Only yesterday the RICS revised its house price forecast saying that values would end the year on a slight rise meaning we have revised our predictions upwards.

“As a result, it is unlikely we will now see the kind of falls widely predicted at the start of the year.

“This has to be good news for the housing market across the region.”


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Posted 17 September 2009 - 11:52 AM

Hi Threespires

The house you said you were watching sold soon afterwards.

Dont know if you are interested but today it has come up as a rightmove alert again with the other agent that had been marketing it.

PS - Have you noticed asking prices have started to fall quite a lot in your search area? Esp chapelfields / Whoberley.

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Posted 30 September 2009 - 10:13 AM

3 new properties added to rightmove today in Chapelfields. 2 of which are repo's!!!

Both are priced below other similar props.

1 of them is a 3 bed detached - asking £135k. Last sold 2006 for £152k. Ouch, thats going to hurt!

http://www.rightmove.co.uk/property-for-sa...ncludeSSTC%3Don


http://www.nethouseprices.com/index.php?co...&incode=8LL


I think i will keep an eye out to see what this eventually shifts for - a couple of other repos and priced to sell props have failed to shift near this one. It'll be interesting to see if anyone bites on this.

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