Huge rise in city house prices
HOUSE prices in Coventry have soared more than 60 per cent in just the last three years.
Coventry is now the top university city in the country for house price growth, with average property prices rising by almost two-thirds since 2015.
Three years ago, an average property in Coventry would have set buyers back £114,625, but that same home today would be worth £184,690.
That’s a massive increase of £70,065 in three years - more than twice of what the average national increase.
The research comes from online estate agents Housesimple.com, who revealed that property prices have increased by 61 per cent between June 2015 and June 2018, according to Land Registry figures.
The increase in prices are so high that they would have covered the £27,250 tuition fees for two students at Coventry University - with money left over.
The reason for the growth is linked to the growing local economy in Coventry, and the city’s huge development for the city centre.
The firm says if the average rate of growth continued at the same level for the next three years, parents with children heading to any of these universities in September could purchase a buy-to-let property and fund the entire degree course with money left over for living costs, from house price growth alone.
Sam Mitchell, CEO of online estate agents Housesimple.com said: “The cost of a three-year degree at many universities is fast approaching £30,000, and that’s just to cover tuition fees.
“There’s also accommodation costs and general living expenses to think about.
“If you are in a position to buy a second home, purchasing a property in the town or city where your child is studying could provide a possible solution and give your offspring a debt-free start in life after university.
“By investing in a second home, the increase in capital value alone could cover the cost of tuition fees.
“Of course, there’s no guarantee house prices will continue to rise at the rate they have in many of these cities since 2015, but this is one conceivable way to help cover the cost of higher education in the medium term.”