It has been found that over the past 12 months, Leicester’s property prices have been one of the highest grossing in the UK.
Hometrack helps business and homeowners assess residential property risk in cities across the country. The Hometrack UK Cities House Price index is the only UK index that analyses the housing market trends at a city level. The index includes the 20 largest cities in the UK and assesses the average property price change over a one month, three month and 12 month periods.
In the year since May 2016, Leicester’s property prices have increased by 6.9 per cent. The UK average stands at 4.7 per cent and only Birmingham (7.7 per cent) has risen by a greater amount than Leicester.
Last year, the average price in Leicester was around £154,000. The growth seen over the last year has added over £10,000 to asking prices, on average, in the areas and the average price in Leicester now stands at £164,900.
So, why could it be that Leicester has seen such a big increase compared to other cities?
Well, there are many factors that could affect the growth both on an economic and sociocultural level. The discovery of King Richard III’s remains and Leicester FC’s remarkable premier league success both put the city on the international map and it seems that the city is still feeling the effects.
Firstly, Leicester itself and Leicestershire towns have great connectivity, with train links running to desirable locations for commuters such as Birmingham and London.
More jobs are also coming to the city itself. The Midlands Engine Strategy has been set out by the government to make the Midlands a powerful engine for economic growth. The goal is to create 300,000 jobs throughout the Midlands in the next 15 years. Leicester, with many manufacturers already in the city, is likely to be a main source for the investment.
Price growth is ultimately driven by demand in an area, and with so much development and happenings in the city – alongside the strong transport links – it’s easy to see why house prices have grown. Our blog post looks into why Leicester is a growing choice for property.
Estate agents in Leicestershire
Whether you’re attracted by the liveliness of the city centre or the scenic nature of the surrounding countryside towns and villages, Andrew Granger & Co can help you find your next home in the area. For help finding the right home for you, contact your nearest branch on the phone numbers below:
Leicester: 0116 242 9922
Market Harborough: 01858 431 315
Loughborough: 01509 235 534