– Leicester has a population of 348,300.
– That’s an estimated 145,125 households.
– According to gov.uk, there was an estimated 14.44 repossessions for every 100,000 households in each quarter.
Leicester is a city that appears to have a bright future for potential investors. This is evident with the amount of repossessed houses available in Leicester. A story from the Leicester Mercury reported that there are plans by the council to create hundreds of new businesses in the area. These improvements to Leicester are not just things for the future. As well as the idea of adding successful companies to the area, the council have already successfully relocated a number of firms their in the past few years. The Leicester Mercury went on to quote Mr Brendan Walsh, a Real Estate Agent, “Obviously places such as London, Paris and Amsterdam are attracting the big investors, but Leicester is in the second tier and that’s where the value is’. Going forward, if there continues to be money pumped into successful businesses locating to Leciester, it will mean more and more of their young employees will want to look at living near the city centre. For this reason it will result in higher demand in property and therefore a rise in property prices.
Repossessed homes in Leicester
This prediction appears to have started happening already – Buy Association reported that, along with Birmingham, Leicester experienced the highest growth in property prices between November 2016 and November 2017 with an increase of 7.5%. This stat alone should encourage potential investors to think about looking in this area. Another thing to consider is there is a chance that higher property prices will lead to higher mortgages, which will then eventually lead to higher repossession rates. Despite the growth in property value, Leicester is yet to be recognised as a city with high property prices, with the average property valued at 167,400 at the end of 2017.