Complete 2023 Guide.

Leicester House Prices

What Are Leicester House Prices Looking Like In 2023?

  • On this page, you’ll find the latest house prices in Leicester, according to official land registry data.
  • You’ll see an analysis of average sold prices in Leicester and how they’ve changed since 2021.
  • And you’ll discover the latest Leicester house price predictions for 2023 and beyond.
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Leicester-area-guide

The overall average price of a house in Leicester was £227,144 in June 2022 – a record-high.

It’s £23,222 (11.44%) more than last year and £2,757 (1.23%) higher than May 2022.

Semi-detached properties are the most popular property type sold in Leicester over the last 12 months, selling for an average of £259,864 – £29,161 (12.64%) more than last year.

Detached homes have seen the highest price growth in Leicester, rising to £405,727 in June 2022 – £45,900 (12.76%) more than in June 2021.

Terraced properties sold for £203,670, a £21,283 (11.67%) growth, while flat prices increased by £8,503 (5.99%) to £150,544.

The average property price paid by first-time buyers was £206,648, £20,898 (11.25%) more than June 2021.

Meanwhile, non-first-time buyers paid £258,065 in June 2022, £27,250 (11.81%) more than 12 months ago.

Interested in Leicester property investment? View our complete guide.

House Prices Leicester 2022 vs 2021 

Property Type June 2022 June 2021 % Difference £ Difference
Detached £405,727 £359,827 +12.76% +£45,900
Semi-Detached £259,864 £230,703 +12.64% +£29,161
Terraced £203,670 £182,387 +11.67% +£21,283
Flat £150,544 £142,041 +5.99% +£8,503
Overall £227,144 £203,822 +11.44% +£23,322

Are House Prices Going up in Leicester?

You might be wondering:

Are house prices going up or down in Leicester?

And looking at data over the past two years, Leicester house prices have shown a consistent growth trend.

The average sold price for Leicester homes in June 2022 was £23,222 higher than a year ago and £2,757 more than May – reaching a record-high of £227,144.

In fact, in the six months of data we have for Leicester from the Land Registry in 2022, house prices in Leicester have only dropped once – falling by -0.63% between April and May.

Sold house prices in Leicester have been consistently growing each quarter since 2020.

Taking the average house price across each quarter, Leicester house prices have risen from £181,543 in Q1 2020 to £225,784 in Q2 2022, increasing in every quarter, as you can see from the graph below:

This growth may start to slow during the rest of 2022.

At the time of writing in August 2022, only June 2022 sold house price data is available from the Land Registry.

However, a recent report from The Guardian found that the price of UK homes coming to market dropped by £4,795 in August 2022 – suggesting an upcoming slump in sold house prices for Leicester.

But this likely won’t last for long.

The report claims that this price drop coincides with previous summer trends for the last decade, meaning prices will likely recover soon.

Want to learn more about the best areas to live in Leicester? View our complete guide.

Why Are House Prices in Leicester so High? 

Leicester house prices have shown a similar trend to property values across the UK.

In June 2022, Leicester and the UK’s average sold house price reached an all-time high.

So, what gives? Why are Leicester house prices rising so high?

Demand is the biggest driver behind price growth.

And there are three main reasons why house prices in Leicester have increased dramatically since the start of Covid-19.

  1.     Due to a lack of spending opportunities over COVID lockdown, UK families built up cash savings to the second-highest level on record.
  2.     COVID caused interest rates to reach a record low for mortgages.
  3.     After being kept in homes for months, many buyers re-evaluated what they wanted from their properties, leading to an increased hunger to move.

All these factors created a massive demand level, with the number of properties unable to keep up.

The Spring of 2022 was the busiest ever for housing market activity, with buyers outnumbering sellers by 2:1.

According to Rightmove, available homes in August 2022 were 39% lower than in 2019.

Sold House Prices Leicester Forecast 2022 – 2026 

Leicester house prices are already at an all-time high in June 2022.

But it looks likely these prices could continue to grow.

Private research from Savills has estimated that homes in the East Midlands could rise by 8.5% in 2022.

And between 2022 and 2026, East Midlands homes are estimated to rise by 19% overall.

JLL has had similar predictions, estimating a rise an overall rise of 17.5% over the same period.

Whatever prediction you choose to believe, it’s clear that house prices in Leicester will continue to rise.

  2022 2023 2024 2025 2026 Overall
Savills 8.5% -1.0% 3.5% 4.0% 4.0% 19.0%
JLL 4.0% 4.0% 2.5% 3.0% 4.0% 17.5%

Click the link to discover the best rental yields in Leicester today.

The Most Affordable Postcodes in Leicester 

The most affordable postcodes in Leicester are LE1, LE11, and LE3.

LE1 covers Leicester city centre and has an average sold price of £140,437.

LE11 encompasses the town of Loughborough with an average price of £228,860.

And in LE3, which consists of Braunstone, Glenfield, and New Parks, houses sell for £235,315 on average.

You can find the rest of the top 10 most affordable places in Leicester in the table below:

LE1 140437
LE11 228860
LE3 235315
LE4 238252
LE13 238305
LE18 239741
LE67 246926
LE10 259606
LE5 260990
LE2 262725

 

The Most Expensive Postcodes in Leicester 

The most expensive postcodes in Leicester are LE16, LE14, and LE17.

LE16 covers Market Harborough with an average house price of £363,967.

LE14 follows closely behind with an average price of £359,965.

It covers the areas of Ashby Folville, Brooksby, Harby, and Hickling.

LE17 concludes the top three with sold house prices of £342,503.

You can find areas like Lutterworth, Bitteswell, and Gilmorton here.

LE16 363967
LE14 359965
LE17 342503
LE7 341901
LE15 336424
LE65 326947
LE8 325425
LE6 294731
LE12 291572
LE19 279236

 

Download the Free House Prices Leicester Guide Today 

We hope you’ve enjoyed our report on property prices in Leicester.

But if you want to learn more about this East Midlands city, we’ve just the guide for you.

In our free downloadable Leicester property market report, we go into even more detail on house prices in Leicester.

Topics include:

  • How does the number of property transactions in 2022 compare to previous years?
  • The price of new build property vs existing properties.
  • How many people are buying homes with mortgages?
  • Leicester house price trends 2019 – 2022.
  • Is Leicester a good place to invest?

And much more!

So, if you want to read a sleek guide featuring helpful graphs and tables, click the following button for instant access.

Acknowledgements 

This guide to house prices in Leicester 2022 was updated in August 2022.

Sold house prices provided in this report were released on the 17th of August 2022 from the UK House Price Index.

We also used data from several sources, including The Guardian, Savills, and JLL.

Want to learn more about Leicester? View our complete 2023 guide.

Download 2023 Property Investment Guide