Brentwood house prices rocket over past year by 25%
03-10-2015
By PiersMeyler
The price of three bedroomed, semi-detached property has leapt by 25 per cent in Brentwood over the past year.
The average price of a three bedroomed semi-detached house in Brentwood now sits at £417,000 which saw the largest increase in house prices in west Essex and Havering.
This is followed by Hornchurch, up by 24 per cent, Chelmsford up by 22 per cent, Romford up by 18 per cent and Basildon up by nine per cent.
Martin Gibbon, a fellow of the National Association of Estate Agents and Group Director of Balgores Property Group said: "There is strong demand for three bed semis in Essex and this is pushing up prices. Brentwood is seeing the largest leap, up by 25 per cent year on year, with an average price of £417,000.
"Many families and young professionals are attracted by the plentiful green space, good schools and very low unemployment rates that Brentwood offers.
"The town also has great transport links.
"In 2018, Shenfield will become the terminus of Crossrail. Twelve trains an hour to Maidenhead and Tottenham Court Road. Trains run via Brentwood and Shenfield every 10 minutes to Liverpool Street in 40 minutes and it is just a 40-minute drive to Stansted airport."
House prices increases for three bedroomed semi-detached properties
|
Town |
Average Price 2014 |
Average |
Percentage Difference |
|
Brentwood |
£333,000 |
£417,000 |
25% |
|
Chelmsford |
£233,375 |
£286,500 |
22% |
|
Romford |
£235,714 |
£278,500 |
18% |
|
Hornchurch |
£298,833 |
£371,111 |
24% |
|
Basildon |
£202,500 |
£220,562 |
9% |
"There were a few significant changes in the market last year, which impacted on the Hornchurch average price.
"The stamp duty changes have meant that many buyers are netting significant savings.
"For example, a buyer who was to pay £298,833 in today's market, would make a saving of £4,023.34. Mortgage rates are also at an all-time low and there has been an increase in demand for Hornchurch properties."
Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group said: "There is strong demand for three bed semis in Essex and this is pushing up prices. Brentwood is seeing the largest leap, up by 25 per cent year on year, with an average price of £417,000.
"Many families and young professionals are attracted by the plentiful green space, good schools and very low unemployment rates that Brentwood offers.
"The town also has great transport links. In 2018, Shenfield will become the terminus of Crossrail. Twelve trains an hour to Maidenhead and Tottenham Court Road. 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.
"There were a few significant changes in the market last year, which impacted on the Hornchurch average price. The stamp duty changes have meant that many buyers are netting significant savings.
"For example, a buyer who was to pay £298,833 in today's market, would make a saving of £4,023.34. Mortgage rates are also at an all-time low and there has been an increase in demand for Hornchurch properties."