Property News

Leicestershire: Who's Buying - and Should You?

Bordered by Nottinghamshire, Lincolnshire, Rutland, Staffordshire and Derbyshire, the landlocked Midlands county of Leicestershire is within an easy drive of most of central England. But Leicestershire is more than a convenient conduit to somewhere else. As well as the location of the Battle of Bosworth and more recently in the news for the discovery of the grave of Richard III beneath the less than royal surroundings of a council car park, the county is well known as the home of that hapless optimist Adrian Mole. However, who else lives and buys property there - and could you be among them?

Recent House Price History

In summer 2021, the Leicester Mercury ran a piece looking at property prices within the county. Unsurprisingly, the trends revealed mirrored those elsewhere in the UK, with average sold property prices "soaring". In particular, the newspaper noted that the cost of buying residential property in the county was rising faster than at any time since 2005. Leicester itself recorded a 13.2 per cent rise in the cost of the average home between June 2020 and June 2021 (£182,286 vs £206,297), but Melton took the top spot with a 16.8 per cent price rise (from £218,287 to £254,862) over the same period. Across the county as a whole, average price rises stood at 11.9 per cent (from £233,042 to £260,789). While this is below the average of 13.3 per cent across England as a whole, it still far outstrips many buyers' purchasing power.

1. Bargain Hunters

If you're looking to Leicestershire to snag a bargain home, you'll want to look at areas such as Earl Shilton, a market town about ten miles from Leicester. While prices in the town still conform to the upward trend seen elsewhere in the county, with just a two per cent rise over the last year, homes here remain more affordable than in many other nearby locations. Currently, you can expect to pay just above £203,000 for a home in the town, although terraced houses fetch a lower average selling price of just below £150,000.

2. The "Forever Home" Buyer

Perhaps it's a somewhat overused term, but Leicestershire nonetheless has several locations that hold particular attraction for many people in search of that elusive "forever home". If you're among them, top of your list has to be the picturesque market town of Market Bosworth. Average selling prices here currently stand at almost £350,000 - much higher than the overall county average. At this level, the fact that sold prices are actually 12 per cent down on last year's average may be of little consolation to buyers after one of the town's popular detached homes.

Other popular spots include Market Harborough, Lutterworth and, within Leicester itself, Oadby. One of the city's most popular - and exclusive - suburbs - Oadby has a good range of housing types, and much of it is set in relatively spacious gardens. Particularly popular with families and - because of a decent stock of bungalows - retirees, competition for homes here can be fierce.

3. Student Landlords

Leicester itself is the epicentre for student landlords in the county. Two universities - Leicester and De Montfort - educate more than 40,000 students between them. Many of those students look to the private rental sector for accommodation. Popular student areas include:

Aylestone - with a long history, Aylestone rates a mention in the Domesday Book. Originally a village, it was absorbed into the city in the late nineteenth century, and much of its housing stock is also Victorian. That said, there are also plenty of twentieth-century additions and a few much older buildings dating back to medieval times. Whether it's the suburb's history or its lovely green spaces that attracts them, Aylestone is perennially popular with students and so a solid choice for landlords.

Clarendon Park - long one of Leicester's most popular residential areas, Clarendon Park attracts families and young professionals just as much as it does students. This makes it an ideal choice of home for anyone wanting to avoid living in a student enclave. This diversity also gives would-be landlords looking to buy in the area a wider pool of potential tenants.

Bede Park - particularly popular with students at De Montfort, Bede Park offers a wide choice of different styles of accommodation. The neighbourhood is only a short hop to some of Leicester's most popular night spots, while its proximity to the waterways, footpaths and cycle paths of Riverside Park and the Grand Union Canal make it a good choice for those who enjoy outdoor exercise.

Westcotes - a smaller geographic area than some of the other popular student hangouts in the city, Westcotes' fans rate its friendliness as well as its excellent neighbourhood bars and restaurants.

Highfields - its central location makes Highfields a great choice for students wanting to live close to public transport, shopping and nightlife. The housing stock - a majority of Victorian terraces - suits groups of students wanting to live with friends and hence landlords willing to rent Houses of Multiple Occupation.

Leicestershire's other major university is Loughborough in the market town of the same name. Its strong reputation for sport means that Loughborough is never short of would-be students. As with the majority of UK higher education institutions, the university cannot accommodate all of its students, meaning that there is a thriving rental market. The housing stock encompasses everything from one-bedroom flats to large detached houses. Many of the properties for sale are marketed directly at would-be student landlords. For example, nine recently renovated apartments are currently for sale in the same block. Estimated rental yields are frequently temptingly high - up to around seven per cent. By and large, sold property prices in the town mirror national trends: over the last year, they've risen by 10 per cent to an overall average of £248,469. The majority of homes sold are detached properties, but it's the terraces that are usually of most interest to student landlords - and this type of property is currently selling for an average of just under £180,000.

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Source: Nethouseprices 17.12.21

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