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Thanks so much for this David – really appreciate it. Have been well and truly put off HMOs in Coventry – eeshk, those SpareRoom numbers sound bad! What are your thoughts on Stoke/Upper Stoke for single lets? (I know that's a really broad question and it'll come down to individual streets/houses, just wondering whether there is something off-putting about the area for single lets, eg the fact that it's not as residential/community-feeling as some of the others you mention, plus there are a fair amount of students there). Cheers for taking the time to share your thoughts!
Just seen this one. Born and bred in Cov, I could name a few areas not to touch because of crime (not on here though, might offend someone!, PM me if you really want to know); used to be known as Dodge City 1,2 and 3 in one of the trades. And one or two posh areas where you won't find a rented property, the exception being a big 6 bedroom mansion on millionaires row (Kenilworth Road) that got into the daily papers after a police raid - it was being used as a high class brothel for rich businessmen in Rollers, Mercs and BMWs when the police raided (it had its own website called Tallulah Towers according to the papers).
I agree about students. Warwick Uni has most of the off-campus ones in Leamington Spa, but Coventry Uni has now virtually taken over the city centre. There are big cranes and skyscrapers going up everywhere within the ring road, and I'm informed it's all student accommodation. The problem with students in private house is that the crime follows them. Now that they have to pay £9k a year or whatever, a lot of them have money, rich parents, and items worth nicking. There's a large area of ex-council houses near Warwick Uni that has been a student mainstay for years (not one of the Dodge Cities). They've recently pulled the students out of that area completely because of the increase in crime. It's safer to have the students in specialised student blocks with security arrangements in place.
In a similar situation to you. I came to same conclusion re. HMOs. Might be worth nothing there is a niche market for post grads or students who don't want to be around other students and want some space. They might be more towards Warwick University though. There is a professional market in Walsgrave, Whitley but those areas should multi-lets be you thing can revert to family areas with good schools as well.
I've visited a few estate agents in Coventry (New Union Street and W
Im a Coventry portfolio landlord and a letting agent. The city is buoyant but you need to be careful where you buy. There is a glut of Rooms at the moment but both unis are growing. Ive always bought simple 2 and 3 bed family homes. Nothing exciting I know but they have worked well for me. We manage over 500 so feel we have an incite to the city.
This is our Coventry Landlords FB group
Hi Kat F,
Coventry is a very student city, are students your target market? If so try and purchase a property close to the city Centre or just a short drive away. There are many decent properties around the Centre and will produce a healthy yield. In regard to the new student flats I don’t feel that there is any fear of HMOs and multi – let’s being in less demand if students are your market. Some new build Student accommodation is unaffordable to some and if you produce good quality accommodation it will be snapped up. In regard to talking to locals etc. I think if you want to get to know an area have a walk around and you will get a feel for it. Have you found any properties yet?
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Buy-to-rent landlords are monopolising the housing market in Coventry and “crowding out” families who are first-time buyers, councillors fear.
A quarter of all residents in Coventry rent from landlords a scrutiny co-ordination committee was told on Wednesday, July 17.The council is taking steps to try to improve standards in the private-rented sector.A ‘selective licensing’ policy is being drafted to introduce new charges for landlords, with the hope of weaning out irresponsible landlords.Additional licensing on houses in multiple occupation came into effect in April, imposing new charges in a bid to reduce the high number of HMOs in the city.Full/source article
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COVENTRY Council is being warned that its landlord licensing and accreditation scheme is potentially unlawful.The Residential Landlords Association, which represents private sector landlords, has written to the Council to oppose the scheme, and to argue that it could breach European law.In April the council updated its mandatory licensing scheme for landlords to include an accreditation scheme.Under the scheme, private landlords in Coventry accredited by the council are able to obtain longer licence for houses of multiple occupation (HMO) than those who are not. This is the case even if landlords are able to demonstrate expertise and ability to rent property out in alternative ways, such as through training.The only way for landlords to become accredited is to attend training courses in person, which the RLA argues discriminates against landlords who do not live close to their property in Coventry.In a letter to the Council, the RLA argues that this is unfair and unlawful because longer HMO licences offer a financial and practical benefit for landlords, yet only landlords who are members of the Council’s accreditation scheme will benefit from being able to obtain a five year HMO licence.Earlier this year, the RLA wrote to the Council raising concerns over the proposed fee structure in its additional and selective licensing consultation. The RLA now has similar concerns about the mandatory HMO licensing fee structure.As part of the scheme, landlords must pay the entire licence fee upfront-even if a licensing application is still pending.The RLA considers this to be unlawful, given that a court case in 2018 ruled that licence fees should be split into two parts, the first part being an application fee and the second part being payable once the licence has been granted.The RLA is now calling for the authority to review both the accreditation and licensing scheme as a matter of urgency.David Smith, policy director for the RLA said:“The RLA is deeply concerned at the serious legal questions that hang over the Council’s licensing and accreditation scheme.“We would strongly urge the Council to review this unjust scheme.”In May, the RLA wrote a letter to Oxford City Council raising concerns that the council’s accreditation scheme breached EU law because landlords could only become accredited if they attended training courses in person. Since then, the RLA and Oxford City Council have worked together to amend the accreditation scheme.