A Comprehensive Guide to Understanding the Local Leicester Property Market
Leicester is a great place to settle down in the UK, with its diverse range of properties and bustling atmosphere. A city located in the East Midlands is one of the most vibrant cities in the UK. It is home to several multinational organizations, prestigious universities, and vibrant cultural and sporting activities. With an increasing number of people choosing to call Leicester home, the local property market has become more competitive than ever. If you are looking to buy or rent a property in Leicester, it is crucial to understand the local property market. In this blog post, we’ll help you understand the local Leicester property market by providing valuable insights and tips for buying and renting homes in the city.
Understanding the Leicester Property Market
Leicester’s property market has seen steady growth over the past few years. Despite the pandemic, the city’s property prices have remained stable. The average house price in Leicester is around £300,000, which is lower than the national average. However, the market is becoming increasingly competitive, with high demand for properties in certain areas. To grasp the dynamics of the Leicester property market, it is best to consult with a local estate agent in Leicester.
Location Matters
When looking to buy or rent a property in Leicester, location is a crucial factor to consider. Different parts of the city offer different advantages, depending on your budget and needs. For example, if you’re a student, areas like Clarendon Park and Freemans Meadow might appeal to you, as they are close to the University of Leicester. The average property price in Leicester can vary, with some areas like Clarendon Park and Knighton witnessing a higher increase in property prices. Alternatively, if you’re looking for a family home, areas such as Oadby and Stoneygate might be a better choice due to their good schools and amenities.
Infrastructure
The infrastructure of any city plays a crucial role in the property market. Leicester’s infrastructure is excellent, with good road and rail links, making it a desirable location for buyers and investors. The University of Leicester and De Montfort University attract a lot of students, leading to a high demand for rental properties. The city council has also planned many new infrastructural developments in the upcoming years, which will increase the property value in Leicester. A dedicated estate agent in Leicester can help you understand the upcoming infrastructural developments and find properties that have the potential for increased value.
Demand and supply
The demand and supply ratio of properties in any local market is what determines the price. The number of properties for sale in Leicester is relatively low when compared to the demand, leading to a significant increase in prices. However, with the onset of the pandemic, the construction industry in Leicester has taken a hit, leading to a slight decrease in new property listings.
If you’re looking for a property in Leicester or experts in the city to help you list your property, Oliver Rayns Estate Agents would be happy to help you in the next step in your property search or sale.
Renting in Leicester
If you’re looking to rent a property in Leicester, you’ll be glad to know that the city offers a wide range of rental properties. Leicester’s rental prices are also relatively good value compared to other UK cities. The average rental price for a 1-bedroom apartment is around £500-£550 pcm, while a 2-bedroom house can range between £650 – £900 pcm. However, if you’re planning to rent in Leicester for the very long term, it’s best to consult a professional to determine if it’s worth buying a property instead.
Buying a Property in Leicester
If you’re considering buying a property in Leicester, it’s essential to do your homework. Work out your budget, consult with an estate agent, look for your preferred locations, and work out the extras, such as legal fees, home insurance, and moving costs. You can also use online tools to search for properties. Before moving ahead, understand all the necessary steps involved, including securing a mortgage, carrying out a survey, and completing the purchasing process.
Conclusion
Leicester is a fantastic city to live in and offers plenty of opportunities to buy or rent properties. Understanding the local property market is essential before deciding to invest in the city. By consulting with an estate agent in Leicester, researching the market, being mindful of the location, and knowing what to expect from renting or buying, you’ll be able to navigate the property market confidently, securing the right property for your needs.
