Are house prices going up in Leicester? The answer to this question will vary depending on the area you live in, the type of property you are looking at, and even the season of year. But as a general rule, Leicester house pricesincrease over time.
Also, it all depends upon what is most convenient for you and can also depend on whether it is a buyer’s market or seller’s market where you live. As with all things, it is important to understand why house prices are going up. So, what is the main reason for this upward trend? Let’s dig in.
Massive Increase in Demand
The reason why house prices are going up in Leicester is that there has been an increase in demand for homes in Leicester, which means that more people want to buy properties in Leicester.
More importantly, there has been a 30% increase in property prices over the past five years. Such is the highest growth rate since 2013 and is expected to continue for at least another year.
There were 1,700 new households in Leicester between 2011 and 2016 – an increase of 122 percent. That is higher than any other UK city with at least 500 people.
Notably, this growth is likely due to a large cohort of young people choosing to live with their parents or grandparents as they transition into adulthood. You should always consult house conveyancing solicitors in Leicestershireto get the best legal assistance for property buying and selling.
Growing Population
The increasing demand for housing has been driven by the rapid growth in population, the aging population, and the large increase in house prices over the past 20 years. The Government’s Help to Buy Schemehas also contributed to this trend.
There are currently over 1 million people living in the city of Leicester, and this number is expected to rise by at least 100,000 over the next decade. Such means many new houses must get built and sold to buyers who will live in them.
Leicester’s population had boomed since 2000 when it was at its lowest point since 1801. The city has also seen a surge of immigration over recent years as more people come here from other parts of the country or overseas.
Building Boom
If you have money, Leicester is the place to be, and with a booming building industry and new developments, it’s not hard to see why.
The city has experienced a boom in new homes and construction, which is good news for people who want to move. But what about everyone else? What will they do?
Notably, the new homes are being built at a rate of 1,000 per year in Leicester. It is a significant increase in the number of houses built since 2010 – when there were only 100 units built each year.
The surge in demand for new property has seen prices increase by over £20,000 for properties sold in 2016 compared to 2015.
The study also looked at how long people would spend looking for their dream home in Leicester and found that most people would spend between three months and two years looking before finding their perfect spot.
Great Amenities
There are many reasons why house prices have increased in this area, with the most important being the presence of great amenities. These include shopping centers, schools, and parks.
These amenities attract people to the area, which is reflected in the high demand for property here.
Such amenities also make a living here more attractive as they provide people with a wide range of things to do. People can shop at shopping centers, go to parks for walks or play sports on the streets.
However, it is important that these amenities are not just present but also maintained by the local council to continue to draw people into the area.
In Conclusion
At last, housing prices in Leicesterare on an upward trend. If you are in the business of buying and selling these properties, then this information could be helpful.
More significantly, Leicester is an ever-growing city, attracting great opportunities to cater to various interest groups. Moreover, as people flock to this region, there will be a demand for shelter, hence an increase in house prices.
