House prices rise 14% in Essex

The last 12 months have seen house prices rise steadily across England with prices in Basildon seeing one of the the highest increases at 20% year-on-year growth. Chelmsford was up by 19%; Upminster gained 16%; Romford 13%; Hornchurch by 9% and average properties in Brentwood grew by 8%.  

The average house price in Essex stood at £312,067 in 2014, well above the above the national average* of £209,428.  (* Source: Halifax Monthly House Price Index published December 2014).

Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group commented: “Prices were buoyant in the first half of 2014 and then cooled off towards the end of the year.  However, in some parts of Essex, home owners have seen a huge demand for their properties throughout 2014, particularly in Basildon, which saw prices leap by 20%. Basildon has seen a large increase in prices, mainly down to the general redevelopment of the area, which has boosted demand. New housing developments such as Acacia Park and Morello Quarter in Cherrydown East, plus the regeneration of Pitsea and the 20 year Basildon town centre masterplan, have all added to the town’s allure.

Basildon also benefits from the main road links with the A127 and the A13 into London; three railway stations going into the City; colossal redevelopment by the council; and large investment in the area, bringing new employers and new jobs.  Furthermore, there has been a sharp rise in investors buying property in Basildon, thanks to the affordable housing it offers.  

All of this is making Basildon more and more popular, which is great news for home movers and investors alike.

The large price hike we see in Chelmsford is partly down to an influx of buyers attracted by its recent city status, which in turn has attracted much redevelopment and investment in the city centre.  This includes the highly anticipated John Lewis store, a waterside development and an eagerly awaited new restaurant quarter. With 3,000 new homes at Beaulieu Park and a new station, plus a new small development of high-end, luxury properties, exciting times are ahead for the county town.”