Demonstrating the strength of the Leicester property market

Figures released last month show that the East Midlands boasts the second biggest average property price rise in the UK, showing the potential on offer if you are buying or selling in the leicester property market.

The UK’s House Price Index (HPI) for June was unveiled in August and showed that the average price of property in the region was £182,166. This marked a 7.1 per cent year-on-year increase and a rise of one per cent on the previous month.

The East of England region was revealed as seeing the highest average property price increase in the UK over the previous 12 months, with a rise of 7.2 per cent.

Elsewhere, Yorkshire and the Humber had the best monthly price growth between May and June 2017, experiencing a rise of 2.2 per cent.

In contrast to these success stories, the North East of England demonstrated the smallest year-on-year price growth of just 2.5 per cent, whilst London experienced the most significant price fall, month-on-month, of 0.7 per cent.

Overall, the national data revealed that the English property market experienced an average annual increase of 5.2 per cent. This took the average property price to £240,325. Month-on-month, house prices went up by 0.8 per cent between May and June.

In Wales, there was a year-on-year price rise of 3.6 per cent. This took the price of the average property to £151,672. The country saw a monthly price rise of 2.9 per cent.

In London, meanwhile, an annual price rise of 2.9 per cent was seen, which took the average value to almost half a million pounds (£481,556). Month-on-month, however, prices went down by 0.7 per cent.

The research was compiled by the Office of National Statistics and looked at the 12-month period which followed the referendum marking the start of Britain’s exit from the EU.

The figures showed that the average property price had increased by £10,000 nationally and hinted at the East Midland’s increasing appeal for people looking to relocate in order to make the most of the value on offer in our commuter hotspot.

The numbers of commuters looking for homes has helped push up prices in the region, as has continued business investment in the area.

Despite the increase, the East Midlands still offers exceptional value for investors and people looking to live in the area. Find out more by contacting the Keywest team today, call our office at Hinckley Road 01162 544 555, or Queens Road 01162 544 543.