We don’t need to tell you how much potential a strong joint venture can hold for the companies involved. The world is brimming with prominent examples of how lucrative they can be, from Microsoft and General Electric to Hulu, a popular video streaming service formed by NBC, Disney, News Corporation and Providence Equity Partners.

But not all joint ventures are created equal, and it’s vital that these partnerships are not marred by complacency. Why? Because ultimately joint ventures are there to give two or more businesses a new edge in a rapidly evolving market – to meet the changing needs of customers, and remain at the forefront of that evolution.

Here are three reasons why staying proactive, and allowing the joint venture to evolve is the best course of action.

1. At least one major restructure can significantly improve your chances of success

This one is backed up by some pretty compelling numbers. According to the Harvard Business Review, a joint venture that goes through a significant restructuring at least once in its lifetime will see financial and operational improvements somewhere in the region of 10%-30%.

Restructuring is, of course, a major upheaval to take on. Even with a strong promise of positive results, it’s not without its own risks. Working with a corporate solicitor, who is best placed to oversee the process of restructuring and offer invaluable insights, will give you the best possible chance of strong results. Take a look at willans.co.uk/service/corporate/ to find out more about how they can help you navigate the world of corporate law.

2. They’re better equipped to face economic downturn

Now more than ever, we’re aware of the acute risk a sudden downturn in the economy can bring to businesses. With the cost-of-living crisis, high inflation, and the looming risk of recession, businesses of all industries – even those that are relatively resilient against economic changes – are working to find ways of coping.

Flexibility and adaptability are, of course, key. What worked in one season won’t work the same in another, and that means that any venture – whether you’re partnering with another business or not – needs to be ready to evolve as quickly as possible.

If you’re too rigid about your joint venture, it may not perform so well 6 months from now, when the lay of the land is different and new challenges are appearing on the horizon.

3. They’re ready for market changes

No market stays exactly the same throughout the months and years. Customer spending habits can be influenced by any number of external factors, from climate change to economic downturn – international health crises to changing trends online.

Joint ventures that are primed and ready to evolve are all the more prepared to meet those changes head-on, and avoid months of prevaricating – or even head-in-the-sand constancy – as other competitors align themselves with the ‘new market’ and pull ahead.

Evolution for the sake of evolution is rarely advisable. It causes disruption to business-as-usual and unsettles employees and customers. But, when the time calls for it, evolution may be just what your joint venture needs in order for you to meet your target.

The post 3 Reasons Joint Ventures That Keep Evolving Perform Better first appeared on Economic Journal.

Invest in Technology to Aid Recession Recovery

A common mistake manufacturers make going into a recession is cutting off all unnecessary investments. While it is essential to be smart about spending during a recession, the right investments can actually help manufacturers stay resilient. Investing in technological assets before and during a recession can help manufacturers recover faster afterward.

Adopting automation technologies like robotics can help manufacturers streamline their operations. Robotics, AI and other automation technologies significantly reduce waste, improve productivity and supplement understaffed teams. High unemployment is a key indicator of recessions, so preparing to make do with a smaller workforce is crucial for resilience.

Automation technologies can be a great long-term ROI, as well. Since automation creates transformational change in manufacturers’ operations, it continues to pay itself off over multiple years. These gains come in cost savings, higher productivity and throughput, greater visibility, and overall higher-quality products.

Adopting automation during a recession can help manufacturers reduce error rates so less raw materials go to waste. Robotics can take over roles that hiring cannot fill. The precision and accuracy automation offer ensure products can be produced faster without compromising on quality. During a recession, these benefits help eliminate resource and monetary waste.

Monitor, Plan and Optimize

Visibility and preparedness are crucial for surviving a recession. Manufacturers must ensure they have the tools to monitor their operations closely and plan for setbacks. This may require some initial investment, but it will be worth it.

Prepare for Critical Expenses

Preparing for accidents, disasters and disruptions can help manufacturers minimize the financial impact of these incidents. The last thing anyone wants during a recession is for a critical piece of equipment to fail, but situations like this can happen. Planning ensures manufacturers can take steps to prevent disasters or respond to them responsibly when they occur.

For example, transformers can have annual production values of over $100 million annually, meaning a transformer failure can cost thousands of dollars in downtime. Letting equipment go without replacing or repairing to save money can increase the likelihood of costly equipment failures like this. Manufacturers need to consider the possibility of these incidents and plan for maintenance expenses.

Increase Visibility

During a recession, reducing expenses as much as possible is crucial. High visibility is vital for making this happen. Manufacturers need insight into how their facilities operate to identify areas where costs could be reduced.

IoT devices are great for improving visibility. Manufacturers can install IoT sensors at critical points in their facilities to collect data around the clock. For example, sensors could time how fast units move through an assembly line. Data from these sensors would reveal any bottlenecks in the manufacturing process.

With this information, manufacturers can address key issues that are wasting money, whether in the form of time or materials. In fact, insights from IoT data can often highlight the areas of a manufacturer’s operations that are the best opportunities for automation. For example, if quality control checkpoints are bottlenecks, a manufacturer could adopt AI-powered cameras to scan units rapidly, improving QC efficiency.

Optimize Operations

Increasing visibility leads to another vital element of recession resilience — optimization. Highly-optimized assembly lines make the most out of the least and minimize waste while maximizing throughput. Optimization is crucial for ensuring raw materials do not go to waste when prices are higher than usual.

There are many ways to improve manufacturing optimization. Logistics modeling and simulation apps are a great place to start. These programs use AI and machine learning to analyze operations and highlight areas for improvement. Manufacturers can use a digital twin to test out changes to their operations before putting them into practice.

This allows them to identify and resolve inefficiencies and get insights into possible productivity gains for a given operations layout. By modeling operations digitally first, manufacturers can minimize disruption and revenue loss from changes made to their operations.

Be Strategic About Workforce Management

Labor shortages can cause serious challenges for industrial businesses during a recession. Studies show seven out of 10 manufacturers suffer lower productivity due to unfilled jobs. While manufacturers may have little money to hire a larger workforce, they can take steps to make the most of the employees they have.

For example, reskilling and upskilling are great for expanding workers’ skill sets rather than hiring new people. In-house training opportunities are beneficial for employees and manufacturers alike. They offer rewarding career growth for staff while giving them the exact skills their employer needs. This allows manufacturers to build a smaller workforce with many skills instead of a larger crew with fewer skills.

Training and support from manufacturers can also help employees improve their performance. For instance, advanced training in robot maintenance could help robotics technicians reduce errors on the job and complete repairs faster.

Staying Resilient During a Recession

Economic downturns are challenging for everyone, but manufacturing tends to get hit harder than other industries. Manufacturers need to build resilience before and during a recession to thrive during economic recovery. Manufacturers can improve their stability through smart technological investments, operations optimization, high visibility, and employee training and support.

The post How Manufacturers Can Stay Resilient Amid the Recession first appeared on Economic Journal.

If you drive a conventional diesel or petrol car, we’ve outlined a few good driving habits to help cut your emissions and save your wallet.

1. Maintain your tyres

One of the most important contributing factors towards fuel economy is the overall performance and condition of your tyres. Not only does choosing high-quality tyres make a difference but keeping them inflated to the correct pressure has a significant impact.

When you buy tyres online, make sure to choose compatible models for your specific vehicle from trusted brands. Check the pressure regularly according to your vehicle guidelines.

2. Accelerate gently

Keeping an eye on your acceleration doesn’t necessarily mean you need to drive slowly. However, even if you’re not concerned about fuel economy, it’s safer and more sensible to drive steadily. You can conserve your fuel by limiting acceleration. If you normally put your foot down at green lights just driving through town, try to get out of this habit – it’s not only impractical and potentially dangerous, but could be increasing your fuel consumption too.

3. Lighten the load

The heavier your vehicle is, the more likely it is to require more fuel to keep it moving. If you already drive a large vehicle like a pickup truck, losing fuel economy in this way will be unavoidable. However, if you drive a family estate car, you can easily shift a few pounds. Remove roof bars or the roof box when not in use and try not to carry too many unnecessary items in your boot either.

If you need to carry luggage and passengers, try to distribute the weight evenly.

4. Stay in gear

It’s easy to assume that coasting should increase fuel economy, but conversely, it might be less efficient for newer vehicles. Many are equipped with sensors that detect the engagement of the accelerator, limiting the amount of fuel delivered to the injector. To avoid coasting, reduce your speed to the appropriate level and then put the clutch down to change gear. This will save unnecessary gear changes or prolonged time on the clutch too.

5. Avoid shorter journeys

Lastly, it’s always worth knowing that longer journeys at a consistent speed are the most economical to make. This is particularly true if you drive a diesel car, since these larger engines are designed to cruise comfortably over longer distances.

For instance, you could walk or cycle to work instead. When you’re proactive, you’ll notice plenty of opportunities to save fuel simply by driving less. In 2021, the average person in England spent just 7 minutes a week on their bike – so why not beat the traffic? If you have any useful tips for other motorists, feel free to share them in the comments section below!

The post How to Improve Your Fuel Economy: Our 5 Top Tips first appeared on Economic Journal.

Whether you are looking for the ideal place to set up a new company, plan to expand, or arrange or attend a business conference or networking event, keeping an awareness of the UK’s business hotspots can give you the edge when it comes to professional success.

However, If you search for your next business move, here are some of the best and biggest you should consider; cities with great transport, workforces, cultures, economies, and acclaim.

Leeds

The largest financial hub outside of London (it’s home to the Bank of England’s only non-London base), and a heavy hitter when it comes to both law and the digital economy, Leeds is growing fast. It benefits from excellent rail transportation links from London, Edinburgh, Manchester and beyond, and has a blossoming culture and economy that’s attracting and retaining top talent.

Edinburgh

With an excellent track record of innovation, leading research institutions and biomedical funding bodies unparalleled in the country, Edinburgh is a great choice for aspiring businesses. According to analysis from Management Today, the Scottish capital came top in the magazine’s Best Cities for Business 2022 rankings, owing to its ‘vibrant, future-facing’ nature, ‘much-vaunted quality of life’, strong economy, skilled workforce and much more.

Manchester

Arguably the capital of Northern England, Manchester has a high-quality and wide-ranging availability of talent thanks to its many top-flight universities and one-of-a-kind culture which keeps graduate talent in the city. That’s made it a great choice for professional businesses of all colours, from tech to legal, through to finance and creative.

If you’re looking for a northern hub, Manchester’s location on the rail route between Liverpool and Leeds is highly beneficial too.

Birmingham

Compact and centralised Birmingham is often referred to as the UK’s second city for good reason. It’s home to the leading business school of Birmingham City University, has a large and growing business district and the venerable law firm hub of Colmore Row, and has a great availability of inexpensive office space to boot.

As we mentioned, the city is easy to get around too, and will soon benefit from augmented transport links via HS2.

There are so many places to start a business in the UK outside of London. Think there’s a city missing from our list? Be sure to get in touch and let us know!

The post Forget London: These Are the UK’s Next Biggest Business Capitals first appeared on Economic Journal.

With costs rising across the board, businesses more than ever need to consider crucial methods for cutting costs.

A Disastrous Economy

The need for cost-cutting arises from the uniquely dire economic circumstance in which the UK currently finds itself. A year of high inflation has wreaked havoc on both consumer markets and business costs, with energy in particular seeing a stark rise in price year-on-year.

Businesses, which do not enjoy the same price-cap protections as domestic households, have seen their energy overheads increase as much as tenfold in some scenarios.

The problem was exacerbated by a disastrous economic proposal put forward by short-lived Prime Minister and Chancellor Liz Truss and Kwasi Kwarteng respectively. Their October ‘Mini-Budget’ sought to stimulate growth, while the Bank of England was actively attempting to stymie growth.

The result was market instability, steeper inflation, and higher rates of interest altogether – rendering credit and debt more expensive than before.

Key Methods for Cutting Costs

But in what ways do businesses respond to such economic stressors?

As the cost of borrowing grows ever higher, alongside the cost of raw materials, manufacture, logistics and even imports, it is of crucial importance that businesses seek unique ways to curb their spending.

The first port of call for many businesses is their supply network. Difficult times are as good a time as any to renegotiate with suppliers, or to seek out new suppliers entirely. For trade businesses, finding a new raw material wholesaler might unearth helpful medium-term savings.

With energy being one of the leading cost burdens of the current economic situation, mitigating energy usage is another strong point of attack for saving money. Business premises might start with behavioural change, such as the turning off devices and heating systems after working hours. For industrial businesses, energy-efficient investments are the better option.

As a last resort, there is the matter of staffing. In times of economic downturn, individual businesses will experience reduced success. This might justify targeted redundancies, to limit labour costs and recoup money in the medium term.

But this can harm long-term prospects if not done carefully.

What Does the Future Hold?

These are all relatively short-term changes a business can make to weather an economic storm. They have long-term impacts, and do not necessarily need to be reversed, but they may not be enough if the economic landscape does not change for the better soon.

However, there is evidence to suggest that 2023 will be just as difficult, if not more so for businesses. Goldman Sachs predicts a significant recession event in 2023, being a period of growth decline that sees consumers spending less and less. This could be existentially bad for businesses unable to pivot to new income streams or contain their own costs.

The post Will Businesses Lay Off Workers in 2023? first appeared on Economic Journal.

There’s nothing quite like soaking in warm bubbly water under the stars, and with so many great models on the market now, it’s easy to find one that fits both your needs and your budget.

There is undoubtedly a hot tub out there for you, whether you’re looking for something basic and low-maintenance or something with all the bells and whistles. So why not treat yourself to a brand-new hot tub to make this summer the finest one yet? You won’t regret it.

Super Ideas to Transform Your Garden by Adding Hot Tubs

There’s nothing quite like coming home from a long day at work and relaxing in your very own hot tub. Whether you’re soaking up the last rays of sunlight with a glass of wine or enjoying a romantic evening under the stars, a hot tub is a perfect way to unwind.

And with so many different designs and features available, it’s easy to find perfectly high quality hot tubs for sale that suits your needs. From built-in speakers and LED lights to jets that provide a soothing massage, here are a few features that should be on your hot tub wish list.

Install Side Decking to Enter in Hot Tub

Natural wooden cladding and a log-fueled fire are the perfect combos for those who dream of having a rustic hot tub in their backyard. Plus, decking to the side provides easy access and is a useful place to store extra logs nearby. A hot tub with this aesthetic is ideal for reconnecting with nature and looking stunning in less formal landscapes. Simple is often the best. With this hot tub, you may escape the outside world and unwind in your private paradise. So why not think about putting one in your backyard right now? You won’t regret it.

Setup Your Hot Tub in Trees

Forest bathing, or shinrin-yoku, is a Japanese concept that refers to the experience of zenning out amongst trees. It offers a wide range of benefits, including reducing stress levels and boosting wellbeing. To create your own forest bathing experience in your backyard, surround your tub with your pick of the best backyard trees or, for smaller spaces, the best trees to grow in pots. Just looking at this oasis of greenery is enough to chill us out.

Install A Sitting Area Near Your Hot Tub

A hot tub is a wonderful addition to any home, and it can provide a great spot for relaxation and socialization. However, it’s important to consider your hot tub placement carefully. For example, if you place it in your garden, you can create a serene and inviting seating area that will be perfect for entertaining friends and family. By carefully placing furniture and plants, you can create a stylish and functional space. And by placing your hot tub near your garden, you’ll be able to enjoy the sights and smells of nature while you relax in the warm water. With careful planning, you can create the perfect spot for enjoying quality time with those you love.

Set Exotic Lights for Night Relaxation

Consider investing in an illuminated hot tub if you want to add a touch of luxury to your outdoor space. Not only will it provide a chic focal point for your garden, but it will also create an inviting space for relaxing and entertaining. Various lighting solutions are available, so you can choose one that best suits your needs. For a truly unique look, opt for a tub that illuminates from within. This will create a warm and inviting glow that is sure to impress your guests. Then, pair it with matching wall lights and festoon lights for a complete garden party look.

Final Thought

When it comes to choosing a hot tub, there are a few things you’ll need to keep in mind. First, you’ll need to decide what size and type of tub best suit your needs. Then, you’ll need to think about where you’ll be placing the tub and what kind of features you’ll want it to have.

Finally, you’ll need to consider your budget. With so many factors to consider, it’s important to do your research before making a purchase. Luckily, we’ve put together a list of things to consider when choosing a hot tub and some decorating ideas to help you get started.

So, we’ve got you covered whether you’re looking for a small, intimate tub for two or a larger model for entertaining friends and family.

The post The Best Hot Tubs to Bring a Touch of Luxury to Your Garden first appeared on Economic Journal.

Prevents soil erosion

One of the significant risks that many structures face, despite the landscape’s nature or climate, is soil erosion. After all, a building must be firmly anchored to the ground to ensure that every building has the structural support required. With retaining walls, you’ll be able to maintain the land’s integrity since soil erosion will be prevented. This is especially important for properties constructed on bare grounds and lacking vegetation coverage.

Soil erosion can potentially weaken a building’s structural members as it exposes its foundation. Concrete retaining wall construction can minimise, if not mitigate, any structural failure risks and ensure that the foundation remains strong. Beyond keeping soil from eroding, retaining walls can also prevent flooding. They can control the surface runoff and keep it from going too fast.

Creates flat areas

Anyone in the construction industry understands flat areas are more useful and easier to work with than steep slopes. Thankfully, while the latter can’t always be avoided, turning them into the desired flat surfaces with retaining walls is possible. The structures are generally ideal when it comes to grounds that are hard to deal with, enabling property construction that otherwise wouldn’t have been possible.

Using retaining walls can also allow you to achieve more stable structures on lands that may have grading issues. Moreover, they can do so at much lower costs compared to alternatives. When you get down to it, it’s not easy to deal with sloped areas. Usually, it involves a considerable amount of time and effort in landscaping and digging to transform them into functional spaces. By constructing retaining walls, you’ll essentially eliminate the slope/hill part to make it possible to erect stable foundations.

Improves drainage sites

Beyond the creation of flat surface areas and prevention of soil erosion, retaining walls are useful in providing drainage around structures. As you may very well know, draining is crucial because it channels the runoff water into the designated area to prevent any instances of flooding. Perhaps the greatest enemy of a building’s structural members is water because it can saturate the wood, forcing it to rot and collapse.

In addition, water can potentially blast apart foundations made of poured concrete and rock if it’s strong enough. It can also corrode any steel elements within the structure with long-term exposure. With retaining walls, you can direct water around your property instead of on it and avoid these problems.

Conclusion

Retaining walls serve functions beyond visual enhancement. When used correctly, they can provide the structural strength that your project needs, giving you peace of mind that the structure will remain strong for years to come.

The post Importance of Retaining Walls to Structural Support first appeared on Economic Journal.

Although there are many advantages of self-employment, one major disadvantage is not having access to a retirement plan that is sponsored by an employer, such as a traditional 401k. Luckily, there is a solo 401(k), which was specifically made for self-employed workers and has a lot of the features in an employer-sponsored plan without having to work for the employer.

What is a solo 401k plan?

It is a retirement plan which has been approved by the IRS and entails the same requirements and rules as a traditional employer-sponsored retirement plan. However, it is an individual retirement plan that is best suited for business owners who haven’t employed any workers. According to IRS rules, you cannot use this retirement plan if you have full-time employees.

The plan’s contribution limits

This retirement plan’s contribution limit is $61,000 in 2022 and there is a catch-up contribution of an additional $6,500 for a self-employed individual who is 50 years old and above. In addition, the plan allows the business owner to contribute annually to the plan as both an employer and an employee, which increases the annual maximum contribution limit. Thus, in order to fully understand this plan’s contribution rules, you need to think of yourself in two roles: as your own employer and as your own employee. As an employee, you can contribute $20,500 in 2022 and an additional $6,500 if you are 50 years old and above. On the other hand, as the employer, you can contribute a profit-sharing amount up to a maximum of twenty-five percent of your compensation.

Is it tax deductible?

The great thing about this retirement plan is you have the option to choose your tax advantage. For instance, under the traditional plan, the contributions are deducted from the employee’s paycheck before income taxes are calculated and deducted. However, with a Roth plan, the contributions are deducted from the employee’s salary after taxes have been subtracted from it.

Am I eligible for this plan?

If you own a business and you do not have full-time employees or earn income from self-employment, then you can open this account through one of many reputable solo 401k providers.

Can my spouse also make contributions?

Although there is a no-employees rule on this individual retirement plan, the IRS permits one exception; if your spouse earns from your business, he or she can also contribute to the plan. This is very beneficial because it can double the amount you can contribute as a family, depending on both of your incomes from the business. For instance, your spouse can make deposits up to the contribution limit of $19,500, plus the additional catch-up provision if they are 50 years old and above. Then, as the employer, you can contribute a profit-sharing sum for your employed spouse, amounting up to 25% of compensation.

Conclusion

This individual retirement program offers many benefits to the participants, such as the ability to make higher contributions, and engage in investments like real estate and stock, it offers stronger creditor protection compared to individual retirement accounts and is cost-effective.

The post How Do Solo 401(k) Plans Work? first appeared on Economic Journal.

A credit card empowers the holder to purchase and pay for items at acceptable terms with prevailing interest rates. However, carrying the card can lead to a false sense of security as you can ring up your totals without thinking about the ramifications of your monthly budget. Soon enough, you fall into the trap of paying off the minimum required amount, and you’re seemingly stuck paying off a debt for quite some time.

You don’t have to fret if you find yourself mired in a credit card debt trap. While it may take a lot of sacrifices to get back on your feet, you can overcome such a concern with financial discipline. But, first, you must face the problem head-on and learn from the circumstance and strive to prevent it from happening in the future.

If you want expert advice, experienced local financial adviser Kent professionals can guide you to extricate yourself from the financial mess. They can help plan your payment scheme and keep your finances in order. Their local knowledge will be essential to keep your head above water until you pay off the debt.
Here are some tips to get yourself out of credit card debt.

Consolidate your information

Perhaps the first thing you have to do is to consolidate all your credit card information. Find out how much you owe, list them down and figure out the length of the debt. Then, you can speak with your financial adviser to help you sort out the information and have a clear overview of the problem. Seeing how much you owe will be vital to curtailing your spending habits.

Prioritise your debts

Now that you have a list, look into it, and identify and prioritise the most important ones. Typically, these would be the mortgages, vehicle payments and educational expenses. While there will be other expenses for your wants and luxuries, you must devise a good plan to pay them off. Again, your financial adviser can help you determine which ones would be best to pay off faster.

Track your expenses

You also need to free up some cash. Track your expenses for the next two weeks up to a month. List them down and trim the ones you can do without for a while. It may mean there wouldn’t be dine-outs with the family, fewer meal deliveries, or cutting back on leisure expenses. However, if you want to pay off your debt faster, you need to do these things. You can then allot more of your money to pay off a more significant chunk of the debt and, thus, finish it faster.

Try a debt consolidation plan

One of the options you can look into is to consolidate your debt. For example, you can transfer their balances to a low-rate credit card if you have several debtors looking to garnish your pay. This will help you pay off debt quicker.

Endnotes

Freeing yourself from credit card debt can be a long process. However, there are several steps that you can take to ensure you can extricate yourself from the problem.

The post Essential Tips to Get Yourself Out of Credit Card Debt first appeared on Economic Journal.

The city also has several parks and green spaces where you can relax and enjoy the fresh air. Coventry has numerous colleges and universities, so you’ll have plenty of opportunities to meet new people worldwide. Here is a guide on the house price trends in the area:

An Overview of Coventry

Coventry is a city that’s been through a lot in the last few years. The city has had its fair share of struggles, but it’s also seen incredible growth over the past few years.

The Coventry area has always been known for its industrial and manufacturing history, but in recent years Coventry has become more popular for residential living. The city has seen a massive uptick in population growth over the past decade, going from about 35,014 residents in 2010 to almost 440,000 in 2022.

In addition to this growth, Coventry has also emerged as a tech hub for startups and entrepreneurs, thanks to the presence of companies like Google and Uber. There are now more than 600 businesses operating in the area, including startup incubators like Stagecoach Ventures & Investments and Space Rocket Ventures.

Coventry’s downtown area was recently recognized as one of Britain’s best shopping districts. At its heart is Coventry Cathedral Square—a busy hub with many restaurants and shops home to many independent retailers who sell local products and foods made with natural ingredients like honey.

Current house prices in Coventry

Are you looking for a house in Coventry?

Coventry is the most affordable city for property in the UK. The average house price is £207,023, and there are over 17,000 properties currently on the market. This means there are plenty of opportunities for first-time buyers who want to get on the property ladder but don’t want to spend a fortune.

The city also has a diverse range of housing options available. Detached houses cost an average of £427,872, semi-detached houses cost an average of £276,929, and terraced houses cost an average of £200,138. It is important to note that these figures do not include any fees or other costs associated with buying a home in Coventry. They give an idea of how much money it will cost to live in various areas throughout Coventry.

House price trends in Coventry

Coventry’s house prices are on the rise. And we have some good news: they’re not done yet.

From May 2021 to May 2022, the average house price in Coventry increased by 12%, according to the latest data from the property website Rightmove. Semi-detached properties saw the most significant increase of up to 23%.

That means you can expect your property to keep increasing in value—even if you don’t want it to! But what does this mean for you? Now is a great time to buy if you’re looking for a new place to live.

Buying a house in Coventry

Buying a house in Coventry is an exciting and rewarding experience. But it can be challenging to know where to start.

The first step is to find the right place for you. Coventry has a wide range of neighbourhoods, so don’t be afraid to look around! The next thing is deciding on what kind of house you want.

If you’ve decided on how much space, style, and features are important to you, then it’s time to look at property conveyancers. Coventry property solicitors like AVRillo will help with all aspects of buying property in Coventry, including finding the right location for your new home and negotiating contracts and legal documents. They will also assess the market value of any properties that may be available so that there are no surprises when it comes time for settlement day.

Conclusion

Coventry is a city that’s been on the rise for quite some time, and with good reason: it’s got everything you could want from a home base.

There’s beautiful architecture, to be sure—but a ton of amenities can help make your life even better. If you’re looking for a new home in Coventry, take this opportunity to see what it offers. You may find yourself purchasing before you know it!

The post House Price Trends in Coventry first appeared on Economic Journal.