Leicester Bucks the National Trend with Its Growing Property Market
According to the Bank of England’s monthly update figures for June, mortgage approvals are at their lowest since September 2016. With 64,684 mortgages approved over the course of that month, the nine-month low is being interpreted by some as proof that the UK’s housing market is slowing amid concerns over consumer spending levels and the country’s future after Brexit.
It’s not all doom and gloom for Leicestershire homeowners and landlords, however: according to the property market analysts Hometrack, Leicester has enjoyed above-average house price increases over the course of the past year with growth of 7.7%. While London and some other areas of the country have seen the property market cooling over the past few months, certain cities, including Leicester, have bucked the trend and continue to go from strength to strength.
At the top of the table was Manchester, which saw growth rates increase from 6.3% last year to 8.4% this year. Leicester and Birmingham were both close behind with 7.7% growth, followed by Nottingham with 7.2%.
It would appear from these statistics that more people are turning away from previously high-growth cities such as London, Bristol, Cambridge and Oxford and choosing instead to look for homes in regional cities where the quality of life is often better and property more easily available.
It’s clear that while the property market certainly isn’t what it was pre-recession, talk of the bubble bursting has been premature. Key cities such as Manchester, Leicester and Liverpool are all seeing a revival as people are increasingly looking beyond London and the South East in search of more affordable and more comfortable homes.
The team here at Keywest have always known that our fair city is streets ahead when it comes to high-quality affordable homes to buy or rent. While property hunters and owners in other areas of the country might be struggling with falling or stagnant prices, Leicester still appears to be on the rise, and you can certainly get a lot more floor space for your money than you might do elsewhere.
If you’re thinking of selling or letting your property to take advantage of Leicester’s market-defying property boom, get in touch with Keywest’s expert team today. Call us at our offices at Hinckley Road (01162 544 555) or Queens Road (01162 544 543) to find out more about the services we provide.