The only way is up for the Leicestershire housing market?

Clare Phillips
30 January 2023
Buying | Estate Agency | Selling

The only way is up for house prices?

Low interest rates and a desire for more room during lockdown drove Leicestershire house prices to a new peak. But now some of those who moved are having a change of heart.

Strange days indeed as the dust settles on the crazy growth of the pandemic housing market and we all take a deep breath to assess where we are and where will be in the coming years.

In March 2021, the number of completed loans for house purchases was a whopping 142% higher year on year, and by May the average UK house price had risen 10.2% in 12 months. We have seen sharp increases in the past, but this one was exceptional in many ways.

There is no doubt this upward trend has been stalled for the moment. Although there are more mortgage products available, the market continues to be impacted by the fallout from former Chancellor Kwasi Kwarteng’s uncosted minibudget in the autumn.

Bigger is better

We spoke to Clare Phillips about current trends in the Leicestershire housing market: “Although we will see house prices dropping this year, some analysts are suggesting that prices could return to their highest levels by next year. We expect the housing market will bounce back. That fits in with our many years of experience here at Phillips George, that the housing market has recovered quickly when faced with adversity in the past. This time round will be no different.”

There are therefore a few things to consider in the medium term. Although house prices will go down, it is important to remember that selling in this market will mean that there will be more opportunities for making a good value buy.

Is it too early to sell?

Some buyers bought when the market was at its highest, and really stretched themselves to get the home they wanted and many more are getting caught up in higher interest rates as their fixed rates come to an end.

Clare says, “We at Phillips George always recommend erring on the side of caution when it comes to your finances, but many have been caught out with rising mortgage costs and the eye-watering electricity and gas increases. While we are already seeing mortgage rates correct themselves, it will require the political will to ensure fuel prices come down to a reasonable level to reflect wholesale costs, which have plummeted to around 25% of their highest levels just a few months ago.”

Taking to a financial adviser or mortgage adviser can help you work out if it is best for you to hold out for better times or make the move and put you house on the market. If you decide it is time to move, for whatever reason, ensure you get the best marketing advice and make the most of your sale with Phillips George.

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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.