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How much does a house for sale cost in Leicester?

by | Nov 15, 2022

Home $ House for sale in the UK $ How much does a house for sale cost in Leicester?

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Sometimes, working out the prices of the houses for sale can be tricky business. This is why we created this article all about the price of houses for sale in Leicester, Leicestershire.

From the average asking price of houses for sale in Leicester, to the growth of the population in the area, all will be talked about regarding the city of Leicester. So you will get better clued up on the area, and make finding a house for sale in the UK easier.

In Leicester, what do houses for sale tend to sell for?

As well as looking at the asking price for house for sale in Leicester, a sensible homeowner or investor will also consider the final price a house sells for. This final price may be influenced by elements like the amount people are earning in the area and what opportunities for employment there are in Leicester.

Houses for sale, are sold on average in Leicester, after the influence of these factors, at £203,339 as a result. And may be on the rise or decline depending on a combination of variables such as the crime rate, or population growth which was 8% over the last 10 years.

Housing category Total final sale price
Aerage sold price (detached) £303,426
Aerage sold price (semi-detached) £201,668
Aerage sold price (terraced) £180,645
Aerage sold price (flat) £122,526

This table above shows the average sale price for each variation of houses for sale in Leicester.

Housing category Sale price per square foot
Aerage sold price/sqft £2,264
Aerage sold price/sqft (new build) £2,326
Aerage sold price/sqft (old stock) £2,144

This final table looks at the price per square foot of houses for sale. Looking at the final table, you can take a further average and conclude that the average price per square foot of houses in general in Leicester is £2,264.

This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.

Thinking of a different city and perhaps a different location?

We have prepared a list of cities that are entirely dissimilar to the region of East Midlands, perfect if you are looking for somewhere similar to Leicester but want to relocate to a different region entirely. You should then be able to evaluate the different houses for sale listed in the region:

Alternatively, you can visit our webpage dedicated to houses for sale in the UK for a broader understanding, houses for sale in the UK.

Choose the right house for sale that suits your needs

When browsing houses for sale in Leicester you should think about lots of different criteria:

  • House for sale affordability – visit the dedicated page of the UK government to understand (see what you can afford)
  • Location of the house for sale – the region and town you are considering to live in are crucial factors to consider before looking for houses for sale. In this article, we define lots of demographic factors that should help you make a decision.
  • House for sale transport links – even if working from home is becoming more and more predominant, we suggest you check the transport links the house for sale has.
  • Number of bedrooms in the house for sale – are you looking for houses for sale for the whole family or are you single? Always think about how many bedrooms you need and if that number might change in the future
  • energy performance of the house for sale – What is the EPC of the house for sale? Today more than ever, is important that you check the EPC rating of the real estate assets available for sale on the market.
  • Internet speed in the area of the house for sale – it is important to remember that internet speed is a consequence of two factors: your plan and the infrastructure available in the area. Always check these parameters before looking for houses for sale. Especially if you are renting the property as this will impact your business costs. Whether that be in an excluded tenancy agreement or a more common, assured shorthold tenancy.
  • Does the house for sale have parking – if yes, is it on-street or is the house for sale equipped with a garage?
  • Houses for sale in conservation areas – always check the National Heritage list. If a house for sale is part of this list it means that it might be impossible for you to make changes to the property’s internal and external structure.
  • Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.

Who can help you buy a house for sale in Leicester?

In today’s market with an abundance of homes available for sale, choosing the best house for sale can be challenging.
With several houses for sale to choose from, who will guide you through the process of choosing?
We have listed here below several experts and companies able to advise and support potential buyers.

The process of finding and investing in a house for sale can be lengthy and time-consuming, this is why we suggest you consult with the following professionals:

  • Banks – Lend you the cash
  • Insurance companies – Insure your new real estate investment
  • Conveyancer – handles all the legal labour that is needed to proceed in buying a house for sale.
  • Surveyor – Carries out an independent and complete property valuation of the house for sale
  • Mortgage advisor – If you are thinking to get a mortgage to get the finances needed to afford to buy a house for sale, a mortgage advisor is the person you should be looking for
  • EPC person – Always get a quote on the Energy Performance Certificate of the houses for sale listed in a certain city

Asking price in Leicester for a house for sale

On average, in Leicester, the asking price for a house for sale in the area is £258,934.

The below table puts this figure into perspective as you can see the various average sale prices of the different type of houses for sale in Leicester. From a 1 bedroom house up to a 5 bedroom house.

As you can imagine, as the price goes up, the size of a room also goes up and in general, the larger a house is, the more you can expect the sale price to be as well.

Table showing the asking prices for houses for sale in Leicester

Average asking price (1 bed) £114,255
Average asking price (2 bed) £197,875
Average asking price (3 bed) £279,375
Average asking price (4 bed) £390,138
Average asking price (5 bed) £425,529

After looking at this table about prices of houses for sale in Leicester, someone who is buying a home would have a detailed understanding of what kind of house for sale is available on the market that best suits the amount of money they are looking to invest. Also, using a more general figure like the average asking price per square foot of a property which is £0 will help them to have a more holistic understanding.

Why you should consider the average rental yield when searching for houses for sale in Leicester

Are there more or fewer houses being built in Leicester?

Growth in the area can be a good signal of a booming house market. However, too much growth could also have negative consequences on the capital appreciation of a house as time goes on.

Take a look at the table below for Leicester that shows the growth in recent years.

1 year 3 years 5 years
Leicester growth rate 4% 12% 27%

High growth rates can signal an appreciating housing market, nonetheless, if there are too many houses being built, this could reduce demand for housing as the supply of houses for sale starts to catch up with the demand. Leading to stagnation or a decline in house pricing so understanding the growth in Leicester is important.

The figure of rental yield is commonly looked at by investors who wish to increase their income by investing in areas where rental yields of the houses for sale are higher. Usually, the higher the rental yield, the more attractive a house for sale is for an investor. This is why it is common for landlords to increase rent using section 13, to maximise this yield, as it is so important.

Nonetheless, there are also instances where an investor will go with a house with lower yields in order to benefit from the appreciation of a house too which is why it’s vital to look into all the details of Leicester.

The data below shows the rental yield, rent turnover and the percentage of the money made on the sale of a house. The data is broken down into the county city is in (Leicestershire) as well as the broader region; East Midlands.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Leicester £0 £769 £1 £0
Leicestershire 3.36% £869.26 102.50% 16.04%
East Midlands 0.04 774.81 £1 19.44%

Also, you can compare other data to the table above such as the number of houses sold per month in Leicester which is 4 and get a better understanding of the housing market.

This is great if you want to gauge if investors are actively looking for houses for sale in the area over other areas in the UK which may be an induction of how profitable Leicester is to invest in. Both in terms of rental yield and capital appreciation.

What are the people like in Leicester?

What does the population of Leicester look like?

Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Leicester if 241866 and in the below heading how this population has changed will be broken down.

Like most data to do with houses, all data has to be considered holistically with multiple variables to determine if the population growth actually impacts the statistics that matter to you as a landlord in Leicester such as rental yield or house appreciation.

How has the population size of Leicester adjusted in the last 5 years?

In the previous five years there has been a change in the number of people of Leicester by 3%. Analysing this figure is a great way to tell if there is new demand for housing or not as a decreasing figure reduces the number of people who want to buy houses. Read more here

To compare this figure over a greater period of time, you could look at the figure for the 1 year population too and compare them. This way you can see if the population has changed recently or if this 3% change has historically occurred before. Click here to know more on the UK population trends.

Over the last 10 years, how has the population size adjusted in Leicester?

In the last decade, the population of Leicester has been adjusted by 8%. This growth may be as a result of factors like new industries employing people or emigration and immigration balancing out to create this population change.

A precedent that shows population change in this way over decades is the region of Greater London. The capital city has grown by 27% in the past 20 years. Population growth has caused house prices to go up to price523,666 on average.

Leicester within Leicestershire is notable for the type of people that live there. The statistics below show how this is the case.

As you read on, Leicester will be looked at by comparing it to the local region, as well as comparing it to the wider region too (East Midlands). From what the population of the city is to how it’s growing as well as factors like the overall crime rate.

This data is impacted by the history of the area and what kind of industry there is around. All of which also impact house prices which is crucial for you to understand as you look at houses for sale in Leicester.

For the city of Leicester, what is the education level?

In the city of Leicester, 23% people have a degree from a university. The higher this proportion is, in general, the more likely it is that the population is able to buy a house.

Interestingly, as people who have degrees go up, the average income of the area goes up too. You can see if there is a correlation, the average household income in the UK is price34,000 and the average income in Leicester is £37,600.00.

This should correspond with the average percentage of people in the UK who have degrees at 22.6%.

In Leicester, what is the social grade score?

Most of the time, the social grade score of a city is what it takes to determine what the economic levels are like as this score refers to what type of jobs the people of the area generally work as. So, from highly skilled, managerial roles, to the manual labour workers of the UK, how does Leicester compare?

At the highest end of the scale (A) jobs that are managerial administrative or professional are all lumped into this category. On the other hand, there is the lowest grade (E) where workers who are on benefits, state pensions or work casual jobs fall into.

In Leicester, the percentage of people who work in the two highest skilled categories of this scale (A and B) is 17%.

So you can compare this data, here is the estimated grouping of the social grades of the UK for the general population. Adding the two highest categories of A and B and comparing this percentage to the high social grade score which combines A and B should give you a good comparison.

Social Score Category The proportion of the UK population (%)
A Professional, managerial or administrative 4
B Intermediate managerial or professional jobs 23
C1 Supervisory, junior managerial or professional jobs 29
C2 Skilled manual workers 21
D Semi and unskilled manual workers 15
E State pensioners, casual & lowest grade workers 8

Are the people of Leicester deprived?

Deprivation of a city is defined as the number of people who are considered to not be earning enough to sustain their lifestyle. The UK average of deprivation nationwide is 33% so comparing the figure of £0 for Leicester should give you a nice idea of the deprivation in the area.

Are the people in Leicester earning a lot?

You may be wondering what the amount people earn has to do with house price. Well, house prices generally go up as people earn more not just because they can afford more valuable properties but also because good areas generally attract more desirable infrastructure. For reference, the average household income is £37,600.00.

This may be better schools, doctors and areas with lower crime rates. This results in a snowball effect which polarises different areas further, increasing the demand for housing in richer areas by a greater amount. And increasing the proportion of people with high social grade scores. For Leicester this figure is 17%.

Is the crime rate bad in the city of Leicester?

For every one thousand people living in Leicester, 20800% commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.

It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.

Nonetheless, the crime rate of 20800% is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.

Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.

How much green space is available to residents of Leicester?

Providing the right amount of green space for people in the UK is a difficult subject because there are clear benefits for human health but at the same time, it is hard to make sure all areas of the UK can get enough greenery. This is a result of land being already in use in cities where most people live.

In Leicester, 13 is the amount of acres of outdoor space there is for every 1000 people. Charities such as ‘Fields in Trust’ recommend there to be at least 6 acres. This should allow you to conclude whether this green space is sufficient for you if you are interested in buying in Leicester.

FAQ (Frequently Asked Questions)

Are there opportunities for property renovation in Leicester?

Every single month in Leicester, there are 4 planning applications, of which nan result in a success. Look at this in terms of the population size of 241866 to work out if you think you’d have good planning success if you were to renovate.

What is the monthly count of property transactions in Leicester?

Leicester boasts a monthly total of 4 property transactions, while the entire UK witnesses approximately 1.1 million property sales. You can visit our pages that give information on houses for sale based on Rightmove data from the same region using the link

What’s the annual population shift in a city such as Leicester?

To work out how the population of Leicester has changed over time, you can look at the population change over a decade which is 8% and the change in a five year period two which falls at 3%. Compare the two and look at the population growth or decline in recent times to really make sure you have a good understanding of the population

What is the asking price for houses for sale in the wider region of Leicester?

In Leicester, the mean asking price per square foot for a house is currently £0, based on the average value per square foot

Would acquiring a house for sale in Leicester be regarded as a high-priced option?

Ascertain the costliness of a property by examining a listed house for sale in relation to the prevailing average selling prices. In Leicester, this stands at £203,339, whereas the UK’s mean is £286,500.

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donnell-bailey

Donnell Bailey

Property expert

Donnell is a property expert focusing on the property market, he looks at a combination of legislation, information from property managers, letting agents and market trends to produce information to help landlords.

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