Leicester Property Market Improved by 26.4% Over Pre-Pandemic Levels – Has there ever been a better time for Leicester home sellers? –
The Leicester property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Leicester property ladder with abandon.
Leicester house prices are anticipated to rise throughout 2021 after the Stamp Duty cut (and subsequent extension until the summer/autumn) and the newly revealed 95% mortgages for Leicester first-time buyers (and Leicester homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Leicester property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Leicester estate agents, making the biggest disparity between supply and demand for Leicester property for many years.
Fears of a cliff edge for the Leicester housing market at the end of March have dispersed, somewhat due to the Stamp Duty tax deadline extensions, but also because the elevated level of buyer demand caused by the three lockdowns has continued to swell since the start of 2021 meaning that today …
52% of Leicester properties on the market are
Interesting, when utilising data from theadvisory.co.uk website, the Leicester average for the last five years has only been 41%, meaning there has been an uplift of 26.4% in the proportion of Leicester properties sold (STC) compared to that five year average.
Yet what can’t be forgotten is that 9 out of 20 Leicester house sellers are also Leicester house buyers as well, so whilst they do indeed achieve a higher price for their Leicester property, they also have to pay more for the Leicester property they want to buy.
So, how much will Leicester house prices rise by?
Like all things in life, it’s all about demand and supply. I have discussed the demand, yet what about the supply of properties for sale?
There are 41% fewer Leicester properties for sale today
compared to 6 years ago
Whilst February saw a lower than normal level of new properties coming onto to the Leicester property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Leicester homeowners (especially those older Leicester homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Leicester properties available for sale in the conventionally busier post Easter market in the coming weeks and months which should cause more equilibrium and help keep Leicester property prices in check.
These are interesting times for the Leicester property market. If you are a Leicester homeowner or Leicester landlord looking to buy or let your Leicester property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in this article mean to you.