The numbers of buyers chasing each property has increased in Essex, nowhere more so than Romford where an average of 26 buyers are chasing each property.
Other parts of the county are doing well also. Over the last 12 months, Basildon has seen a huge surge in demand for property, up by 298% followed by Romford, up by 89%, Upminster up by 70% and Chelmsford up by 29%.
Romford is also seeing record demand for its property – it is taking just six days on average for properties to be snapped up by eager buyers.
Martin Gibbon, Group Director of Balgores Property Group commented: “Demand for property in Essex is continuing to boom and this is down to a number of factors. Without doubt, rising London house prices are driving large numbers of professional couples and families to Essex, where they can find more affordable accommodation, within just a short commute of Central London.
Crossrail is another driver in demand, particularly for property in Brentwood, Chelmsford and Romford. In 2018, Shenfield will become the terminus of Crossrail. Trains run via Brentwood and Shenfield every 10 minutes to Liverpool Street (40 minutes) and it is just a 40-minute drive to Stansted airport.
Many families and young professionals are attracted to Brentwood and demand for property is up by 29% year on year. The town offers plentiful green space, good schools and very low unemployment rates.
Romford is seeing record demand for property, thanks to the excellent transport links into London, enabling commuters to reach the City within 20 minutes. Many professional couples are moving from East London, because they are priced out of the market. By relocating to Romford, commuters can save tens of thousands of pounds purchasing their home.
The average cost of a 2-3 bedroomed house within walking distance of the train station in Romford has leapt by 63% since 2008 and is now sitting at £335,625.
Basildon has recorded the largest surge in property demand over the last 12 months, up by a massive 298%. House prices have risen sharply too, up by 21% year on year, with the average home now worth £262,395. Many homeowners have been outpriced in other areas, so they have settled in Basildon.
There has been a massive regeneration of Basildon and it offers a great choice of affordable property including older, character properties, as well as new housing developments in the area, including Acacia Park in Gloucester Park and Morello Quarter in Cherrydown East, which are attracting young families and professional couples to the town.
Properties in Hornchurch are selling very quickly – just an average of 11 days to sell, thanks to the high number of buyers who are looking to purchase a home within a cost effective commutable distance to London. Hornchurch boasts a huge variety of different property styles and a vibrant town centre.
People who are selling property in London are now achieving very high prices, which allows them to pay more than ever for properties in Hornchurch. This, coupled with the fact that mortgage rates are still low, means that people are now more likely to pay the asking price, or a higher price to secure their dream home. This in turn is constantly driving up property values.”
