Real Estate property is similar to a diamond. There is only limited availability, and as the demand increases, the value also increases.
As the old saying goes, The best time to buy a property was yesterday the second best is today.
In the last 200 years, the property market as a whole increased in its value and therefore we can estimate it will continue to rise in property, land and build purchase price in the years to come. Therefore if you are looking to purchase more properties or get on the property ladder, then the goal will continue to go further back. For example, a standard two bedroom terraced property in Braunstone that cost £69,000 in 2004, now in 2020 will be purchased at £130,000. That is a shy 100% increase.
A 5 bedroom property in Knighton once purchased for £135,000 in 1998 is now valued at £400,000. That is an increase of 300% in a relatively short period.
We recently spoke to Eddy Woore of Mattioli Woods, where he stated the demand for property purchasing is higher in Leicester than the supply. This means the land becomes premium for Leicester Estate Agents to sell and a lot of rental prices for Leicester property letting.
London houses had a quick burst of increases causing strain on the bubble where Brexit has possibly created an impact for Londoners to move out for more affordable housing, causing a price ripple effect going outside. We can see from leading estate Agent Leicester, Purple Bricks properties are being sold quickly sometimes within a few days.
The boom in Leicester property market has attracted property development in the area. Contributing factors could have also been lent from King Richard the 3rd discovery, and Leicester City Football Club won the premiership a few years ago. With Leicester being put on the map, more significant investment has been put into the city. With greater demand and Leicester only an hour away on the train makes it a lucrative city