Hi, I’m Ravi Seth, Managing Director of Seths Estate Agents and I wanted to give you an update on what the residential property market has been doing in Belgrave and Rushey Mead areas over the past 12 – 18 months.
As I have already mentioned in one of my previous articles, more, now than ever, people are worried about property prices due to Brexit and other issues going on in the World. However, property asking prices in Leicester are certainly at an all-time high, and have surpassed pre credit crunch prices.
The Belgrave area is made up majorly of terraced housing. There are some semi detached properties such as the ones behind Harrison Road on Canon Street, Purley Road, etc, and the other patch of semi detached houses are opposite Rushey Mead School on Sandringham Avenue, Wavertree Drive, etc.
Looking at the terraced properties, the majority of purchasers in the last 12 months have been first time buyers. The terraced properties are very popular as the area is very family oriented, and there is a wealth of community amenities nearby.
Terrace properties have seen an approximate increase of between 15 – 18% year on year, with some 3 bedroom terrace properties having been sold for £195,000.
Although the price increases seem on par with other areas for the last year, what is important to note is that properties have been increasing at more or less a steady rate for the past few years, meaning that, say since 2014, prices have risen by 35 – 40%, which is outstanding.
Semi detached properties in Belgrave are very popular, because many people still want to live in the area, and the semis offer them facilities such as parking, gardens, etc. Year on year, the price increase has in the region of 12 – 15%, although the growth over the past 3 – 4 years has not been as vigorous as the terraced houses, but still very strong.
Rushey Mead is typified by the semi detached properties, and 9 out of the 10 houses we sell here are to families who want to live here. Prices of a typical 3 bedroom semi, in the last 12 – 18 months, have gone up by around 10 – 12%. Although not as much as in Belgrave, houses are very much in demand
Overall Leicester has seen a remarkable increase in prices over the last few years; certainly much more than other parts of the midlands. I think that is testament not only to how much the City has to offer, but the fact that small businesses make up a majority of the economy here, and their entrepreneurial spirit is helping drive the economy forward.
Should you require any advice in respect of selling or buying, please feel free to call me on 0116 273 9090 or email me directly firstname.lastname@example.org
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