27 Jun

A look at the property market in Leicester over the last 12 months

12 months ago, the city of Leicester was in dreamland with the local football team, Leicester City Football Club, clinching the English Premier League title. This was a triumph against the odds and it placed Leicester in the spotlight in a way that it had rarely been in over the entire history of the city. A year on and things are getting back to normal, and there are plenty of people holding an interest in what has changed in the city over the last 12 months, and this extends to the Leicester property market.

The City of Leicester holds a population of close to 330,000 (according to the 2011 census) and the city is the biggest municipality, according to population. There is also the fact that Leicester is a hugely important transport hub, with both road and rail lines connecting and intersecting through the city. This creates a level of interest in the city, particularly with companies looking for a location for transport and distribution hubs. With companies looking to have a base in the area, there is a chance of employment, which is always a driver for property demand.

Prices have risen in Leicester in the past 12 months One property specialist lists the average value of property in Leicester as of May 2017 stands at £217,340 with the average price paid for property for property in Leicester, as of May 2017, stands at £206,560. This represents a rise in property prices of 3.87% over the past 12 months, which indicates that the property market in Leicester is in a positive state.

When you take on board the past 12 months include the build-up to the EU Referendum vote, the Brexit outcome and a build-up to a General Election, it has been a fairly tumultuous year. Major political and economic events are commonly cited as factors that impact on the property market so when you think of all of the incidents that have happened in the UK in the past 12 months, the rise in property prices in Leicester in this timeframe has to be seen as a positive thing.

The UK property market has enjoyed a good year Despite the events of the past 12 months, property prices in the UK have risen by 4.1% in the past year, so while Leicester prices have risen, they haven’t risen as much as the UK average. It is often difficult to look at UK averages for the property market because of the outlying impact of London and the South East of England, so the rise in Leicester prices isn’t that far away from the standard rise across the country.

A separate property specialist has listed property prices in Hamilton for the 12 months between February 2016 and February 2017. The average price paid for property in Leicester in February 2016 was £187,143 with the February 2017 average price standing at £189,828. This represents a rise of 1% in property prices over the 12 months, which isn’t as large or as distinct as the other stated price rise.

While many would have predicted that the past 12 months would have been rocky for the property market, the behaviour and movement of the Leicester property market in the past 12 months should provide cause for optimism.

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