27% of all young professionals working in the city are now planning to leave the capital to move a commutable distance away to afford to buy property
Whilst Brexit continues to cause uncertainty in the property market, especially across London, more commuters and London professionals are beginning to look outside of the capital to settle down. Despite Brexit concerns, house prices in Essex have risen by 17% year-on-year across the county.
“Many commuters and families are looking for more affordable homes outside London, but within a comfortable commuting distance,” said Martin Gibbon, NAEA National Association of Estate Agents. “Over the last 12 months, there has been a large hike in demand for smaller properties…. as more and more city professional couples and young families are priced out of London,” he explains.
As first-time buyers looking to get on the property ladder for 2019, Hunter Finance takes an exclusive look on what areas are becoming increasingly desirable in one of the UK’s hotspot counties. Whose buying property where in Essex?
Londoners and working professionals are beginning to look to move outside of the capital to avoid rising living costs. Essex boats strong transport links to central London, which is another reason why it’s becoming a highly desirable area for London workers. Housing predictions for Essex.
With strong train connections to central London, these five towns and cities are becoming property hotspots for property developers and prospective homebuyers.
“When you look elsewhere in the country, there are other examples of homeowners opting to live outside larger cities to save on the price of their property,” explains eMoov founder, Russell Quirk.
Population: 180,000 Average House Price: £308,000
Since the 2008 global recession, Southend has been one of the UK’s property market hotspots in terms of a rise in property prices.
“One of the strong points of Southend is that since the recession of ten years ago, the town has seen carefully planned regeneration projects going on,” says Mike Gray, owner of estate agents Dedman Gray.
“Added to that, we have seen growth from the development of the university, the improved rail communication with the line to Fenchurch Street and the expansion of the airport.” More.
Southend (Essex) remains a highly desirable area for younger families who are looking to start a family or have already got a young child. With a commute time of just over an hour, Southend offers a perfect escape from the city life for young families whilst remaining closely connected. Highest new builds since 2007.
Population: 125,000 Average House Price: £324,285
Colchester is another property market hotspot in Essex. In fact, Colchester remains one of the fastest growing towns across the UK in terms of economy and for property development in the area. Understand our finance options.
“Colchester has got all the ingredients needed for a good house price growth: a booming local economy, a great number of amenities and fantastic day and night economies,” said Alex Leader, associate director of residential development sales at Savills.
He adds, “It has redeveloped its town centre and has a much more appealing high street now. There is quite a lot of industry in retail parks, great train links to London, so I am not surprised. It is a bit of a winner.”
Colchester boasts fantastic transport links to London Liverpool Street, making this town a fantastic area for viable property development for business professionals and young couples commuting to and from London.
Population: 115,000 Average House Price: £394,400
Chelmsford remains at the heart of the property market growth in Essex. In fact, we’ve recognised Chelmsford as one of the best property hotspots for property developers right now. Read more.
This property hotspot official became a city in 2012 and since then, it has continued to take large strides in becoming the go-to area in Essex.
“Since then, there has been a noticeable investment in infrastructure, pedestrianisation in the city centre, and a general smartening up,” comments Stephen White, Savills in Chelmsford. “The other thing that has been noticeable has been an influx of residential and commercial developments, and the introduction of high-end shops and restaurants.”
With over 25% of property buyers in Chelmsford involved in finance or insurance, it’s apparent that high-end business professionals are looking for family-sized homes with an easy commute without paying the high prices London commands. Is Brexit good for the property market?
Population: 110,000 Average House Price: £274,000
Out of our 5 highlighted areas to consider investing in property development for Essex, Basildon has the lowest average house price out of them. Although house prices are noticeably less compared to Chelmsford or Colchester, Basildon boasts a commute time to London Liverpool Street of just 43 minutes.
“We have seen a steep rise in demand for first-time buyer properties across all our offices, with Basildon experiencing a huge hike of 50%. Basildon is very attractive to first-time buyers, with its affordable homes and great transport links to London,” explains Martin Gibbon, group director of Balgores.
With the lowest average cost out of the 5 property hotspots in Essex and with an expected rise in first-time buyers for 2019, Basildon is a highly desirable area for property developments to invest in. Interested?
Population: 85,000 Average House Price: £324,300
Although the lowest populated area we’ve highlighted, Harlow offers the fastest train connection to London Liverpool Street, getting you into the middle of the capital in just 30 minutes.
“Harlow has performed spectacularly in the past eight months,” said Paul Brooker, managing director of estate agents Howick & Brooker. “It has always been good value for money. It’s close to the M11 and m25 and it has easy rail routes into London…but we are also seeing an influx of buyers chasing in from the north and east London suburbs and buying a bigger house in Harlow.”
With a range of outstanding schools, including Burnt Mill Academy, Harlow is a fantastic opportunity for property developers looking to build family homes for London’s city workers looking to just outside of the capital.
Hunter Finance offers fast and flexible finance to property developers all over Essex.
We lend to a wide range of people, including:
60% of the commercial value of the properties on completion plus 100% of the build costs. You can borrow between £100,000 and £2.5m.
Our loans are tailored to suit you and your type of development.
If you would like find out more about our property loans for your project, please call 01825 749721.
We offer highly competitive fees based on loan/project size in Essex.
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