According to new figures from Balgores Property Group, leading estate agents in Essex and Kent, Chelmsford house prices have leapt by up to 17% over the last 12 months.
New figures from Balgores show that in Chelmsford, two bed flats have leapt by 17% year on year and now stand at an average of £228,000, up by £31,000; three bed semis have risen by 9% to £325,500, up by £26,500 year on year; and four bed detached homes have risen by 9.5% to £475,000, up by £42,000 year on year.
Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group comments: “There are many factors driving house prices rises in Chelmsford including the prospect of Crossrail to Shenfield and Brentwood, the rejuvenation of the city centre, with the new leisure and retail development in Bond Street and its close proximity to the London.
“The redevelopment of the railway station and Beaulieu, the new 3,600-home estate will continue to drive demand for property. Chelmsford has been transformed from an East End overspill town just 30 minutes from London to an exciting, prosperous and thriving county town. The city status has also made a huge difference to its reputation and has put Chelmsford on the map for many Londoners.
“We are seeing first time buyers, priced out of London, moving to Chelmsford which is boosting demand. First time buyers are snapping up properties, thanks to low interest rates and a great choice of mortgage products. This is pushing up flat prices which have experienced a price hike of 17% over the last 12 months.
“Many families are also moving to Chelmsford from South and East London, attracted by cheaper property prices, a great choice of shops and restaurants and a 35 minute train journey into Liverpool Street. Chelmsford also offers great schools including two primary schools in the top 250 in the country and is one of the few cities in the UK offering the 11-plus exam. There are also seven grammar schools in the area, together with a good selection of senior state and primary schools. The rise in demand from families leaving London for the leafy suburbs of Chelmsford, is pushing up prices of four bedroomed detached properties, which are up by 9.5% year on year.”
For further information, contact your local office or visit www.balgoresproperty.co.uk.