Search

£500 of shopping vouchers up for grabs in this week’s Recorder

On sale June 26

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 News Stories

Yesterday, 17:58
Havering Town Hall

Top council chiefs are plotting to develop the back office merger between Havering and Newham to include joint-working with Bexley, the Recorder can reveal.

Yesterday, 16:47
Woofs and Wellies raised money for Saint Francis Hospice

More than 200 dog-lovers joined their pooches as they put their best paws forward to raise money for Saint Francis Hospice.

Yesterday, 13:57
Ian Davies, Headmaster of Brentwood School, Essex. A coach driver has died and an adult and a child were seriously injured after a bus carrying British schoolchildren crashed in Belgium, a school spokesman said.

The Brentwood School pupil who suffered a fractured skull in a coach crash in Belgium yesterday morning has been released from intensive care.

Yesterday, 12:41
The startline of the 2014 walk

A former Eastenders actress will join almost 300 women as she walks 10k by starlight to raise money for Saint Francis Hospice.

Most read news

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

Y6 pupils unpack the rice

A school challenged their pupils to become enterprising individuals as they took on the national 90kg Rice Challenge.

Escape to the picturesque sights of Cornwall

Summer is finally here, and what is the number one holiday location in the UK during the warmer months? Cornwall, of course!

Adrenalin junkies, this one's for you!

An icon of British engineering and a consistent favourite of James Bond, there are few names quite as legendary in motoring as Aston Martin.

Digital Edition

Image
Read the Romford Recorder e-edition today E-edition
Family Notices 24


Our trusted business finder