When it comes to finding the right property, you need to think about the future.
The housing market can often be unreliable, with prices known to fall or rise significantly at the drop of a hat, so it’s important to know which areas have the most future potential.
Essex is a gold mine when it comes to property hunting, especially for commuters looking for a cheaper living alternative to inner-city London.
But it’s vitally important that you know where to look before making a decision on your next move.
Russell Quirk, director of Keller Williams in Essex, knows all the ins and outs of the Essex housing market.
This is what he thinks could happen to Essex’s housing market over the next ten years, and the areas that could see the biggest, and smallest, change.
Property price often guided by ‘growth’
Russell said: “Essex has largely shrugged off the turbulence of the general property market in the past ten years.
“In fact, UK house prices have increased by 39 per cent in the past decade whilst prices in Essex have eclipsed this – rising by 62 per cent says the Office of National Statistics.
“Where house prices are concerned it seems that the only way is Essex indeed.”
Russell noted that areas such as Basildon, Southend and Thurrock have “won the race” in terms of growth, with South Essex looking set to expand further in the coming years.
He said: “Southerners’ Essex therefore dominates and will continue to especially if rumoured mass investment in infrastructure comes good.
“The difference in growth is huge with Tendring growing at a much slower rate than the top performing areas, whilst house prices themselves are remarkably variant from place to place with Epping and Brentwood the highest and more than double that of Tendring.”
Which areas could see the biggest property value increase?
According to Russell, Brentwood, Chelmsford and Barking are three areas that could see major growth in terms of property value over the next ten years.
The planned Crossrail development, a new railway line that would stretch between West and East London, would finish in Shenfield, meaning nearby areas such as Billericay and Brentwood, Essex, could see a significant jump in value.
Barking looks to be an ideal spot for investment in the future, Russell confirmed, while he claimed the “long-awaited” Beaulieu Park railway station in Chelmsford could lead to significant growth in the city.
In terms of the areas that could see the smallest increase, Russell predicts Colchester and Clacton to be amongst the top few.
He suggested “supply overtaking demand” could restrict the amount of growth in Colchester, while Clacton could struggle as it becomes “less relevant as a tourist area”.
What drives property value growth across Essex?
Russell claims there are a number of key factors which determine how valuable a certain area is.
He asked: “What drives this countywide growth yet with such a difference in town performance?
“It’s firstly the micro-economics of each area as driven by employment and with South Essex historically leading the way given its industrial flavour and especially given the might of Ford and Purfleet Deep Wharf as big employers.
“But other aspects assist house prices too and in particular, schools. Brentwood, for instance is spoiled with great state schools and private educational establishments and this drives popularity.
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“Green space, low crime and commutability are also huge influencers and therefore it’s no surprise that Brentwood and Epping lead the way on values overall.
“Will we see these trends continue into the future? Yes, because the drivers remain the same – employment, schools, commutability.
“Look out for increasing industrial and blue collar employment in areas such as Thurrock and Basildon, more government money pumped into infrastructure there and watch prices respond accordingly.”