What’s happening to house prices in Leicester?
Significantly, the number of overall transactions in the Leicester area, during the last 12 months has declined by 13%, compared to the previous 12 months.
This correlates with a national reduction in mortgage approvals, nationally, that was seen in December 2017.
In terms of house price growth, on a national level, house prices rose 5.1% across the UK. The East Midlands is among the regions where prices are rising fastest.
For Leicester the lack in supply of homes coming to the market, is not meeting overall demand which has helped to sustain recent house price growth. However, price sensitivity among buyers remains high. Properties with price positions that are not in line with the buyers are stagnating on the market for some time. With 99% of buyers starting their search online and over 70% of these doing so via phones, as opposed to PC’s and laptops, it is vital for sellers to price their property correctly, to avoid the risk of the property advert becoming stale.
To find out more on what’s happening to house prices in your area, or to simply discuss your goals and aims regarding property, why not contact us today? We’d to hear from you.
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