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House Sales in Leicester: 2016 Facts

If you’re considering selling a house in Leicester, then you may want to be aware of a few facts. At the time of writing, homes can range from £100,000 to £200,000 in this part of the world, and their size and location will differ greatly, which means you may need to think about where in Leicester you want to be.

Incredibly Leicester’s most expensive home (In 2015) went for £1.65 million, but you should not be worried too much about the expense as the average price turned out to be £172,000 for houses. If you are considering buying a flat you should be aware that in 2015, the average price for a flat (Or apartment) was £33,000- £37,000.

What do these figures mean?

These figures mean that for 2016, the housing market could potentially be the same as it was last year. The fact is that at the time of writing, we’re only half way through 2016, and we have seen some house prices rise, but many of these price increases have been in major cities. For now, Leicester is not considered to be one of the UK’s major cities, but that does not mean the prices will remain unaffected, when they are changing elsewhere.

A mixture of affluent and relatively poor areas

Leicester has a mixture of affluent and relatively poor areas, which means that there is a mixture of house prices, no matter where in Leicester you want to live. If you don’t have a large budget, you may want to look for a flat that costs less than £50,000, but you may not be living in the best areas if you do. Granted, each part of Leicester has its ups and downs, but people are just people,k and most of them want to get on with their lives, without disturbing anyone. If you live in a poorer area, then you may not have as much access to transportation or good schools, as you may if you live in more affluent areas of Leicester. This is something you need to think about if you would like to live in Leicester, and you’re considering brining your family with you.

Why Leicester is a good place to buy a home

Although some house prices have stayed the same in Leicester, there are those that have seen an 11% price rise in the last 12 months. This price rise has not found its way onto every home that’s up for sale in Leicester, but even if you are looking at a home whose price has increased of late, you could still be getting a great deal.
Homes in this part of the world are thought to be good value, as you will potentially be buying a home that is larger than similar priced homes you may find elsewhere.

Flats in London can go for £477,000, whereas those in Leicester can be as little as £37,000. Houses in London can go for £535,000, with £172,000 being the average in Leicester. Ok, so you may not have the transport links, or the kudos that comes with living in London, but you can expect to pay significantly less for a home that could be around the same size.

Ideal for anyone who wants a bit more room

Leicester is ideal for anyone who would like a bit more room, but cannot afford to stay in London, or other expensive areas. A 4 bed home in Leicester, could be a few hundred thousand pounds less than a 2 bed home in London. So, if you want more bedrooms, a bigger garden, but that inner city feel, then it may be worth your while looking to relocate to Leicester.

Mortgages: how much would you need to pay each month?

When it comes to getting a mortgage for a home in Leicester, you need to make sure that you can afford the monthly payments, even if they are less than you would need for a home in London.
At the time of writing, you will need to pay approximately

£194 per month for a £37,000 flat
£900 per month for a £172,000 home

Please note, these prices are based on an interest rate of 3.92%, and a mortgage period of 25 years. Prices are correct at the time of writing.

As you can see, the monthly payments may still be less than they would be elsewhere, but you will still need to ensure that you make them each month.

Homes in Leicester are likely to be lower than they are in other parts of the UK, as some areas of the city are still quite deprived. While local councils and governments look to regenerate certain areas, the prices are still quite low, even though they may have increased by 11% of late. Grab yourself a good deal, and buy a home in Leicester, a vibrant part of the UK, and live in a house that is perfect for you, and your family.

London Properties in 2016

If you’re looking to sell a property in London, you happen to be looking at the right time. It has been reported in the British press that up to 40% of houses in the capital have had their asking prices cut so far this year, by as much as 8-10%.

This is potentially great news if you’re a buyer: whether you’re looking to move into it yourself, or to rent it out. It’s also great news because it means you may be able to get a home you wouldn’t ordinarily be able to afford.

We all want to be able to buy a lovely new home, whether it is for renting purposes, or you want to live there yourself. If you now have the chance to buy a home that would ordinarily out of your price range, then why not go for it? You will need to make sure that you really can afford the mortgage on it, but if you come out with a better and perhaps an even bigger home, then why not?

Where are these lower cost homes?

If you would like to buy a lower cost home, then you probably want to know where you can find them. At the time of writing, the areas you can find these homes in are:

-Kensington-
-Westminster
-Hammersmith and Camden
-There are reports of a few other reduced-priced homes too, but this cannot be confirmed as yet.

What you need to look out for

The prospect of living in a traditionally more expensive home may have you reaching for the mortgage contract, but before you do, you will need to be on the lookout for a few things. Although you could potentially save thousands of pounds when you buy a home that has a reduced price, or you find you can now afford a better and bigger property, you need to be aware of hidden costs.

Watch out for council tax

Living in a more expensive home can be a lot costlier than you think, even if you did get it at a reduced price. Council tax is likely to be more expensive in an area where the homes traditionally cost more. It may be worth your while finding out how much the council tax is, before you sign on the dotted line. You have to pay your council tax by law, so please make sure you know how much it is, and if you can afford it.

Ask about any hidden costs

Homes that have communal areas may have hidden costs that you are not currently aware of. If there’s a communal garden, or a hall way, then you may be expected to pay for the grass to be cut, and the hall way to be cleaned every so often. Try to find out how much these costs are, so that you know whether you can afford them or not.

Think about transportation

How are you going to get where you need to be? Can you afford to hop on a bus, or on the underground every day for work? More to the point, are there some good transport links available? A lot of people travel into the centre of London for work, but some can travel great distances each and every day. Does the upmarket housing area allow you the access you need to get where you need to go every day?

How long you plan to stay for

Think about how long you want to live there, and if and when you plan to sell up. I want to mention this because prices may rise again after a while, which means you could end up with more profit. The fact is that if you sell at the right time, you could be onto a winner. If you want to sell up in a few years time, please make sure that you know prices may still be low, and there’s always the chance that the prices may lower. Watch the market closely if you want to sell up soon, so that you don’t end up in debt.

What about schools?

If you are planning to move with your young family to London, then you will no doubt need to make sure there are schools around. A posher area may mean even posher schools, but make sure you can afford those too.

Houses in some parts of London are lowering in price, and we cannot yet tell how long these lower prices will be around. If you want to save up to 10% on a home, or perhaps buy one that you may not be able to afford otherwise, then start looking as soon as you can. The sooner you buy your new home, the sooner you can move in, or rent out a property that could prove to be very profitable in many years to come.