Buying a House in Essex: House Prices Now and Predictions
House prices are a source of much debate and discussion across the nation. Everyone from financial experts to ordinary homeowners has an opinion and interest in house prices and whether they rise, fall, or stay the same. These numbers are incredibly important to internalize if you’re looking to buy, sell, take out a home equity loan, etc. If you are considering buying a house in Essex then you will certainly be interested in how the local market looks set to perform. While no one can truly and accurately predict what is going to happen with house prices, you can give yourself a better idea so you are better informed to benefit from your Essex property hunt.
Essex Prices Compared to London
Statistics show that house prices are experiencing an upward trend across the UK, including in the popular commuter towns in Essex like Brentwood, Shenfield, and Billericay, but property prices in London are not increasing as rapidly as before, and may even be falling very gradually. However, before you start thinking that London could become more affordable, think again because long term rises in price are predicted that could be up to 30 percent higher according to experts. Essex has long been seen as a more affordable alternative to London and buying in places like Billericay continues to be associated with better value property. Property for sale in Billericay is more firmly within the reach of buyers, although there are exceptions for more expensive properties and larger homes.
Stamp Duty Change Affected Buyers
The change in stamp duty procedure helped many home buyers. In the past there were no incremental rises which hit some buyers hard. Now with the progressive levy of stamp duty the purchase of homes around the margins of the percentage rises becomes more affordable.
What’s Going to Happen in the Property Market?
Experts believe that London will continue to stay relatively the same in terms of price rises, with the rapid rise in price of homes coming to an end. Property outside of London will continue to slowly increase in price, according to statistics and predictions, and people looking for a new home probably won’t be better served by waiting to buy. The highest price rises are predicted to be seen in the South East over the coming five years and many more people are predicted to look to move outside of London to places like Essex as they are priced out of the London market.
Looking for property in Essex is a popular pastime for many home-seekers. The combination of living relatively close to a rural life combined with excellent transport links into the city of London from many Essex towns makes this region ever popular, no matter whether property prices continue to rise or fall. If you are thinking of buying in Essex now or in the near future, seek independent advice on mortgage rates and types, and research the property available on the market in the areas you prefer. Now could be a great time to get on the Essex property ladder – see what you can find that meets your budget and your needs.