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Essex House Prices Rose by an Average of 14% in 2016

Last year saw house prices of three-bed semis rise by an average of 14% in Essex, ahead of the national house price annual inflation of of 4.5%* according to a new report from Balgores Property Group, leading estate agents in Essex. (*Source: Nationwide, December 2016).

Over the last 12 months, house prices have risen consistently across the county, with prices of three-bed semis in Romford showing the highest increase - a leap of 23% year-on-year, followed by Basildon, up by 19%; Brentwood, up by 17%; Upminster, up by 11.5%; Hornchurch, up by  9%;  and Chelmsford, up by 6%.

The average house price of a three-bed semi in Essex is now standing at £369,963. House prices in Essex also rose well ahead of London, which recorded a rise of just 3.7% in 2016.

Fig 1 House prices of three-bed semis in Essex 2016 versus 2015

 

2016

2015

Percentage Increase

Basildon

£250,800

£210,400

19%

Brentwood

£401,000   

£343,000

 17%

Chelmsford

£320,000

 

£301,000

6%

Hornchurch

£421,528

 £385,637

 9%

Romford

£313, 289 

£254,735

23%

Upminister

£513,166

£459,500

 11.5%

 

Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group commented: “Despite Brexit, house prices have continued to rise in Essex, well ahead of London and the rest of the UK. Demand for property in Romford and Basildon surged last year, thanks to their affordable house prices and good transport links into London.  Crossrail is also helping to drive demand, along with an increase in buy-to-let landlords investing in the towns, attracted by the good yields.

“Romford has seen the biggest jump in house prices - leaping 23% over the last 12 months.  “Romford town centre is already one of London and the South East’s largest retail and shopping hubs, more than holding its own against the likes of Bluewater and Lakeside. It also has thriving nightlife, good transport links (rail, road and bus) and a large catchment area, extending from Central London to Essex.

“Romford also offers excellent train links into Central London, as well as the vibrant shopping centre, famous market, good schools and a wide choice of attractive housing from Edwardian, to new build properties.

“Basildon has also seen a large price hike of 19% and property prices and 2-3 bedroomed properties are in huge demand, as more and more young families and professional couples are moving to the town, outpriced by London.  Homes in Basildon are selling very quickly with an average of five buyers for each property. Basildon offers commuters great links to London from the main road links with the A127 and the A13 into London and three railway stations serving the City.

“Brentwood has seen a big leap in house prices, up by 17% in 2016. Many professional couples and families are attracted by the lifestyle, more affordable rental prices and great transport links to the city. As a Crossrail location, Brentwood is reaping the rewards of a higher profile, together with increased demand for property from tenants and home buyers.”

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

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