In 2024, the UK property market saw a notable recovery, with 1.23 million homes sold, a 15.4% increase over 2023. Average property prices rose modestly by 1.84% to £361,529, and the price per square foot grew by 2.72%. Despite stable prices, the surge in transactions signals a healthy market, driven by falling mortgage rates, wage growth, low unemployment, and evolving post-pandemic housing preferences.
Locally, Coventry mirrored the national trend, experiencing a 14.6% increase in property sales from 2023 to 2024. Average house prices rose slightly to £254,640, with the number of homes sold reaching 5,244. The market's strength lies in the volume of transactions rather than price changes, emphasizing the importance of local market dynamics.
Looking ahead to 2025, Coventry's property market will remain influenced by local factors such as employment shifts, infrastructure projects, and regional policies. For homeowners and landlords, the key to success will be setting realistic prices, as properties that are appropriately priced sell faster and more successfully. With a keen understanding of local conditions, Coventry residents can make informed decisions to navigate the market and maximize opportunities in 2025.
