Getting the Leicester housing market into perspective

Clare Phillips
12 January 2023
Buying | Estate Agency | Selling

Reading some of the housing market news out there has been a bit glum recently, and it is not just the red tops. In a recent column, The Telegraph announced that “The easy money of the UK property market is a thing of the past.”

We could take this at face value and accept the doom and gloom that sells newspapers. However, we spoke to Clare Phillips, Partner at Phillips George to get an insider’s view on the current housing market and to shed some light on a difficult situation.

“When you have been in this business as long as I have, you learn to take some of the more exaggerated headlines with a pinch of salt,” says Clare, “The market comes and goes and there are advantages to be had with a market that is no longer racing with record-breaking price increases every month.”

The new normal

Clare suggests that the growth of the pandemic months is well and truly over and the stamp duty cuts were perhaps not all they were made out to be. “In many cases, tax cuts were negated by higher prices, making no significant difference for the buyer. The seller was in a better position, but usually sellers become buyers themselves. It is clear the explosive growth of previous years is over and we can look forward to more normal housing market conditions in the coming year.”

So it is important to look at the overall picture, rather than just at the sale value of your home. The sale price should be balanced against the opportunities the current buyers’ market will bring.

An interest in rates

“The market was a mixed bag in 2022 with rapid growth during the first six months, followed by a slowdown in summer before prices began to fall in autumn as the impact of cost-of-living pressures, coupled with rising interest rates began to take effect on household finances. Even if house prices fall by 8% in 2023, as has been predicted by some analysts, house prices will still sit well above pre-pandemic levels given the high growth experienced over the past few years.”

Now is the time to keep your ear to the ground and a firm eye on interest rates. As mortgage rates continue to ease, better deals are becoming available and more buyers will enter the market, increasing demand.

“We have already seen mortgage rates decreasing to a more reasonable level,” Clare adds, “but I don’t see rates going down to the low levels we had. A good result might be if we see mortgage rates at around 4% this year.”

As the market becomes more competitive, it is even more important to make sure your property is marketed by the best estate agents with the local knowledge you need to make the most from your sale.

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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.