Mixed messages in the Leicestershire Housing Market

Phillips George
25 May 2023
Buying | Estate Agency | Selling

Competing demands in the housing market

As demand and supply, inflation and interest rates all fluctuate, we take a look at what these conflicting forces mean to the local housing market. 

Asking prices for UK homes rose in May as a better economic outlook and steadier mortgage rates offset the impact of the Bank of England’s interest rates rises, says property website Rightmove.

The average price of UK homes coming to the market jumped by 1.8%, or £6,647 from April, above the average annual rise for May of 1.0%.

Locally prices are up 0.5% on the previous month, with the average sale price of £288,311, an increase of 2% year on year in East Midlands. It is taking on average 56 days to find a buyer.

Getting it all in perspective

However, talking with Clare Phillips, Partner at Phillips George, we found a note of caution; “After the predictions of doom and gloom coming from the media in the last six months it is encouraging to see house prices rise, but there is some way to go to see the return of a buoyant market in Leicestershire. Make sure you present your property in the best possible light and be realistic with the price you are seeking for your home.”

It is even more important in this cautious market to get buyers interested in your property, and there is nothing like getting a viewer through the door to get the best opportunity to sell. Making sure your home is in good decoration and repair and shown off to its best potential all help to make the sale in a market that is still hesitant.

Clare continues; “We are not likely to see the boom days of the pandemic tax breaks again, so there is little point in holding out for that. Be realistic and sell and buy when it is the best time for our family. It is not useful to look at our family home as an investment first and a home second. The priority has to be the quality of life we provide for our family, getting the right type of home, in the right location and schools with all the features we need to live as a family.”

Keeping it real

We ask Clare if there is one piece of advice she would give when putting your house on the market what would it be?

“It is a price sensitive market”, says Clare, “make sure you are pricing your home sensibly and it will sell. Now is not the time to be overly ambitious with your valuation. House prices and the market will look after themselves in the future. We have seen prices go up and down over the decades here at Phillips George and the market has always come back. Good mortgage advice, spending within your means and a good estate agent go a long way to help you make the right decisions.”

Sell your property with Leicestershire’s own estate agency

You will benefit from great service with:

⭐ Professionally qualified, senior staff directly involved

⭐ Five star reviews across the board from Google and TrustPilot

⭐ Proven track record

⭐ Local business, local knowledge

⭐ High Visibility: Right Move, Zoopla, OnThe Market.com

⭐ Feedback after every viewing

⭐ Login to see the progress of your sale instantly

Call us now on 0116 216 8178

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.