Following on from my last article, if you recall I said that London Road had the most properties sold in the LE2 Leicester postcode, yet I felt that this information wasn’t telling the whole story, as some roads in Leicester have more properties on them than others. Therefore, I promised that I would compare the average number of properties sold by the actual number of properties on that street, to find out the streets whose owners proportionally moved (or sold) more often than the rest of the locality.
To give some foundation to the article, in 2017 Leicester homeowners had, on average, lived at their existing address for 17 years and 6 months. However, when I looked at the difference between homeowners with and without a mortgage; Leicester homeowners without a mortgage had lived in their Leicester home for an average of 23 years and 9 months compared with 10 years and 1 month for homeowners with a mortgage. Interestingly, Leicester’s Council house tenants have on average resided at their present home for 11 years and 4 months, whilst finally for those who rent from a private landlord, tenants generally have lived in their property for an average of 3 years and 11 months (up from 3 years 5 months only five years ago).
The LE2 street in the top 25 saleable streets with the highest number of households on it is London Road, which has 1,067 residential addresses (including surrounding villages). Yet since 1995, only 876 properties have changed hands (some multiple times!) .. which means the street’s saleability or churn rate is 82.1%.
However, the street or road that has the highest saleability or churn rate is Avenue Road Extension … which has 227 households on it, yet since 1995 there have been 343 house sales … a saleability rate of 151.1%. Here is the full breakdown of the top 25 streets …
So, as you can see, some interesting statistics and a lot more correlation between saleability rate and property values (unlike the article last time where we compared value to ‘out and out’ raw sales figures).
Therefore, what does this all mean to Leicester homeowners and Leicester landlords? Well these 25 streets are the best performing streets out of the 1,104 streets in the Leicester (LE2) area so if you live/own a property on those 25 streets … you are sitting on a very saleable street. If you want to find out how saleable your street is .. please drop me a line and we can discuss this further.