Since January 2012, house prices in the borough have risen by 91.4 per cent with the average property now costing £328,696
House prices in Basildon have rocketed by more than 90 per cent in the last decade sparking huge concerns for first time buyers trying to get on the market.
According to Rightmove, Basildon has ranked fifth for the largest increase in asking prices across the country in 10 years.
Since January 2012, house prices in the borough have risen by 91.4 per cent with the average property now costing £328,696.
Zak Weaves, 29, independent real estate agent for Keller Williams says there’s lots to offer in Basildon but raised concerns over the impact on first time buyers and young people trying to buy homes.
He said: I know there are lots of new developments coming through and it’s becoming more cosmopolitan.
There’s such easy access to London and good transport links too so lots of people are moving there from the city. It’s really grown as a town and it a bit like a city now too, he said.
There is a real concern for first time buyers and people are over stretching themselves with some getting lenders given them seven times their salary which I find worrying, he said.
He said there’s high demand and interest but little housing stock available.
The Government recently set out plans to ‘level up’ regional inequalities, including new urban regeneration and housing projects.
Rightmove’s director of property data Tim Bannister said in some areas the rising cost of rent has left many people struggling to save enough for a deposit.
Across Britain, the average asking price for a home has risen by more than £100,000 over the past 10 years, up by 53 per cent to £341,019, according to the research from Rightmove.
The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
Credit: Source link
