Last year saw house prices in Brentwood rose by an average of 11.5 per cent in 2015, ahead of the national house price annual inflation of 5.6 per cent.
According to a new report from Balgores Property Group, over the past 12 months, house prices have risen consistently across the county with prices in Romford, showing the highest increase, with a leap of 22 per cent year-on-year, followed by Basildon, up by 21 per cent; Chelmsford, up by 17.5 per cent; Brentwood, up by 11.5 per cent; Hornchurch, up by 8.5 per cent; and Upminster, up by 5.5 per cent.
The average house price in Essex is now standing at £352,143, well above the above the national average of £186,325.
House Prices in Essex 2015 versus 2014
|
2015 |
2014 |
Percentage Increase | |
|
Basildon |
£262,395 |
£216,856 |
21% |
|
Brentwood |
£379,224 |
£340,050 |
11.5% |
|
Chelmsford |
£339,200 |
£288,790 |
17.5% |
|
Hornchurch |
£347,783 |
£322,344 |
8.5% |
|
Romford |
£296,634 |
£242,197 |
22% |
|
Upminister |
£487,627 |
£462,166 |
5.5% |
Martin Gibbon a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group said: "House prices have been rising steadily in Essex, as demand has increased.
"London property prices are driving home owners out of the City and many of these are choosing to live in Essex, attracted by it affordable accommodation within an easy commute to central London.
"Romford has seen the biggest jump in house prices - leaping 22 per cent over the last 12 months. Although this is partly down to the Crossrail, there are other factors influencing this price growth.
"For example, the stamp duty changes and the Government's Help to Buy scheme has meant that first time buyers can afford properties in Romford, priced between £250,000 and £300,000 and this is driving increased demand. Typically, first time buyers are purchasing two to three bedroomed properties, as they often have young children, or are thinking about starting a family.
"Over the last seven years, we have seen a sizeable price increase in Romford properties close to the station and this trend is likely to continue, until the Crossrail is fully operational in 2019.
"Currently, Romford offers excellent train links into Central London, as well as the vibrant shopping centre, famous market, good schools and a wide choice of attractive housing from Edwardian to new build properties.
He added: "Basildon has also seen a large price hike of 21 per cent and property prices there are catching up with some of the more expensive towns in Essex. This is partly as a result of massive regeneration of the town and the wide choice of affordable property. There is a good selection of 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. Basildon also benefits from the main road links with the A127 and the A13 into London and three railway stations serving the City.
"Homes in Basildon are selling like hot cakes and to cope with the huge demand, we have introduced 'open house' where one day, usually on the weekend, we arrange viewing slots to cope with the amount of interested buyers. This is generating 10-12 buyers for each property."