Unitary Authority Area of the East Midlands
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Located in Leicestershire county, the city is on the Soar River and in proximity to the National Forest eastern ends. It is bordered to the north by Nottingham, southwest by Coventry and Birmingham, and east by Peterborough.
Culture, History, and Business
The Romans arrived in the region about AD 47 during their exploits in Southern Britain. However, they were not the first settlements here. Leicester is an ancient city and among the oldest in England dating back to the Iron age two millennia ago.
Leicester city used to have an industrial economy and was famous for manufacturing textiles, footwear, and hosiery; however, the economy now thrives on services, light manufacturing, and distribution. This has increased the employment numbers of the area, thus increasing the real estate demands.
The city plays host to some of the largest employers in Britain’s economy, such as Dunelm and Walkers, NEXT, Sytner Group, etc. These big corporations are enjoying the pool of job seekers, and qualified personnel churned out from the city’s higher institutes.
Real Estate Appeal
Leicester real estate prices are relatively low compared to the property markets across the UK with improvement anticipated in the coming years. Plumpot survey suggests that from September 2018 to August 2019, the average price of a property in Leicester rose by 2%. However, the prices of homes in the city increased by 4.9% between January and December of 2019 compared to the nation’s 2.2%. This shows that property values in the city are on the uptrend. The average price for a house is £177,500, which is lower than the nation’s £218,600. However, homes in the city can sell for price ranges between £95,000 and about £452,000.
The population in Leicester is consistently growing, leading to a decrease in affordable homes and apartments for rent. Leicester’s rental prices have the highest values across England. The rental yields in the city increased in March 2018 by additional 3.02% from the same period the previous year. The rental rates in the city have increased over the past five years by 9%.
Rental yields at the city center are at a rate of 3.95% while outside the city center is 4.11%. The cost of renting a three-bedroom in the city center and outside the city is £904.17 and £730, respectively. The cost of an apartment in the city center is £3,000 per sq. meter while outside the city center cost £2,400 per sq. meter.
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