27 Jun

A mid year review of the Leicester property market 2017

2016 was a year that will never be forgotten in Leicester so it would be understandable if 2017 saw things seem slightly flat or deflated compared to what had gone before. However, the first six months of 2017 have been not too bad in the city, with the football team ensuring they didn’t follow a league title win with relegation, and of course, they were the last English survivors in the Champions League. All of this ensured the overall mood in the city remained high in 2017, and it would be fair to say that the overall feeling in the Leicester property market isn’t too bad either.

When you take on board the number of major factors that impacted on the UK property market in the past year, it is easy to see why so many property specialists forecast a difficult time in the property market in 2017. The fall-out of Brexit, the fall in the UK currency against many other currencies and an economic slowdown all pointed to a tough time. Since those earlier forecasts were made, there was a snap General Election called, which resulted in chaos in Parliament. All in all, the external factors impacting on the UK property market have been damaging but the mid-year review for the Leicester property market in 2017 isn’t too bad at all.

Property value is increasing in Leicester The current average value for property in Leicester, as of June 2017, stands at £217,859 and this is said to be an increase in value of 1.69% from the March 2017 figure. At this point in time, any increase in price or value should be taken as a positive sign.

With respect to the breakdown of average price paid for property in Leicester, the following table is of interest:

• Average price paid in the past 12 months: £206,560

• Average price paid in the past 6 months: £206,851

• Average price paid in the past 3 months: £205,068

Looking at the average price paid for Leicester property over the past year, past six months and past three months indicates a good level of consistency. Yes, the lowest figure of the three periods is the most recent one, but only by a £1,000 or so, which is certainly not a sum that is going to worry many people when looking at the overall property prices. Clearly if this was a trend that was going to continue over a lengthy number of years it may be of concern but at this point in time, it would be fair to say that the Leicester property market looks fairly robust and consistent when considering the past six months.

Leicester is a place that is in demand

Given its location in the country, and its importance as a key transport hub, there is no denying that Leicester is an area that is in demand. This is a city with more than decent employment prospects, which is always going to draw people to the city. Add in the fact that the current demand for property outstrips the supply and you have a situation where it is unlikely that prices are going to fall.

When it comes to the mid-year property market review for Leicester, it has to be said that things have been going well and could have been a lot worse for the city.

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