House prices in Leicestershire hit another new record

It’s been a busy year for the housing market so far. With so many buyers ready to move, asking prices across the UK have hit new records in each of the last four months.

Figures from the Rightmove house price index tell us the East Midlands average asking price is now £282,755, up by 1% since last month, with a year-on-year increase of 12.3%. On average it is taking houses just 29 days to sell.

Why do house prices keep rising?

Asking prices are rising because of continuing strong demand from buyers, at a time when there aren’t enough homes on the market.

This asking price growth is set against a backdrop of interest rate rises and the increasing cost of living. Yet these increases don’t seem to be dampening home-buyers’ eagerness to move.

What does that mean for the Leicestershire housing market?

Clare Phillips, Partner at Phillips George says; “The imbalance between supply and demand is set to continue, meaning that good quality housing stock will remain in demand, and while we may not see the large increases in valuations we have seen over the last few years, house prices are continuing to grow.”

An investment in your family’s future

Despite the challenges the economy is facing over the coming months, your home is still a good investment, not just financial, but for your family’s quality of life.

We see a shift in interest between city and country properties, so where there was a definite shift away from the city, this is now reversing according to Rightmove, and there is a notable increase in interest in properties close to public transport hubs like train stations.

Seek good advice from a reputable financial adviser when selling your home and use Phillips George, your highly rated, local estate agent to sell your home.