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.