In this article, we’ll get you up to date with the Leicester property market insights. We’ll explore what’s changed, what’s remained the same, and what you can expect moving forward.
Read on to discover the latest insights into the Leicester Property Market.
Are you thinking of buying a home in Leicester?
Leicester is home to plenty of great opportunities, and its property market is no different. The market has experienced significant growth in recent years. Property values have been on the rise, and many buyers appreciate Leicester as a great location to make an investment.
However, prices vary by neighbourhood, and the best neighbourhood for you will depend on your investment goals. If you’re looking to invest in a rental property, then areas with more students will offer greater rental income. On the flip side, for those making an investment into a family home, then choosing an area with family friendly amenities is more important. Getting this right is incredibly important, as you’ll see in the next section.
The current state of the Leicester housing market
Overall, the Leicester property market as a whole has only increased in value by 2% compared to this time last year. The average property price currently sits at £280,000, whereas a year ago, it was £275,000. Here is a breakdown of current property prices by type:
- Average price of a detached property: £425,000
- Average price of a semi-detached property: £284,000
- Average price of a terraced property: £230,000
- Average price of a flat: £140,000
Over recent months, there have been issues across the UK, which have resulted in the property market being affected. This may be one of the reasons why the property market has only changed by 2%. However, interestingly, there have been more significant changes in neighbourhoods.
For example, in the LE1 postcode, the average property value is £204,460, which is an increase of 16% in the past year. In contrast, in the LE2 postcode, the average property value is £323,013, reflecting a 6% increase. This is just one example, but it goes to show how finding the right neighbourhood is incredibly important.
What is expected to happen in the next five years in the property market in Leicester
In the next five years, the property market in Leicester is poised for continued growth and stability. Several factors contribute to this, with the most important being that there will always be demand for property in Leicester. The city’s population is on the rise, thanks to abundant job opportunities and its attractive location between London and Birmingham.
Consequently, property prices are expected to remain stable with an increase in value year on year.
However, in the short term, there are ongoing issues with the economy that threaten property prices not only in Leicester but across the UK. Unless these issues are resolved, the property market will always be clouded with uncertainty. If the economy takes a turn for the worse, property prices may drop, but to what degree is also debatable. It is unlikely that prices will reduce to prices in the last decade simply because there will always be more demand than supply.
How this will impact buyers and sellers in Leicester during 2023
Buyers will likely face a relatively stable but increasingly competitive market. With property prices expected to continue to rise, buyers may need to budget carefully to meet increased costs. Additionally, the demand for properties means that desirable homes are getting snapped up quickly, meaning buyers need to be quick off the mark to be able to make purchases.
For sellers, 2023 could be a favourable year to capitalise on the equity that they will have gained from property prices increasing. The stable market conditions and consistent demand for homes in Leicester offer an advantage for sellers. However, with increasing prices, the selling process will take longer. Many buyers will want to negotiate to ensure they get the best deal possible.
Tips for those looking to buy in the near future
Research Neighbourhoods
Property prices vary by neighbourhood, so research and choose an area that aligns with your investment goals. For rental properties, consider neighbourhoods with a higher student population, while family-friendly amenities may be a priority if you’re buying a home for your family.
Budget Carefully
With property prices expected to continue rising, set a realistic budget and stick to it. Before beginning your property search, make sure you have a budget in place to avoid overpaying.
Don’t Delay
The competitive market means that desirable properties can be sold quickly. Be prepared to make a quick decision when you find a property that meets your needs.
Tips for those looking to sell in the near future
Price Realistically
While the market is favourable for sellers, price your property realistically based on current market conditions. Overpricing can deter potential buyers, which can cause delays in getting your property sold.
Prepare Your Property
Make your property as appealing as possible to potential buyers. Consider investing in minor renovations to entice buyers. A well-maintained and attractive property can stand out in a competitive market.
Be prepared for negotiations
Buyers may want to negotiate to get the best deal possible. Consider your lowest acceptable price and terms before entering negotiations to ensure an efficient selling process.
Leceister’s property market provides great opportunities for those looking to buy and sell. Buyers can enjoy appreciation on their investment, while sellers can cash in on any increase in property price that they may have received. Now, there may be economic uncertainties that may cast a shadow in the short term, but the overall trajectory points toward stability and growth in the long term.
If you have a property in Leicester that you’re looking to sell. We can help. We act as cash house buyers to ensure you can get your property sold quickly and for the best price possible. We can provide a cash offer which takes into account the current property market prices. Once you’re happy with the offer, we can complete a sale in as little as seven days. This means you can avoid the risk of market fluctuations affecting the value of your property while you wait for buyers on the open market.
