2021 is set to deliver a record breaking year
What will the near future bring in the Leicestershire housing market?
This year has seen an exceptional housing market with 1.5 million transactions taking place, beating the previous record set in 2007. The perfect storm of low mortgage rates, the stamp duty holiday and a national re-evaluation of what we want from a home all came together to create the demand for housing we have seen over the past months.
Leicester and the greater Leicestershire region has been one of the busiest areas in the country. While nationally an increase of 6.6% was seen year on year in September, the local housing market has seen prices increase by a jaw dropping 7.2%, the sixth fastest in terms of UK growth.
House prices are set to continue to increase
It does not come as a great surprise that those levels of growth are not anticipated to continue. However, in a recent article, Zoopla suggests that UK growth is set to decrease from 6.6% to 3% in 2022.
Clare Phillips, Partner at Phillips George says: “When we step back a little, we can see that 2022 is still going to be a good year. A 3% increase in house prices is very healthy. Coupled with a continued demand for housing, we expect the market to continue to be buoyant.”
“I understand that 22% of people are still thinking of moving, which is more than 4 times more than the usual 5% who are looking to move. That makes it a sellers’ market. So, if you are thinking of selling, now is a good time to start a conversation with a good estate agent.”
Pick up the phone, or use our Instant Valuation tool to get moving, and remember there will be no pressure from us, just sound advice and encouragement to get the best out of your home.
You might think you know how much your home is worth, but considering house prices have increased by 20% over the last five years, you might be in for a pleasant surprise.