Why is the Leicester Property Market Bucking Brexit Blues?
Whether you are a Remainer or a Leaver there’s no getting away from the fact that Brexit is dragging on, and on, and on.
The current uncertainty is causing many businesses deep concern and has hit the UK’s housing market in many areas.
But how is Leicester bearing up?
According to a report out today from prominent property website Zoopla, Leicester’s housing market has recorded the UK’s biggest price increase since the referendum vote in June 2016.
Parts of Leicester have seen properties rising by up to 17 per cent post Brexit.
This latest index shows house price growth of more than 5 per cent year on year since the vote.
Luke St Clair of Knightsbridge Estate Agents and Valuers explained why Leicester is leading the way while other property markets such as London and the south-east are stagnant.
Luke said: “Our experience and feedback from our offices in Clarendon Park, Oadby and Wigston means I’m not at all surprised by these statistics.
“There is and has been a consistent level of activity in the market locally. We’ve 485 active first-time buyers wanting to get on the housing ladder and buy their first home.
“There’s also distinct appetite from Investors wanting to buy their first investment property or expand their portfolio as we experienced at our recent Landlord & Investor Evening held on 21st March 2019 that was attended by over 100 Landlords & Investors.
“And let’s not forget that people are moving for all sorts of reasons and not putting their lives on hold due to Brexit.
“Whether it’s new jobs, new relationships, growing families or downsizing.”
Luke added that the rise of the Leicester market preceded the referendum.
“Over the past 5 years in Leicester we have seen a 35% increase in the average value of a home. It’s a place where people want to live, work and study in.
“Admittedly the transaction volumes are down generally 7-10% depending on the specific area.
“But across the region there have been planning applications submitted and approved in the past 3 years which mean there are more than 28,512 homes set to be built to help families live in Leicester & Leicestershire. Regardless of what happens with Brexit it appears the local Leicester market will remain strong.”
The land and new homes boom have led to Knightsbridge Estate Agents and Valuers investing heavily in a dedicated department dealing with land and new homes sales.
If you would like to know more about how Brexit has affected the value of your home or have a question about the Leicester Property Market, please contact us today.