House prices in Romford have soared by an average of 24% over the last 12 months, while Essex as a whole has recorded a much lower average price increase of 11% year on year, according to new research from Balgores Property Group.
A three bedroomed detached property in Romford in now sitting at £377,335, up from £285,904 in 2015. Chelmsford has also seen a large rise in house prices, up 15% year on year, followed by Hornchurch up 11%, Upminster up 9% and Basildon and Brentwood up 4%.
Fig 1 Average House Prices
|
Office |
Average House Price May-July 2016 |
Average House Price May-July 2015 |
Percentage Difference |
|
Basildon |
£268,226 |
£255,148 |
4% |
|
Romford |
£377,335 |
£285,904 |
24% |
|
Chelmsford |
£366,667 |
£284,000 |
15% |
|
Brentwood |
£385,000 |
£369,000 |
4% |
|
Upminster |
£456,714 |
£418,333 |
9% |
|
Hornchurch |
£402,498 |
£360,234 |
11% |
Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group comments: “Upminster tops the league table for property prices, with an average three bedroomed detached property setting you back £456,714. A similar property in Hornchurch will now cost you £402,498. If you are looking for more affordable property, look to Brentwood where an average three bed costs £385,000 on average or Chelmsford, where you will pay around £366,667. Basildon boasts some of the cheapest property prices in Essex and it’s here that you can get an average three bed in the region of £268,226.
“Our figures also show that Romford has seen prices soar by 24% over the last 12 months. This is partly driven by Crossrail and properties within walking distance of the train station have seen prices jump significantly.
“We are seeing growing demand from buyers who are looking for more affordable homes outside London, but within a comfortable commuting distance. The buy-to-let market is also strong in the town and there has been a steep rise in landlords looking to acquire property, attracted by the excellent yields.
“Romford offers home buyers a vibrant shopping centre, with a great blend of high street shops, cafes, bars and restaurants. The town also has a good selection of primary, secondary schools and colleges, plus great leisure facilities, including Raphael Park and various sports venues.
“Chelmsford is also experiencing a strong demand for property, which is pushing up prices 15% year on year. Families and professional couples are attracted to Chelmsford because it offers affordable property; one of the best shopping centres in Essex; international restaurants, cafes and wine bars; the county’s historic 15th Century Cathedral; good schools; and great transport into Central London.”
For further information, contact your local office or visit www.balgoresproperty.co.uk.
