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House Prices in Essex Rise by 15%

Despite Brexit, house prices in Essex have risen by an average of 17% year on year, according to new research from Balgores Property Group.

Balgores Property Group compared average house prices in the period July to September 2016, compared with the same period in 2015 and found that Upminster has recorded the largest hike in prices, up 20% year on year, followed closely by Romford, up 19% and Chelmsford up 15%.

An average three bed property in Romford will now set you back £364,062, an increase of £57,588 over the last 12 months, while the same property in Upminster will cost you £460,777.

Basildon has recorded the lowest house price rise over the last 12 months (10%) and still offers some of the most affordable accommodation in Essex, with the average three bed property sitting at £273,900.


Fig 1 Average House Prices 

 

Town

Average House Price Jul- Sep 2015

Average House Price Jul-Sep

2016

Percentage Difference

Basildon

£249,000

£273,900

10%

Romford

£306,474

£364,062

19%

Chelmsford

£301,000

£348,000

15%

Brentwood

£364,166

£402,403

10.5%

Upminster

£381,000

£460,777

20%

Hornchurch

£380,096

£424,601

11.5%

 

 

Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group comments: “There has been no softening of house prices post Brexit and it appears to have had little, or no impact on the property market in Essex.  House prices have steadily risen over the last quarter, with Upminster recording a surge in prices, up 20% year on year.

“Basildon still boasts some of the cheapest property prices in Essex and it is here that you can get an average three bed in the region of £273,900. The town 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.

“Over the last 12 months, there has been a large hike in demand for smaller properties in Basildon, as more and more professional couples and young families are priced out of London. Basildon offers 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.

“The big leap in prices seen in Romford is a reflection of strong demand for property from home buyers, landlords and tenants.  Many commuters and families are looking for more affordable homes outside London, but within a comfortable commuting distance. Romford is highly attractive for buy-to-let investors because of its excellent yields and its great transport links, especially Crossrail.  This is helping to drive up prices in Romford, especially for properties within walking distance of the train station.” 

For further information, contact your local office or visit www.balgoresproperty.co.uk.

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