Property Market Insight - Leicester (year to October 2017)
Leicester is among the fastest growing cities in the UK for house price growth with an increase of 6.6% year on year to October 2017, according to the latest UK City House Price Index.
A combination of its central location with good commuter access to a number of places throughout the UK and recent investment/regeneration of the city, underpinned by a lower number of properties coming to the market, have been the key drivers behind the house price growth. There is still a strong sentiment of price sensitivity among buyers. Rightmove have observed an increase the number of price reductions across the country, (reflected in Leicestershire as well), where homeowners or their estate agents have been over ambitious in the price/value. Up to 50% of properties do not sell with the initial estate agent, according to Rightmove, further evidence that some estate agents over- value, or give incorrect advice, to win business in a market with a shortage of properties available. However, properties with the right pricing and marketing presentation are attracting interest and achieving strong results. During 2016 there were 3,277 sales within the area, with a spike seen in the first quarter of 2016 before the Stamp Duty increases took effect in April 2016. The most common property to change hands being semi-detached, accounting for 37.1 per cent of all sales.
In the background, Brexit may have caused some uncertainty and, indeed, hesitation among some home-movers. However, the solid house price growth in our area, since referendum shows that the demand from buyers is there. If you would like more advice on selling or what the value of your home is, why not call us for a chat 0116 275 8888.