As we move through 2022, the housing market in Leicester is expected to continue its strong performance. Despite some economic uncertainty, the city’s population continues to grow, and the demand for housing remains high. This is because Leicester is a great place to live and work, with strong job prospects and a vibrant city centre. So, what can you expect if you’re considering buying or selling a property in Leicester? Here’s a guide to the Leicester housing market trends for 2022.
Leicester is a city on the rise, which is reflected in its housing market. Property prices have been rising steadily for the past few years, and this is expected to continue in 2022. The average price of a home in Leicester is currently £195,638, but this is expected to rise by the end of the year. This is great news for those looking to sell their property, as they can expect to achieve a good price. However, it does mean that buyers will need to have a higher budget.
Leicester’s rental market is influenced by:
- A strong economy: Leicester’s economy is growing, meaning more people are moving to the city for work. This increases the demand for rental properties.
- A young population: A large proportion of Leicester’s population is under 30. This means that there is a high demand for rental properties from young professionals and students.
- A lack of new build properties: There has been a decrease in the number of new build properties in Leicester in recent years. This means that there is a limited supply of rental properties, which drives up prices.
All of these factors are expected to continue in 2022, so landlords can expect to achieve high rental prices.
Buyers can find affordable property options in Leicester, which is a key factor in the city’s popularity. Leicester is also a famous city for homebuyers, as it offers good value for money. The average price of a home in Leicester is currently lower than the national average.
However, as demand for property in Leicester is high, prices are expected to rise in the future. So, if you’re considering buying a property in Leicester, it’s important to do so soon.
Implications of these trends for homeowners and renters in Leicester
If you’re looking for a new property to rent, it’s advisable to start your search early and be prepared to pay a little bit more than you might have expected. For homeowners in Leicester, these trends are good news as your property is likely to increase in value. For renters in Leicester, the trend of rising rental prices is likely to continue, so it’s important to budget accordingly. Either way, Leicester is still a great place to live, work and invest in property.
How to take advantage of the current housing market trends in Leicester
The property market is ever-changing, so it’s crucial to stay up-to-date with the latest trends. To take advantage of the current trends in the Leicester housing market, consider doing the following:
- If you’re considering selling your property, now is a good time to do so. You can expect to achieve a good price for your home.
- If you’re thinking of buying a property, start your search early. Property prices are expected to rise, so it’s important to find your dream home before prices increase.
- If you’re a landlord, consider investing in buy-to-let property in Leicester. The city’s strong economy and young population mean high demand for rental properties.
- If you’re a tenant, budget for rising rental prices. Rental prices are expected to continue to rise, so you must make sure you can afford your monthly rent payments.
Whatever your situation, it’s important to stay up-to-date with the latest housing market trends for you to make the most of the current market conditions.
Leicester is a great city to live in and work, with solid job prospects and a vibrant city centre. However, be prepared for rising rental and housing prices if you are thinking about moving to the city. Enlist the help of a professional housing solicitor to ensure you get the best deal possible on your property transaction. AVRillo housing solicitors in Leicester have a wealth of experience and can provide you with expert advice on the Leicester housing market.