Buying property in the UK is such a challenge for most people. If you’re buying a home or property in the UK for the first time, it is vital to research the property market wide. Leicester is one of the best places you should look forward to buying your first home.
The anticipation of house prices in the UK remains a challenge to most homebuyers and property investors. According to the Land Registry, the average property price in the UK is £281,161. Property prices in the country have increased by at least 1.1% since the first quarter of 2022.
Investors and commentators believe that property prices in the UK, particularly Leicester, have already peaked. So, is this the right time to buy property in Leicester, or should buyers wait a bit until early 2023?
For the last two years. Property prices in Leicester have been through a rollercoaster and local Leicester conveyancing services such as AVRillo have been offering conveyancing help to property buyers. The rental demand has gone up; it has been so competitive getting your offers accepted when you bid. Property prices in Leicester have been at their peak for the last two years, brought by the increasing demand for housing in the city.
Are property prices falling soon?
The reason for the high cost of buying a new home and the increasing property prices in Leicester is the trickle effect of high inflation and increasing interest rates in the country.
Most Leicester homes are finding it more challenging to invest in property dues to the fall in real incomes. The cost of living has gone up with the price of basic commodities like electricity, gas, heating oil, and others increasing. This is why some economists predict a fall in property prices in the next couple of years.
In a recent report, expert in house prices have shown that property prices in Leicester are expected to drop by at least 5% in 2022 and slow down by at least 1% in 2023.
So, this may not be the right time to buy property in Leicester, at least if you are looking for a higher return. Property investors may have to wait a bit longer for prices to fall before buying property in Leicester and other towns in the UK.
Why you should buy property in Leicester
Leicester is one of the fastest growing cities in the UK, which makes it an ideal location to own property in the country. With a population of around 350,000, the city faces a high demand for rentals. The local council expects the city’s population to grow by at least 11% in the next decade.
Another reason to buy property in Leicester is the manufacturing hub. The city is a manufacturing center for textiles, footwear, and hosiery. The stable manufacturing and distribution industry is transforming the city into a modern economy. This is good news for landlords focusing on offering rentals to the working population and commuters in Leicester.
Another reason you should look forward to investing in Leisters is the student population here. The city is considered one of the most affordable places for a student. For this, it attracts most students seeking accommodation in the city. Institutions such as DMU and the University of Leicester host thousands of students on most campuses spread throughout the city.
The Leicester property market is currently at its peak, and property prices are expected to fall in 2023. Next year is probably the right time for property investors to break the bank. When buying property in Leicester, it is vital to hire a property solicitor to take you through the conveyancing process.