Why the bubble has not burst
We look into our crystal ball to take a glimpse at the coming months as Leicester house prices continue to grow.
It seems that every week there is a new prediction of when house prices will slow, and a new date in the future is predicted when the effects of the lockdown or the end of the stamp duty holiday will have an adverse effect on the market.
Just this week the BBC has realised that house prices will continue to surge well into 2022, with the average house price having increased by 7.3% in the last year. London is for once the exception to this trend, as flat prices in the capital fell over the year. And this gives us a clue to why Leicestershire properties have done so well over the last year and why they will continue to do so in the foreseeable future.
Clare Phillips, Partner at Phillips George tells us, “We have had the perfect conditions for growth in our area. The desire to move into larger, more rural properties, coupled with the stamp duty holiday have stimulated the market. Many of the fears we heard – that the end of the stamp duty holiday would burst the bubble, have proved to be inaccurate and the local property market continues to grow with pace.”
There has been much doom and gloom about the state of the housing market post stamp duty holiday, but it seems once more that the pessimists have been proven wrong.
“We are finding that there is still an appetite to move and a great demand for housing, meaning that it is still very much a buyer’s market. So, if you are thinking of putting your house on the market, now is still a great time to put your home on the market and move with Phillips George. Give us a call or start with our instant valuation tool to get a good idea of your property’s value. You might be pleasantly surprised.”