House Prices in Essex Rise by 17%

Despite Brexit, house prices in Essex have risen by an average of 17% year on year, according to new research from Balgores Property Group.p

Balgores Property Group compared average house prices in the period July to September 2016, compared with the same period in 2015 and found that Upminster has recorded the largest hike in prices, up 20% year on year, followed closely by Romford, up 19% and Chelmsford up 15%.

An average three bed property in Romford will now set you back £364,062, an increase of £57,588 over the last 12 months, while the same property in Upminster will cost you £460,777.

Basildon has recorded the lowest house price rise over the last 12 months (10%) and still offers some of the most affordable accommodation in Essex, with the average three bed property sitting at £273,900.


Fig 1 Average House Prices 

Town	Average House Price Jul- Sep 2015	Average  House Price  Jul-Sep  2016	Percentage Difference
Basildon	£249,000	£273,900	10%
Romford	£306,474	£364,062	19%
Chelmsford	£301,000	£348,000	15%
Brentwood	£364,166	£402,403	10.5%
Upminster	£381,000	£460,777	20%
Hornchurch	£380,096	£424,601	11.5%

Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group comments: “There has been no softening of house prices post Brexit and it appears to have had little, or no impact on the property market in Essex.  House prices have steadily risen over the last quarter, with Upminster recording a surge in prices, up 20% year on year.

“Basildon still boasts some of the cheapest property prices in Essex and it is here that you can get an average three bed in the region of £273,900. The town is very attractive to first time buyers, with its affordable homes and great transport links into London, with a direct service to Fenchurch Street, taking just over half an hour.

“Over the last 12 months, there has been a large hike in demand for smaller properties in Basildon, as more and more professional couples and young families are priced out of London. Basildon offers an excellent Sporting Village, which was originally constructed for the 2012 Olympics and is located in the picturesque Gloucester Park, as well as a good choice of schools and a thriving shopping centre.

“The big leap in prices seen in Romford is a reflection of strong demand for property from home buyers, landlords and tenants.  Many commuters and families are looking for more affordable homes outside London, but within a comfortable commuting distance. Romford is highly attractive for buy-to-let investors because of its excellent yields and its great transport links, especially Crossrail.  This is helping to drive up prices in Romford, especially for properties within walking distance of the train station.”

For further information, contact your local office or visit www.balgoresproperty.co.uk.

The lowdown on… Hornchurch

In the past we’ve shone a light on Basildon and Brentwood. Now it’s the turn of Hornchurch, where Balgores Property Group has both a sales and lettings branch.

The area

Historically part of Essex, Hornchurch is now a busy suburban town in East London popular among commuters. Part of the London Borough of Havering, the town currently has a population of nearly 64,000. 

 

Hornchurch is home to a lively town centre, full of independent shops, coffee chains, cafés and restaurants. The town also has its own football club, A.F.C Hornchurch, who currently play in the Ryman League Division One North.

What’s more, Hornchurch plays host to the one of the country’s best-preserved purpose-built stakeparks, The Rom, a wonderful Grade II listed structure first built in 1978.

Culturally speaking, the Queen’s Theatre – a 500-seat space for comedies, plays, pantomimes, musicals and spoken word performances – is a fantastic venue for all ages, while the Fairkytes Arts Centre is a community arts centre (located in a beautiful Georgian building) offering an eclectic mixture of activities for adults and children alike, as well as playing host to events, demos and a large array of clubs and societies. 

As a key commuter hub, transport links in Hornchurch are very strong. Hornchurch tube station – on the District Line – is a little bit away from the town centre, but you can be in the heart of the city in around 40 minutes. Elm Park tube station (also on the District Line) is nearby, while buses to and from central London are frequent. Emerson Park is the nearest Overground station, with regular services to Romford and Upminster. 

Hornchurch residents are well-catered for when it comes to restaurants and pubs. For the name alone, the Fatling & Firkin is well worth a visit. Expect unpretentious pub grub and craft beers/ciders on tap. Rienna’s, Istanbul Grill, Tarantino’s and Wildwood are also gems, while those looking for Asian cuisine should check out Xich Lo (Vietnamese), Sukhothai (Thai), Mandarin Palace (Chinese) and the Passage to India (Indian). Those looking for no-nonsense, uncomplicated fast food should head to Stokemoores Traditional Pie ‘N’ Mash; those looking for fine dining will be fully at home at The Cranleigh, where the Sunday roasts are divine!

 

The sales market

As a popular commuter hub close to London – with excellent transport links to boot – demand for homes in Hornchurch is, as you might expect, pretty high and constant. According to Rightmove, Hornchurch currently has an average asking price of £387,640, up by a substantial 12% in the last year and 32% up on 2013 price levels. 

Semi-detached properties tend to be the most popular type of property, along with terraced homes and flats. Compared to London, buyers get far more bang for their buck in the suburbs. However, sellers can still expect to achieve a healthy asking price for their property – with demand high, prices rising year-on-year and the ripple effect from the capital only expected to get stronger in the coming years. 

The rental market

Many of those who live in Hornchurch commute into central London every day. Many of these people are also renters, eager to seek out more affordable rents in the outer reaches of London. The good news for landlords, though, is that rental yields tend to be at their highest in East London. Rents might not be as high as the rest of the capital, but property is cheaper to buy in the first place – which means healthier rental yields can be achieved. 

Currently, the average rent in Hornchurch is around the £1,400 pcm mark. Attractive, bright, well-maintained properties will be met with considerable demand, so landlords who provide these types of properties have little issue in occupying their homes with professional tenants. 

The future

While Hornchurch already has plenty going for it – green space, a busy town centre, local shops, a theatre, restaurants galore – there are ongoing regeneration plans to make the town an even better place to live, work and commute from.

The Hornchurch Urban Strategy is designed to improve, grow and enhance the town, with improvements in housing, transport and infrastructure, as well as plans to make it a cultural centre for Havering, with a “unique and vibrant urban character”. The aim is to make Hornchurch an even more sustainable, inclusive, environmentally friendly place for those who live there. 

You can find out more about our Hornchurch offices here. At Balgores Property Group we also provide you with the opportunity to receive a free online sales or lettings valuation for your property.

Balgores Property Group Launches Innovative New 3D Virtual Imaging Technology

Balgores Property Group, leading estate agents in Essex and Kent, has just launched an innovative new 3D virtual imaging service to enhance online property details.

The new technology brings property listings to life, engaging buyers with a 3D virtual showcase that is the most realistic, immersive way to experience a property online.

Viewers can see a photographic floorplan view, then see the property from a completely unique, 3D view, giving them a complete understanding of the layout and internal condition.

Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group comments: “We are delighted to be launching this innovative new technology, as part of the service we offer sellers.  The new 3D virtual showcase is the most engaging way to show a property online and it gives potential buyers a great experience, saving wasted time and unnecessary viewings.

“We are able to offer this fresh and exciting advanced technology to all our clients.  It enables people to experience a property online before travelling to view it either in Essex or Kent.  This is a great advantage for properties that may attract overseas buyers, or those relocating from somewhere else in the UK.

“Traditional photography or a flat floorplan can't give viewers a virtual experience of the property. The dollhouse view and ability to ‘walk’ through the home is the ultimate way to experience a property.

“We have embraced this technology as we see it very much as the future. This 3D virtual imaging  is to our knowledge unique in Essex and Kent via Balgores and customers should contact their local branch for more information.”

Balgores Property Group Opens New Lettings Office

Balgores Property Group, leading estate agents in Essex, has just opened a new lettings office in Hornchurch.

The new office is located in North Street, only 5 doors away from the original Balgores Property Group's first office.  The new office will specialise in lettings covering Hornchurch, Emmerson Park, Elm Park, Rainham and Gidea Park.

There will be four members of staff based at the new office. Howard Lester, Director of Balgores Property Group comments: “Both the Hornchurch sales and lettings have been so successful over the last few years that they have run out of space, so we are delighted to be opening a new lettings office at Hornchurch. This will enable us to strengthen our award-winning service to landlords and tenants in and around the town.

“We bring together a unique and unparalleled dedication to complete customer service, expertise in local property and lifestyle and an exceptional approach to marketing and communication.  We believe our agency is the best in Hornchurch, for those looking to let or sell their home.”

Launched in 2002, Balgores Property Group has quickly become established as one of the dynamic, successful and iconic estate agents in Essex and Kent, with ten offices across the two counties.

House Prices in Romford Soar by 24% Year on Year

House prices in Romford have soared by an average of 24% over the last 12 months, while Essex as a whole has recorded a much lower average price increase of 11% year on year, according to new research from Balgores Property Group.

A three bedroomed detached property in Romford in now sitting at £377,335, up from £285,904 in 2015. Chelmsford has also seen a large rise in house prices, up 15% year on year, followed by Hornchurch up 11%, Upminster up 9% and Basildon and Brentwood up 4%.  

Fig 1 Average House Prices 

Office	Average House Price May-July 2016	Average House Price May-July 2015	Percentage Difference
Basildon	£268,226	£255,148	4%
Romford	£377,335	£285,904	24%
Chelmsford	£366,667	£284,000	15%
Brentwood	£385,000	£369,000	4%
Upminster	£456,714	£418,333	9%
Hornchurch	£402,498	£360,234	11%

Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group comments: “Upminster tops the league table for property prices, with an average three bedroomed detached property setting you back £456,714.  A similar property in Hornchurch will now cost you £402,498.  If you are looking for more affordable property, look to Brentwood where an average three bed costs £385,000 on average or Chelmsford, where you will pay around £366,667.  Basildon boasts some of the cheapest property prices in Essex and it’s here that you can get an average three bed in the region of £268,226.

“Our figures also show that Romford has seen prices soar by 24% over the last 12 months.  This is partly driven by Crossrail and properties within walking distance of the train station have seen prices jump significantly. 

“We are seeing growing demand from buyers who are looking for more affordable homes outside London, but within a comfortable commuting distance. The buy-to-let market is also strong in the town and there has been a steep rise in landlords looking to acquire property, attracted by the excellent yields.

“Romford offers home buyers a vibrant shopping centre, with a great blend of high street shops, cafes, bars and restaurants. The town also has a good selection of primary, secondary schools and colleges, plus great leisure facilities, including Raphael Park and various sports venues.

“Chelmsford is also experiencing a strong demand for property, which is pushing up prices 15% year on year. Families and professional couples are attracted to Chelmsford because it offers affordable property; one of the best shopping centres in Essex; international restaurants, cafes and wine bars; the county’s historic 15th Century Cathedral; good schools; and great transport into Central London.”