Search

Feature: The ups and downs of house prices in Havering

15:00 01 February 2013

PICTURE: Press Association/Danny Lawson

PICTURE: Press Association/Danny Lawson

PA Wire/Press Association Images

House prices go through the roof! Havering homeowners are sitting on goldmines – those were the headlines just over 10 years ago when rising property values seemed unstoppable.

The Post and sister paper the Romford Recorder regularly highlighted the soaring values bringing windfalls to buyers.

In March 2000, the Recorder highlighted how one semi-detached property in Brookside, Emerson Park, increased in value from £350,000 to £420,000 in just seven months. Elsewhere, a three/four bedroom house in Park Drive, Upminster, went for £250,000 – an increase of £117,000 from four years earlier.

In 2002, the average house price in Havering had reached £169,200 by the end of 2002.

However, the cost of property wasn’t good news for everyone.

In 2005 Upminster MP Angela Watkinson pledged to speak to Havering Council over a 450 per cent increase in homelessness in the borough.

She said: “Havering suffers from very high property prices and relatively low salaries.

“It is difficult for young people to get a foot on the housing ladder.”

But come 2008, the bubble started to burst and property was no longer a guaranteed investment.

But prices didn’t tumble either – leaving the issue of affordable property as an ongoing one.

In 2009, the average house price had become £268,910, with the GMB Union noting that prices would need to drop by more than 11pc to make them affordable.

Recent research by the Nationwide building society found that being within 500 metres of a tube or rail station attracts around a 9pc premium to a house price.

The company found that the average house price close to the District Line – which serves Upminster, Elm Park and Hornchurch – is £396,820.

It added that rail links may have more of an impact now than ever.

So what of future house prices? A recent study by property consultant GVA predicts that the new Crossrail train line linking Romford, Harold Wood and Gidea Park to central and west London will help bring about a dramatic increase in house values.

Mike Taylor, GVA director, said: “Crossrail will have a distinct impact on the residential property market not just in London but also several areas in Essex and Berkshire.

“Crossrail is more than a new rail link, it will be the catalyst for regeneration and a key driver in maintaining London’s position as a leading global city.”

Alex Armstrong, chairman of Havering Chamber of Commerce, said: “Anything that helps businesses in Havering has to be a good thing.

“People from Havering can travel further, but it also means more people can travel into the area and anyone extra coming into the borough is a good thing.

“House prices are a bit of a double-edged sword as it makes people who have property happy, but people who rent could see rising costs.”

And what of the future? Russell Quirk, director of estate agent eMoov, said: “You can panic about house prices week to week, but the market is more robust than some people give it credit for.

“We’re a long way from seeing 10-15pc annual price increases, but I don’t think that’s really in anyone’s interest and 2-3pc increases are more likely in the near future.

“It’s a rosier picture than some make out.”

0 comments

Latest Romford News Stories

Yesterday, 15:00
Jeffrey Marks, who volunteers at Queen's Hospital, enjoys cheering up patients.

A man who has volunteered for nearly two decades, is encouraging others to donate their time to help make a difference to hospital patients.

Yesterday, 12:00
40-years-ago

A look back at the biggest local stories from this day 20, 40 and 60 years ago.

Saturday, January 21, 2017
Charlie Condou and Victoria Yeates in The Crucible

You may not think a play written in the ‘50s about witch trials in the 17th century would have much in common with today’s audiences.

Saturday, January 21, 2017
Marion James and reporter Ryan Tute discussing the work that went into getting everything together. Picture by Ellie Hoskins

People have the chance to delve deep into the police’s archives following the launch of a new exhibition featuring some never-before-seen documents and artefacts.

Friday, January 20, 2017
Dennis Kutyauripo, 22, says he

The older brother of a 16-year-old boy who was stabbed to death by his former friend, has said he “feels sorry” for the killer.

Friday, January 20, 2017
From left, Havering Council's head of clinical practice Dave Tapsell, director of children's services  Tim Aldridge, and Robert South head of care resources

Despite Ofsted inspectors rating a vulnerable children’s service as requiring improvement, its department head remains optimistic.

Friday, January 20, 2017
A man was robbed at knifepoint earlier today outside Tesco Extra, Rainham. Picture: Havering MPS Twitter

A man is in police custody after a male was robbed at knifepoint.

Friday, January 20, 2017
Diana award winner Kieran Goodwin in his home

This week, Romford’s Kieran Goodwin, chief executive of youth charity World Youth Organisation (WYO) which celebrated its first anniversary, picked his top 10 all-time favourite tunes.

Newsletter Sign Up

Most read news

HOT JOBS

Show Job Lists

News from your area

WW100

Click on the banner above for full coverage of the centenary commemorations of the outbreak of the First World War.

Competitions

Are you in need of a new kitchen? Try our competition and you could win a brand new one!

Having a brand new kitchen is something that lots of people want but can only dream of. Sadly keeping up to date and making our living spaces as nice as they can be is a costly and incredibly stressful business. Even a fresh coat of paint makes all the difference but isn’t easy or quick.

MyOffers H&M Competition

Who wouldn’t love the chance to go on a shopping spree. Imagine being able to walk into a shop and choose whatever your heart desires without having to worry about how much it costs.

Digital Edition

cover

Enjoy the
Romford Recorder
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now