The average asking price of a typical first-time buyer home in the Essex has leapt by 19% year- on-year and is now sitting at an average of £295,186 according to a new report from Balgores Property Group.
Over the last 12 months, Basildon has seen the largest hike in first time buyers up 36%, followed by Romford up by 26%, Brentwood up by 25%, Chelmsford up by 11%, Hornchurch up by 8% and Upminster up by 7%.
The cost of a first-time buyer home is Essex is much higher than the national average, which was sitting at £194,224* in May 2016. (* Source: Rightmove Data, May 2016).
Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group comments: “We have seen a sharp rise in prices for first time buyer properties across all our offices, with Basildon experiencing a huge hike of 36% year on year. It will now cost first time buyers an average of £230,833 to buy a property in the town, up £63,333 on 2015 prices.
“Rising prices at the lower end of the market is partly down to strong demand from investors rushing to buy properties, before the introduction of the stamp duty on second homes 286,427in April. Over the last two months, this has caused a ‘property drought’ for flats and two and three-bed properties, pushing up prices for those homes that were available.
“In hotspots such as Basildon and Romford – within easy commuting distance of central London – there has been a large hike in demand for smaller properties, as more and more professional couples and young families are priced out of London.
“Basildon is very attractive to first time buyers, with its affordable homes and great transport links into London, with a direct service to Fenchurch Street, taking just over half an hour.
“Basildon also has an excellent Sporting Village, which was originally constructed for the 2012 Olympics and is located in the picturesque Gloucester Park, as well as a good choice of schools and a thriving shopping centre. Basildon has something for everyone.
“Many commuters are attracted to Romford because of its proximity to London – just 27 minutes to the city and its wide variety of affordable, contemporary and period homes. The town also offers a vibrant shopping centre, with a mix of high street shops, cafes and a traditional market dating back to C1247.
“There are many new housing developments being built in Romford and this is due to rising demand for property in the town, partly driven by crossrail. Buy-to-let investors have also been heavily investing in the town and this has been driving up prices.
“Brentwood has seen first time buyer prices increase by a quarter over the last 12 months and it’s no surprise that it is so popular. It is a vibrant town offering a great selection of shops, bars and good restaurants. In addition, there are good quality state and private schools providing the best in education. Located amongst picturesque Essex countryside, with delightful local parks, Brentwood is an ideal retreat. The town has convenient access to the city, both by road and train.”
For further information, contact your local office or visit www.balgoresproperty.co.uk.
