The team at Keywest estate agents Leicester are here to help guide you through the local property prices
There is good news for property owners and those looking to buy immediately in the Leicester area, as experts predict that average British houses prices look set to outperform those in London for the first time since 2009.
The Centre for Economics and Business Research (CEBR) has announced that house prices across Britain are expected to go up by 1.5 per cent in 2015, unlike in London where values look set to drop by 3.6 per cent after a long period of ‘over-performance’. The dip in the capital is not expected to last for too long, however, as prices are predicted to rise by 2.7 per cent next year in London.
Other areas of the UK will also benefit from increasing values next year, with the CEBR predicting an overall price rise of 2.3 per cent. London is believed to have been particularly affected by last week’s general election, although a low housing stock and economic growth do look set to pull it back from its decline.
CBR economist Nina Skero said that the outlook for property prices outside of the English capital is better after a short period when the market was in danger of losing its impetus. She said rising household incomes and changes to stamp duty last December were helping to push up prices across the country. This, she said, was in contrast to the situation in London, where a weakening in the prime property market, reduced overseas interest, new rates of stamp duty and the possibility of a mansion tax were all hitting demand for premium high-value properties.
The new CEBR predictions are in sharp contrast to its original overview of 2015. In January it said that British property prices were likely to go down by 0.6 per cent over the course of this year. Its change of opinion has been put down to the effects of December’s stamp duty changes, which have made buying cheaper for many people in the relevant price categories and are being felt earlier than was originally expected.
So it seems that buyers and sellers in the East Midlands and across the UK should make the most of the current conditions, whilst those in London are likely to want to wait for the passing of a climate where new buyer enquiries are down and selling times are up before planning their next move.
If you want to find out more about how you can take full advantage of these positive price predictions in the Leicester area, whether you want to sell your home or get on the property ladder straight away, get in touch with the Keywest experts today.
