Leicester revealed as hotspot in UK housing growth over the last 20 years

Leicester house prices are on the up

Leicester house prices are on the up

House prices in Leicester have increased by 132% over the past 20 years, new data from the Office of Budget Responsibility has revealed. Only Manchester has had a greater increase in prices over the past 20 years.

Local average house prices in Leicestershire have seen an increase of 132 per cent since the year 2000, with prices rising from the £82,118 to £190,440.

But that is not the good news. This trend is set to continue over the next 20 years says Clare Phillips, Partner at Phillips George;

“House values have increased enormously over the last 20 years, but if we compare the local market to neighbouring counties, there is still room for favourable increases in valuation.”

“This can give confidence to the local market despite the uncertainty in the near future. With Brexit Day looming, the pandemic and the chancellors stamp duty holiday for housing set to expire at the end of March 2021 there is a great deal of uncertainty in the immediate future. However, we need to look at the bigger picture over the next 5, 10 even 20 years to appreciate the importance of investing in your new home.”

Clare continues; “I would encourage buyers and sellers to move quickly to benefit from the stamp duty holiday. At the moment the Chancellor Rishi Sunak has not indicated that the duty holiday will be extended, despite the benefits it has delivered to the economy.”

For the moment no Stamp Duty is applied to properties up to the value of £500,000. From April 2021 Stamp Duty thresholds will be £125,000 for residential properties.

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    Clare Phillips

    Clare Phillips
    Partner

    Clare has been in the industry since 1998. Her career started as an administrator and she has worked through each role in estate agency from negotiator, sales progressor, valuer, manager and culminating in opening Phillips George as a co-founding partner. Through Clare’s career she has obtained professional qualifications with both NAEA (national association of estate agents) and ARLA (association of residential letting agents) to ensure that she delivers a first class service to all of her clients. Clare’s favourite part of estate agency and lettings is helping customers achieve their goals and making the process as smooth as possible for them.

     

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