Farewell Coventry Co-Op, hello even more student accommodation (probably).

After nearly 150 years in the Coventry city centre, the Co-Op is due to close on the 24th October 2015.

From its humble beginnings in Cook Street in 1867 it moved to its current, multi-storey location, in 1956.

For many locals, born and bred in the city, the Co-Op is the first point of call for many things, from electricals (if you are a member of the Co-Op which costs £2 for lifetime membership you could get some great deals), to school uniforms, to suites and beds.

It was Christmas, however, that the 'Co' really came into its own.  Theirs was THE Santa to visit.

There was the sleigh, sitting ride behind reindeer whilst scenery rushed past.

 

The tinkling bells on the harnesses.

The exit into a decorated hut.

The authentic fat, jolly Santa.

The wrapped gift.

It was fantastic.

I went every year, my friends went every year.  My friends are now taking their children and grandchildren.  

But it will be no more.

According to the Coventry Telegraph a plea has gone out for someone to carry on the tradition and take over the Co-Op Santa experience.

So what will be built in place of the shop?  My guessing, and many people seem to agree, is that it will be yet MORE student accommodation.  

According to a report on the Coventry Council website, there are currently more than 4000 purpose built student accommodation units in the city, mostly in the centre.  There are also more than 8000 units on or around the site of the University of Warwick on the outskirts of the city.  There is extant planning permission for a further 3300 units across the city.

This does not include the recent change in plans for the former sorting office in the centre.

Nor does it include the great swathes of the suburbs where houses are converted to HMOs and operated by private companies or individuals.

I have posted before about students taking over the city, and the influx shows no sign of abating.

Not building enough new houses? Really?

Recently the BBC News Magazine reported that the current housing issues are down to not enough new houses being built.  This is preventing people climbing onto the first rung of the property ladder.

Really?  Not enough houses being built?  Surely the ridiculously inflated prices combined with the difficulty in obtaining mortgages combined with having to find a much higher than ever deposit is the root of the problem?

There certainly does not appear to be a shortage of property, both existing and new build, for sale in Coventry.

In the last 10 years, within walking distance of my house, there have been 4 factories (including both the Radford plant and the Brown's Lane headquarters of Jaguar Cars) and a transport hub demolished, all of which have had houses built on them.

We have had pubs demolished to be replaced by houses.

Towards the city centre, a former council depot has been cleared and houses are being built.

In the city centre itself, at least one pub, one hotel, two multistorey office blocks and the main post office have all been converted into accommodation, albeit for students.

The main sorting office for the city has been sold off for apartments to be built.

The city centre hospital, which was much more accessible to users than the current one near the M6, is being demolished for housing and a school.

Recently planning permission was given to build more houses on green belt land just outside the city.

Add this to the 1000+ existing houses for sale in the city and its surrounds and I cannot see that there is a lack of housing, just a lack of affordable housing.

People bought in the boom years and when bad times hit, no-one wanted to sell due to negative equity and not wanting to make a loss.  They just moved into smaller, cheaper, rented accommodation and rented their own property out.

Houses prices stagnated and then started rising again.  The average house price in the UK is currently £180k, the average wage £26.5k, in 2008, these were £157k and £24k, house prices have increased by 15% in 10 years whilst wages have only increased by 10% (Google is wonderful).  A 5% deposit in 2005 was £8k, the 20% now needed would be £36k which is a lot more than a year's salary.

That is what, in my opinion, is the cause of the current housing problem.