Video

5.44 Babies Born for Each New Home Built in the Coventry area

 

As more babies are being born to Coventry mothers, I believe this increase will continue to add pressure to the over stretched Coventry property market and materially affect the local property market in the years to come.

 

On the back of eight years of ever incremental increasing birth rates, a significant 5.44 babies were born for every new home that was built in the Coventry council area in 2016.  I believe this has and will continue to exacerbate the Coventry housing shortage, meaning demand for housing, be it to buy or rent, has remained high.  The high birth rate has meant Coventry rents and Coventry property prices have remained resilient – even with the challenges the economy has felt over the last eight years, and they will continue to remain high in the years to come.

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This ratio of births to new homes has reach one its highest levels since 1945 (back in the early 1970’s the average was only one and a half births for every household built).  Looking at the local birth rates, the latest figures show we in the Coventry council area had an average of 58.7 births per 1,000 women aged 15 to 44.  Interestingly, the national average is 61.7 births per 1,000 women aged 15 to 44 and for the region its 63.9 births per 1,000 women aged 15 to 44.

 

The number of births from Coventry women between the ages of 20 to 29 are significantly lower than the national average, but those between 35 and 44 were closer to the national average.  However overall, the birth rate is still increasing, and when that fact is combined with the ever-increasing life expectancy in the Coventry area, the high levels of net migration into the area over the last 14 years (which I talked about in the previous articles) and the higher predominance of single person households … this can only mean one thing … a huge increase in the need for housing in Coventry.

 

Again, in a previous article a while back, I said more and more people are having children as tenants because they feel safe in rented accommodation.  Renting is becoming a choice for Coventry people.

 

The planners and Politian’s of our local authority, central Government and people as a whole need to recognise that with individuals living longer, people having more children and whilst divorce rates have dropped recently, they are still at a relatively high level (meaning one household becomes two households) … demand for property is simply outstripping supply.

 

The simple fact is more Coventry properties need to be built

… be that for buying or renting.

 

Only 1.1% of the Country is built on by houses.  Now I am not suggesting we build tower blocks in the middle of the Cotswolds, but the obsession of not building on any green belt land should be carefully re-considered.

 

Yes, we need to build on brownfield sites first, but there aren’t hundreds of acres of brownfield sites in Coventry, and what brownfield sites there are, building on them can only work with complementary public investment.  Many such sites are contaminated and aren’t financially viable to develop, so unless the Government put their hand in their pocket, they will never be built on.

 

I am not saying we should crudely go ‘hell for leather’ building on our Green Belt, but we need a new approach to enable some parts of the countryside to be regarded more positively by local authorities, politicians and communities and allow considered and empathetic development.  Society in the UK needs to look at the green belts outside their leisure and visual appeal, and assess how they can help to shape the way we live in the most even-handed way.  Interesting times!

 

For my comments on Coventry’s Property Market, please visit CoventryPropertyMarket.co.uk

 

To see the value of your property, please visit Newman.uk.com where you can get an instant online valuation of your own property.

 

Please subscribe to my new YouTube channel; Coventry Property TV found at https://www.youtube.com/channel/UCRxB2n1Kh-5XwOOpHC4yDTg

 

If you would like to save time and want me to source the whole market and all agents to bring you the best buy to let opportunities, please follow me on twitter: @CovBuy2Lets

 

For visual idea’s, please visit my boards on Pinterest: uk.pinterest.com/CovBuy2Lets/

 

My office is located at 2 Greyfriars Court, Greyfriars Road, Coventry, CV1 3RY

 

For more information, hints & tips, please call me on 024 7650 0005. I am also contactable via email: heenay@newman.uk.com

 

REMEMBER We are also located in Southam, Leamington Spa and Rugby.

 

We are experienced in Lettings, Property Management, Block Management, Portfolio Management, Sales and Financial Services.

 

Video

Hard Brexit could cause 6,000 properties to be dumped onto the Coventry Property market

 

So all cards up in the air! A general election will be on the books, but one thing is for sure … whoever gets the job to deal with Brexit has a hard job on their hands (I’m just glad its not me!) As it currently stands, by not assuring the rights of EU citizens in the UK, Theresa May has squandered an opportunity to give peace of mind to our EU co-workers working and living in Coventry (and the rest of the UK). No.10 Downing Street’s point of view is that in promising the rights of EU citizens in the UK, it will postpone the same guarantee to the 1.5 million UK citizens living in the other nations of the EU.

 

Putting aside the politics for one second, the simple fact is now Article 50 has been triggered, we have two years to make a deal with the EU; otherwise it will be a ‘hard Brexit’. Now you might not think a hard Brexit will affect you in your home in Coventry … but nothing could be further from the truth.

 

Of the 307,730 people who are resident in the Coventry City Council area, 243,163 were born in the UK, 9,585 were born in EU countries from West Europe and 8,818 were born in EU countries from the former Soviet States in East Europe (the rest coming from other countries around the world).

 

The rights of these EU citizens living in the Coventry area are not guaranteed and will now be part of the negotiation with Europe. It is true a lot of our EU next door neighbours in Coventry will have acquired rights relating to the right to live, to work, to own a business, to possess a property, the right to access health and education services and the right to remain in a UK after retirement… yet those acquired rights are up for negotiation in the next two years.

 

So, what would a hard Brexit do to the Coventry property market?

 

Well a hard Brexit could mean the nuclear option when it came to the Coventry housing market. It could mean that every EU citizen would have to leave the UK.

 

In the Coventry City area, 5,604 of the 9,585 Western European EU citizens own their own home and (so they would all need to be sold) and 6,498 of the 8,818 Eastern European EU citizens rent a property, so again all those rental properties would all come on the market at the same time.

 

Hard Brexit and mass EU Migration would mean c. 6,000 properties being dumped onto the housing market in a short period of time, meaning there would be a massive drop in Coventry property values and rents, causing negative equity for thousands of Coventry homeowners and many buy-to-let landlords would be out of pocket.

 

While there is no certainty as to what the future will hold, both UK expats in the EU and EU citizens in the UK rights will no longer be guaranteed and will be subject to bilateral renegotiation.

 

All I ask is that the politicians are sensible with each other in the negotiations. A lot of the success of the Coventry (and UK) property market has been built on high levels of homeownership and more recently in the last 10/15 years, a growth of the rental sector with lots of demand from Eastern Europeans coming to Coventry (and the surrounding area) to get work and provide for their families. Many Coventry people have invested their life savings into buying a buy to let property.

 

Much will depend on what is politically realistic. Unilateral knee-jerk reactions and measures caused by a hard Brexit would not only likely cause major disruption or suffering to the 3 million EU citizens living in the UK, but also everyone who owns property in the UK … politics aside – a hard Brexit is in no one’s interests.

 

To see the value of your property, please visit Newman.uk.com where you can get an instant online valuation of your own property.

 

Please subscribe to my new YouTube channel; Coventry Property TV found at https://www.youtube.com/channel/UCRxB2n1Kh-5XwOOpHC4yDTg

 

If you would like to save time and want me to source the whole market and all agents to bring you the best buy to let opportunities, please follow me on twitter: @CovBuy2Lets

 

For my comments on Coventry’s Property Market, please visit CoventryPropertyMarket.co.uk

 

For visual idea’s, please visit my boards on Pinterest: uk.pinterest.com/CovBuy2Lets/

 

My office is located at 2 Greyfriars Court, Greyfriars Road, Coventry, CV1 3RY

 

For more information, hints & tips, please call me on 024 7650 0005. I am also contactable via email: heenay@newman.uk.com

 

REMEMBER We are also located in Southam, Leamington Spa and Rugby.

 

We are experienced in Lettings, Property Management, Block Management, Portfolio Management, Sales and Financial Services.