Property Market for Sales & Lettings I The Property Fox Leicester
Posted on 9th February 2023
Leicester Property Market Update - 2023
It's been an eventful few months in the Leicester property market!
Prices have seen a small downturn, while the number of sales has remained relatively strong considering the time of year.
The amount of properties available has dropped slightly, but there are still plenty of homes on the market to choose from, and we think there will be even more to choose from as we head towards the Spring.
Here's a closer look at what's been happening in Leicester's housing market.
The latest figures on the Leicester property market
Exciting news for those interested in the property market of Leicester; the latest figures paint a fairly good picture.
House prices have experienced a upward trajectory over the past twelve months, despite the small decreases over the last 3-4 months.
This is good news all round – it indicates that people are increasingly viewing Leicester as a desirable place to live, buoyed by its wide range of attractions and amenities. Investing in Leicester could be a wise decision – with rents and house prices likely to keep surging!
How the city is faring compared to other areas in the UK in the property market
The property market in the city is booming in comparison to other areas within UK.
Prices have seen a steady increase over the past few years, making it one of hottest and most desirable places for property investments.
This has been fuelled by an upsurge of high-paying jobs as well as foreign investment by overseas investors.
Another factor that has been key to this success story is the infrastructure improvements taking place in and around the city, making it increasingly attractive to young professionals and families alike who are looking for a safe and secure living environment.
What experts are predicting for the future of Leicester's housing market
Experts are predicting an exciting future for Leicester's housing market with plenty of potential for growth.
Prices in the area have remained fairly strong for about a decade, so savvy investors have been drawn to the city. Looking ahead, experts believe that high demand and improving infrastructure will contribute to more dynamic growth in house prices.
Of particular interest is the rise of new high specification developments designed to attract tenants from further afield. All these factors could potentially stimulate local businesses, bringing with them more career opportunities for locals and helping Leicester become an even stronger city for the future.
Tips on how to make the most of your property investment in Leicester
Investing in property in Leicester is a great way to create a steady flow of income and build a secure future.
To make the most of your property investment there, it’s important to research carefully and prepare for both short and long-term financial goals relate to your investments. Be informed about business taxes and familiarise yourself with local rent regulations.
Additionally, it’s also worth keeping an eye on rental trends in the area to capitalize on naturally increasing demand.
You should also plan ahead and budget for maintenance or repairs on your property, as they can quickly add up down the line.
By following this advice you can ensure that your investments bring you the best possible return!
The best places to buy property in Leicester right now
If you're in the market for property in Leicester, you're in luck.
Thanks to its extensive transport links, revitalised city centre and thriving university culture, Leicester is an inviting place to invest and make a home. Whether you're looking for a starter pad or looking to expand your portfolio, there are plenty of desirable locations to buy right now. From the city centre's urban vibe, in areas around Narborough Road, Westcotes and Clarendon Park to the leafy surroundings of the suburbs - where green spaces are plenty, such as Western Park, Knighton and Stoneygate - Leicester has something for everyone.
Not to mention its abundance of amenities; anything from restaurants and pubs, to theatres and galleries, allowing buyers the opportunity to enjoy a vibrant city lifestyle at whatever stage of life they’re at.
One of the biggest changes we have seen over the last decade in the Leicester property market is the upturn in the pricing of areas that were previously seen as being the cheaper parts of the city, such as Braunstone, Fosse Road and Beaumont Leys.
As these areas continue to improve they are becoming more and more attractive to first-time buyers and investors alike, making them deal hotspots, although prices in these areas, as in the rest of Leicester, have climbed significantly over the last 3-4 years.
How to add value to your home in Leicester
If you're looking to add value to your house in Leicester, there are a few easy yet effective ways to do so.
Improving energy efficiency can help boost your property's resale value, as buyers will be enticed by the prospect of lower fuel bills.
Consider making changes such as upgrading the insulation or double glazing for improved energy efficiency.
Freshening up the exterior is also an easy way to add value – think about adding a lick of paint or updating the front garden with a few choice plants and shrubs.
While loft conversions and kitchen renovations will no doubt add considerable value to your home, these are long term projects that require significant time and budget investment - simple changes can sometimes create just as great an effect.
Leicester's rental market continues to explode
The rental market in Leicester is a booming business.
With more people moving to the area for its growing job markets, universities and attractions, demand for rental properties is at an all-time high.
Data from Rightmove shows that rents again in 2022, and with the average annual rent at £996 per month, landlords and investors in Leicester are sure to benefit from continued growth.
The huge amount of people looking to rent in Leicester, particularly in areas close to the city centre, is unprecedented, with demand far outstripping the supply of rental properties.
This means that landlords have the opportunity to take advantage of strong yields and increased returns on their investments.
It’s important to ensure that you have a well-crafted and comprehensive rental plan in place, as this will help protect both you and your tenants in the long-term.
By taking all of the necessary steps to ensure that you are compliant with relevant regulations and following best practice, you can benefit from the buoyancy of Leicester’s thriving rental market.
Despite the challenges of 2022, Leicester's housing market has been one of the UK's most resilient. If you are looking to move, rent, let, sell or buy in 2023 across Leicester then there are great opportunities to be had .
As more people flock to the city in search of a new home and lifestyle, it's important to stay on top of current trends and market changes in order to make the best decision for you.
Whether you are a first time buyer, investor or somebody looking to move home Leicester has something for everyone, so why not explore the city and see what it has to offer. With its strong job market, abundance of amenities, excellent transport links and wide variety of property styles, Leicester is the perfect place to settle down.
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