Leicester sits on the banks of River Soar, East Midlands. It is one of the oldest cities in the UK, with human settlement in the region dating back 2000 years ago.
In recent years, property investment has been growing, with interest piqued by positive data and reports about the city’s economic growth and development. In 2016 and 2019, PwC named Leicester one of the top-performing cities in the UK.
If you are planning to invest in property, Leicester is where you want to be. However, you should reach out to leading property solicitors like AVRillo conveyancing solicitors for Leicester to hold your hand through the conveyancing process. This way, you will speed up the purchase of property in the city and get your keys fast.
Leicester property market
Before you can invest your money in Leicester property, you want to ensure you can afford the homes in this city. According to Rightmove, properties in Leicester have had an average price of £135,316 over the last year.
Flats were the most sold properties in Leicester City Centre, at an average price of £123,552. Detached properties go at £250,000, and terraced properties sell at an average price of £325 000. The sold prices in Leicester city were down by 12% in 2021 and at least 11% down in the 2018 peak of £152,429.
Property prices in Leicester are the lowest compared to most of the cities in the UK. While comparing property prices, it is also important to note that property prices in the city are similar to those in the north of England.
The housing market in the UK has slowed, dropping by 1.7% in the previous month. Therefore, now is the perfect time to invest in property if you are looking forward to higher returns in the future.
Why consider buying property in Leicester
Leicester is one of the cities in the Midlands, showing excellent investment potential. Most property investors prefer investing in this city because of the low property prices and high tenant demand. Leicester is the second-largest economy in the East Midlands. This city is the home to offices of most employees working in the city centre.
The city is connected to the rest of the country through the motorway and rail networks and internationally by the East Midlands Airport. Leicester has one of the largest student populations from the local universities and colleges in the region.
An average of 35 000 students live in Leicester, which points to the high demand for student rentals in the city. The redevelopment plans, low property prices, and a good record of rental yields make Leicester one of the cities you should look forward to investing your money.
Leicester has one of the best transport links and networks in the UK. There are train lines linking the city to the capital London, and other towns like Birmingham. The city is strategically located alongside the M1 Motorway.
The excellent transport network in Leicester makes it a major stop for those in need of places to live and work. The transport options in the city also drive trade and economic growth in the UK. Manufacturing is one of the largest sectors in Leicester. The city’s new businesses and the growing service industry continue to create employment opportunities for the locals and drive the economy.
Invest in rental property in Leicester
Rental property in Leicester is always in high demand. This is brought by the increasing student population, commuter population, and the expanding manufacturing sector in the city. You should consider investing in a rental property if you want the highest returns on your investment.
Rental property investment is a tangible investment and a money spinner for most people. When you invest in a rental property, you can support your family by making an extra income and growing your portfolio.
Final Thoughts
Leicester is one of the best locations in the UK to invest in property. The city has one of the lowest property prices, which makes it more favourable to homebuyers in the UK. When you consider buying a house in the UK, you should work with AVRillo conveyancing solicitors to take you through the process and save you time and money.
