Leicester Housing Market Update - November 2022
Posted on 15th November 2022
The Leicester housing market has seen some big changes over the past few months.
Prices appear to have suffered over the last few weeks due to the rising interest rates through October 2022, which has caused many buyers to put their plans on hold.
Despite this, there are still plenty of people looking to buy property in Leicester, so there is still demand in the market.
For those selling property, it’s important to be realistic about prices and not expect to achieve the same price as you would have a few months ago.
It’s also important to be aware of the current market conditions and what buyers are looking for.
Buyers are still looking for good value for money, so properties that offer good quality and space for the price will be the most appealing.
It’s also important to remember that people are still cautious about the economy, so properties that are in a good location and are likely to increase in value over time will be the most desirable.
Looking ahead, the next few months are likely to be challenging for the housing market. Rising interest rates are expected to continue to deter buyers, with the usual Christmas slowdown also likely to have an impact.
What we do need to take into account is that house prices have risen so much in Leicester over the past few years that even a small drop in prices is still likely to leave many people in positive equity. Positive equity is when the amount of money that you paid for your home is more than the money you would get if you sold it, which means you are able to sell the property without putting in any additional money yourself. When you owe more money on your home than it is worth, that is called negative equity, this was happening a lot in 2008 during the housing market crash but is not as big of a concern now.
For those considering buying a property in Leicester, it’s important to be aware of the current conditions and to take into account how they might change in the coming months. It’s also worth bearing in mind that while prices may have fallen recently, they are still much higher than they were a few years ago, so there is still potential for capital growth in the long term.
If you’re thinking of selling your property in Leicester, it’s important to speak to a local agent to get an up-to-date valuation and to understand what buyers are looking for in the current market. With the right advice, you can still get a good price for your property, even in these challenging conditions. Ultimately, if you are looking to move house then as long as you are in positive equity, as explained above, then you buy and sell in the same market, so you are not at a disadvantage. If you are just selling a property then time may be a putting you under a little more pressure so it is vital you understand the market you are selling into, and act quickly to get the best possible price.
In conclusion, while the housing market in Leicester is currently challenging, there are still opportunities for both buyers and sellers. Those looking to buy should be aware of the current conditions and be prepared to act quickly, while those looking to sell should speak to a local agent to get the best possible advice.
If you are thinking of buying or selling property in Leicester, or if you have any questions about the current market conditions, please do not hesitate to get in touch. Our team of experienced agents would be more than happy to advise you on your next steps.
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