Essex property prices set to rise 9.2%, but not for all property types or areas 08.02.19
Although London prices have stagnated in recent months, property markets in the surrounding areas continue to greatly benefit from unaffordable house prices in the capital. Plainly put, what mid-income professionals can afford in London, they do not want to live.
One of the BOOM areas is Essex, which is becoming a property market hotspot for a number of reasons.
“We now see that approximately 26 per cent of buyers in Saffron Walden and surrounding villages are those moving out of London,” remarks Bruce King, Director of the Cheffins estate agents in Saffron Walden, just one of the villages in Essex that is enjoying plenty of house market activity.
“These vary from those looking for large family homes to even first time buyers looking to get onto the property ladder but can’t afford to buy in London,” he adds and with house prices in Rochford shooting up by 68% in the space of two years, it’s becoming clear that Essex is in-demand.
According to Savills, 23% of home buyers in Essex work in either finance or insurance.
This is a strong indication that Chelmsford and Essex are becoming a popular market hotspot for city workers looking for large homes with an easy commute but without the London house price tag premium. What are they looking for?
For professional couples and families, you should focus on building town houses instead of flats and smaller luxury detached homes to capitalise on financial workers looking to escape London.
New research by TotallyMoney suggests Essex is one of the best counties for London commuter hotspots.
Based on average house price, length of commute by train and the cost of an annual train ticket these are the best commuter towns in Essex. More.
With Essex land value increasing by 7.9% in the last year and home prices expected to improve by 24.1% in the next 5 years, property development in Essex could well be a highly lucrative investment for developing or landing banking according to Stephen Frost of Martin and Co.
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