The price of semi-detached homes rose at the fastest rate of any property type in England and Wales in the year to the end of April, according to the latest Land Register data. The value of semis rose by 5.6% over the year, ahead of flats (up 5.4%) and detached homes (up 5.1%).
Overall, property prices increased by 5.1% over the year and by 0.9% from March to April and the average home was valued at £179,817.
While average prices rose the fastest in London over the year, up 10.9% and in the South East of England, up 8.8%, new figures from Balgores Property Group shows that the price of three bed, semi-detached properties has shot up by 18% in Essex, over the last 12 months.
The average price of a three bed, semi-detached house now sits at £330,004, an increase of £45,025 on 2014. The largest price rise is in Chelmsford, where prices are up by 35% year on year, followed by Basildon, up by 27%, Upminster up by 22%, Romford up by 10% and Brentwood up by 7%. Some more sought after locations are seeing prices rise even faster – if you want a 6 bedroom home in Great Baddow, you now need to spend well over half a million pounds!
Fig 1: House prices – Three bed, semi-detached properties
|Town||Average PriceMay 2014||Average
May Price 2015
Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group commented: “The price of three bed semi-detached properties are continuing to rise in Essex, despite a slowdown in prices over the last few months. Chelmsford has seen the largest leap in prices, up by a massive 35% year on year, with the average price for a three bed semis now £292,500.
“Home buyers are attracted to Chelmsford because it offers professional couples and families 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.
“Basildon is close behind, with a 27% leap in prices for three bed, semi-detached properties. Traditionally, prices have been steady in the town, but there has been a recent surge in demand for property, as prices remain relatively low compared with other towns.
“Basildon offers very affordable accommodation and is an ideal location for commuters, with three railway stations going into the City and main road links with the A127 and the A13 into London. The town is also booming with new developments and new jobs and it offers families more parks and open spaces than any other town in the county.”
For further information, please visit www.balgoresproperty.co.uk.