Nuneaton is a town rich with history dating back to over 900 years. Home to classic 19th century author George Eliot (the pen name of Mary Ann Evans), over 85,000 people live in this thriving commuter town that boasts a broad range of architecture and property styles. Nuneaton has become one of the most sought after places to live in the West Midlands, offering a quality of life that is attractive to young professionals, growing families and retirees.
Why Nuneaton Remains a Property Hot Spot
Property values are affected by several different factors. Below, we take a look at some of the key factors that help Nuneaton remain a desirable place to live:
- Proximity to Coventry and Birmingham: The closer a property is to a central business district (CBD), the higher the price tag is likely to be. Nuneaton is within easy reach of both Coventry and Birmingham, with both cities taking less than 30 minutes to commute to. This gives Nuneaton great access to job opportunities as well as culture and leisure facilities.
- Transport Links: Nuneaton has excellent transport links, for both road and rail. There are regular rail services to major cities, with up to ten services an hour. For those with cars, the M6 is just 10 minutes away. Access to transport hubs like these is an attractive proposition for buyers and is reflected in the property prices.
- Market town classification: Market Towns are the epitome of all that is English and remain popular regardless of what is happening in the wider property market. Buyers can expect to pay a premium to live in these highly sought-after localities, which offer the perfect blend of country living with access to amenities. This is no different in Nuneaton, which has a regular weekly market and an abundance of historical properties that give it both charm and character.
- Local regeneration: Properties located in areas close to regeneration schemes generally see their value increase. This is because the overall image of the area is being improved which increases interest from house buyers looking for a desirable place to live. Warwickshire County Council is working hard to transform Nuneaton, with the town set to benefit from a range of regeneration projects, designed to boost economic growth. This has a positive impact on property prices.
- Green spaces: Recent studies suggest homebuyers will pay an average premium of up to £4,600 to be near green spaces. This premium rises in the case of a property having actual views onto parks or water such as rivers, canals or lakes. Nuneaton boasts an abundance of green spaces and is surrounded by Warwickshire countryside. In addition to this, the Coventry canal runs north-west through Nuneaton. Such features remain ever popular with buyers wanting to get away from the hustle and bustle of city living.
Why Nuneaton Properties remain popular for buyers
The price of any property is also dictated by several factors related directly to the property itself. Fortunately, many Nuneaton properties benefit from having the following features:
- Parking: Being able to park outside of your own home provides ease of access and security that adds to the value of the property. Despite its historic origins, Nuneaton benefits from having many modern developments that take into account the motor car, offering buyers easy parking. Many period properties have also been tastefully adapted, with permit parking a popular option in the town centre.
- Access to amenities: Living close by to local shopping facilities, schools and doctors etc. will also be attractive to potential buyers. Having everything close to hand makes life much easier and ensures a buyer has everything they need, whenever they need. With a population of 86,000, most properties in Nuneaton are within easy reach of local shops, schools and amenities, unlike many smaller towns. Indeed, many modern developments include amenities as a focus point.
- Bedrooms: The more bedrooms featured in a property, the more space there will be available, which adds to the sale price. The average property in Nuneaton has three bedrooms. This makes the area ideal for families, with many options for those requiring more space. This has a positive effect on property prices.
Nuneaton house prices over the past 10 years
According to figures produced by the Land Registry, between January 2010 and December 2019 house prices in Nuneaton have increased by a fraction over 43%.
Taking into account detached, semi, terraced and flat sales during this period, the average house price has changed from £124,443 to £178,105 over the past decade. This further illustrates the growth of the local property market in Nuneaton which can be linked to a number of contributing factors.
The arrival of new major employers in the Midlands area has played a big role, with HSBC relocating its UK head office to Birmingham and Nestlé building a multi-million pound distribution centre in Leicestershire.
Vast amounts of money continue to be invested by local councils on the regeneration of towns and cities in the Midlands. This also includes the introduction of new rail infrastructure, with £2 billion allocated for improvements to the east-west Midlands connection. Nuneaton Railway Station is another example, with a £10-£15m proposal designed to introduce more trains and reduce journey times on existing services.
The Transforming Nuneaton programme has also seen a number of changes made to the area, with plans to improve the ring road, new opportunities for residential and commercial developments and plans for new local amenities all in the pipeline.
Nuneaton property prices in 2020
Property prices in Warwickshire in 2019 were up by 0.98% on the previous year, with detached properties remaining the most popular choice, producing an average house price of £410,674. Nuneaton has performed even better. During the same period, Nuneaton house prices has grown by 1.75%, demonstrating the ongoing popularity of the town and its property market.
In 2019, house prices in Nuneaton rose by 1.75%, a trend that currently looks set to continue throughout 2020. When compared to a national average house price growth of 0.9% during the same period, it reveals the local property market is in very healthy condition. According to the latest Private Landlords Survey conducted by the government, Nuneaton continues to show signs of future house price growth for the year ahead.
If you're looking to buy property in Nuneaton, check our our sales page. We have a diverse range of Nuneaton properties for sale.