South Essex estate agents enjoy biggest house price boom since 2007

Southend Standard: Under construction, Eden Point flats development, in Leigh Under construction, Eden Point flats development, in Leigh

SOUTH Essex house prices are now at their most expensive since 2007, fueled by a shortage of properties for sale.

Analysis by online property listings site Rightmove suggests sellers have pushed up prices by an astonishing 3.3 per cent this month alone.

The national average price for a house now stands at more than £250,000, an increase of more than 6.9 per cent on February 2013 – the fastest annual growth rate since 2007.

In south Essex, estate agents say they are struggling to cope with demand, with some properties selling within hours and waiting lists cropping up for homes on the most popular new developments.

Ian Hunt, co-owner of Southend agent Hunt and Roche, said: “The demand is so high, it is the busiest we have been since 2007. There is a real lack of properties.

“Six months ago it was a buyers’ market, now it’s a sellers’ one.

“Overnight, it has gone ballistic.

"First-time buyers who were contemplating buying are now getting more active, because they don’t want to miss the boat.”

Rightmove figures also show a slight decrease in the number of properties coming to market, with sellers looking for a quick sale to make the most of their stronger position.

Jeremy Tyler, of Tyler’s Estates, in Billericay, said: “About 80 per cent of our buyers now are first-timers and properties are just disappearing.

“I’ve got people working all hours putting through paperwork on sales.

“It’s good for us, it’s good for buyers, because they’re getting the properties and for sellers as they are getting the money.

“I don’t like gazumping though. We try to stay clear of that.”

Demand in Rayleigh and Castle Point also remains high, fueled more by the buy-to-let market rather than first-time buyers.

Colin Maclean, owner of Amos Estates, which has offices in Rayleigh and Hadleigh, said properties were barely on the market before they sold.

He added: “The Government’s Help to Buy scheme is bringing a few more first time buyers into the market.

“The Rayleigh market is mainly investment-driven, with buy-to-let mortgages, but first-time buyers are gradually increasing.”

Comments (9)

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9:42am Wed 19 Feb 14

Howard Cháse says...

Does this include all those houses that have, allegedly, dropped in value because you can sometimes see an aircraft from Southend Airport fly over?
Does this include all those houses that have, allegedly, dropped in value because you can sometimes see an aircraft from Southend Airport fly over? Howard Cháse
  • Score: 4

12:13pm Wed 19 Feb 14

jayman says...

over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...
over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free... jayman
  • Score: 1

12:51pm Wed 19 Feb 14

profondo asbo says...

jayman wrote:
over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...
without the lure of profit there is no incentive for homebuilders to build. i thought house building was a central plank of labour's strategy to get the benefit bill down. guess you'd advocate nationalising the homebuilders...rofl.
[quote][p][bold]jayman[/bold] wrote: over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...[/p][/quote]without the lure of profit there is no incentive for homebuilders to build. i thought house building was a central plank of labour's strategy to get the benefit bill down. guess you'd advocate nationalising the homebuilders...rofl. profondo asbo
  • Score: 2

5:40pm Wed 19 Feb 14

Living the La Vida Legra says...

Howard Cháse wrote:
Does this include all those houses that have, allegedly, dropped in value because you can sometimes see an aircraft from Southend Airport fly over?
Yawn!! Play a different tune
[quote][p][bold]Howard Cháse[/bold] wrote: Does this include all those houses that have, allegedly, dropped in value because you can sometimes see an aircraft from Southend Airport fly over?[/p][/quote]Yawn!! Play a different tune Living the La Vida Legra
  • Score: -2

5:43pm Wed 19 Feb 14

Living the La Vida Legra says...

jayman wrote:
over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...
Really? You are talking out of your @***
[quote][p][bold]jayman[/bold] wrote: over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...[/p][/quote]Really? You are talking out of your @*** Living the La Vida Legra
  • Score: 0

5:47pm Wed 19 Feb 14

Living the La Vida Legra says...

jayman wrote:
over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...
So please tell me where can you build a 3 bedroom house for £92,000
You numpty
[quote][p][bold]jayman[/bold] wrote: over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...[/p][/quote]So please tell me where can you build a 3 bedroom house for £92,000 You numpty Living the La Vida Legra
  • Score: 0

6:45pm Wed 19 Feb 14

profondo asbo says...

Living the La Vida Legra wrote:
jayman wrote:
over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...
So please tell me where can you build a 3 bedroom house for £92,000
You numpty
skinningrove?
[quote][p][bold]Living the La Vida Legra[/bold] wrote: [quote][p][bold]jayman[/bold] wrote: over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...[/p][/quote]So please tell me where can you build a 3 bedroom house for £92,000 You numpty[/p][/quote]skinningrove? profondo asbo
  • Score: 0

7:07pm Wed 19 Feb 14

Living the La Vida Legra says...

profondo asbo wrote:
Living the La Vida Legra wrote:
jayman wrote: over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...
So please tell me where can you build a 3 bedroom house for £92,000 You numpty
skinningrove?
Lol
[quote][p][bold]profondo asbo[/bold] wrote: [quote][p][bold]Living the La Vida Legra[/bold] wrote: [quote][p][bold]jayman[/bold] wrote: over valuation and state supported, landlord/private rental driven housing bubble ...yay... Fundamental truth time.. your three bedroom house (regardless of location) is not and will never really be worth anything in excess of £92,000. the second we start basing our economy on something other then houses is the second we all become financially free...[/p][/quote]So please tell me where can you build a 3 bedroom house for £92,000 You numpty[/p][/quote]skinningrove?[/p][/quote]Lol Living the La Vida Legra
  • Score: 0

7:34pm Wed 19 Feb 14

carnmountyouknowitmakessense says...

Time to review the rents me thinks
Time to review the rents me thinks carnmountyouknowitmakessense
  • Score: 1

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