Demand from first time buyers is helping to drive the housing market in Essex, according Balgores Property Group, leading estate agents in Essex and Kent.
Over the last 12 months, Basildon has seen the largest hike in first time buyer property up by a massive 65%, followed by Chelmsford up by 48%, Hornchurch up by 41%, Brentwood up by 24% and both Romford and Upminster up by 20%.
Nationally, the number of first-time buyers rose strongly last year, with 339,000 joining the housing ladder, up 8% compared with 2015, and the Council of Mortgage Lenders (CML).
Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group comments: “Cheaper loans and a range of new mortgage products are encouraging first time buyers to get on the property ladder. Many first-time buyers have saved for a deposit over the last few years and it’s encouraging to see so many are choosing to live in Essex.
“Basildon has seen a huge hike in demand from first time buyers. Many are moving out of London as they can’t afford the property prices. Basildon is just a few stops further down the train line. Basildon remains one of the most affordable places to live within 30 minutes of the City. We have seen an influx of City workers as property in Basildon is more affordable and so too is train transport into Central London, compared with the line from Billercay to London Liverpool Street.
“There has also been a new number of new homes built in Basildon which is also driving up demand. First time buyers like new properties because they are cheap to maintain and they can move straight into the property and make it home instantly.
“Chelmsford is very attractive for first time buyers as it offers affordable property, with just a 35 minute train journey into Liverpool Street. Chelmsford also offers one of the best shopping centres in Essex and great restaurants, cafes and wine bars. The new £100 million redevelopment of the former Anglia Ruskin University (ARU) central campus in the heart of Chelmsford town centre site will bring 500 brand new homes, across a 13-storey tower. This will further boost demand from first time buyers, many of whom are moving out of London to Essex, attracted by the county’s cheaper proper prices and better lifestyle.
“Brentwood has seen first time buyer demand rise by 24% year on year and this is partly due to Crossrail which will connect 40 stations, including Brentwood and Shenfield to Heathrow airport and Reading.. It is hoped the line will create a 'golden corridor' providing a huge boost to the economies on the route and will bring new jobs and housing to Brentwood.”
For further information, contact your local office or visit www.balgoresproperty.co.uk.