If you are buying property in the UK, Essex is one of the places you should consider. Essex is a wide and wild county in the South East of England, and if you are pondering a move to this side, choosing the county for you is not easy. Don’t forget the dynamic property market in Essex. You have kept abreast with the trend to ensure you land the best offers in the market.
When buying a property in Essex, you want to check property prices, which place to buy your first home, and you should take the assistance of a property conveyancing solicitor in Essex like AVRillo to take you through the process. So, what are the big trends to watch out for when buying property in Essex?
Property price growth in Essex
Property in Essex is currently in high demand. According to data from Rightmove, the average property price in Essex is £420,557. This is the average property price for the last 12 months in the county.
Most of the sold property in Essex for the last year was terraced property, going at an average price of £410,260. The semi-detached property was selling at £427,362, and the flats at an average of £300,782.
Rental and buyer growth
A report by Zoopla shows the rental market in the UK has been growing at the fastest rate since 2016. The rental demand increased to 19% in 2021 compared to the previous year. However, the total stock for property has gone down by 13%.
This narrative is also taking shape in Essex, which is a good indication for investors, with more opportunities for investing in buy-to-let within the county. Essex has high rental demand as homebuyers compete for a limited supply of property stocks in the county.
Property experts like Savills have predicted a consistent price increase across East of England at 4.5% in 2022. It means there is a potential for high ROI for property investors. There is still a sense of urgency in the property market, meaning the right time to invest is probably now. The growth rate in rental demand is expected to be above 2.5% in 2023 and 2024 and at least 1.5% in 2025.
Improved connectivity
Improved transport connectivity is a factor you should consider most if you plan to invest in Essex. This county is now more connected than it was a decade ago. Essex enjoys fast transport links to the South East and London. The county is well connected by roads and served by A12, A127, M11, and many other roads.
The county has at least 89 railway stations offering commuters affordable transportation to the capital. Connecting to Basildon, Colchester, and Chelmsford takes less than an hour. The new railway stations on the Elizabeth line and Sheffield offer new links and shortcuts to Central London.
The Essex County Council is coming up with the Superfast Essex, a broadband improvement expected to speed up the country’s connectivity. The project will make ultrafast broadband available to every home and business in Essex.
Where to buy property in Essex
When you choose to invest in property, Essex has many established neighborhoods and locations you should consider. Some of the places you should consider buying property include:
– Colchester
– Chelmsford
– Basildon
– Harlow
– Southend
– Thurrock
Southend Essex has one of the most affordable property prices in the UK at £240,000. You can buy property in any of these places and enjoy living in Essex.
Final Thoughts
Essex offers you endless opportunities to invest in property for the first time. When buying property in Essex, you should instruct a conveyancing solicitor to help you navigate the legal process. This way, you get the best offer in the property market and avoid making mistakes that may cost you.
