Three-bed semi prices increasing year on year in Havering
15:44 26 August 2014
The average cost of a three-bed semi-detached house in Havering is rising by about 17 per cent every year.
New research from Balgores Property Group shows Hornchurch homes are rising from £300k in June ‘13 to £350k a year on.
Romford homes have risen 17 pc from £240k to £280k in the same period, while Upminster has experienced a 14pc rise, from £300k to £375k.
Martin Gibbon, of the National Association of Estate Agents and group director of Balgores, commented: “Over the last few years, the age of the first time buyer has increased, now standing at an average of 36 years old.
“They are skipping the first rung of the ladder and opting for three bed semis, as by this time they tend to have families and need more space than what is offered by a typical starter home.
“Demand for properties in Havering is partly driven from buyers moving out from London.”