While central London agents are selling houses in double-quick time (and running out of stock in the process), the London effect is rippling out to the Essex commuter belt.
Terry Holmes, director of Beresfords Residential, has reported some astonishing results – and says that much of it is down to the ‘City pull’.
The firm had a 35% rise in applicants, property viewings and offers accepted in the first quarter of the year, compared with the last quarter of last year.
For the same periods, the level of first-time buyers registering increased by just under 40% and was up 15% on the first quarter of 2010. Over the same periods, valuations rose 43% and sales agreed shot up 44%.
“There were some excellent individual office performances, but Shenfield was exceptional,” says Holmes. “They more than doubled the number of units sold against the previous quarter and were also 75% up on the same first quarter in 2010. This was not from a low base.
“We definitely think the City pull is a major factor and there’s no doubt London is riding high at the moment. Regardless of where you are in Essex, you are not far from a main line direct into Liverpool Street or Fenchurch Street.
“Shenfield in particular has a fantastic service into Liverpool Street and that is reflected in the prices in the town. The leafy-laned private estate directly adjacent to the station, Hutton Mount, is one of the most expensive areas in the county.”
All the Beresford branches, by no accident, are located close to railways stations where commute times can be as little as 23 minutes.
Holmes says: “Regardless of the location, around a third of all buyers registered at our individual offices are from closer to London.”
Comments
Simple!
TOWIE! at £50 a day for that acting, it has to be spent somewhere.
PS I only know about TOWIE because my wife tells me some of the cast have surgically enhanced features! Apparently!
Be careful you Essex agents though, apparently a few of the cast are on the way out......so if Jonny Essex is buying through you youre okay, if you have Lauren......you have a fall through waiting to happen.......
The only way is Manchester! No theres a show.....actually "Shameless" bugger its been done, no wonder my prices are not rippling upwards!
Q: What's an Essex girls favorite wine?
A: aw go-on take me to lakeside please please go-on take me
and just one more
Q: What is the difference between a supermarket trolley and an Essex girl?
A: A supermarket trolley has a mind of it's own.
Are they running out of stock because they didn't have many in the first place and why the percentages are so high? Maybe for example if they had 4 house sales from 6 stock would have more meaning?
I was under the impression London agents stock has been declining for over 12 months through lack of new instructions and that is why the ripple effect was happening.