Demand is driving up price of Havering houses
PUBLISHED: 14:00 27 June 2015
House prices are on the rise across Havering with semi-detached homes seeing the biggest increase.
The price of a semi-detached house has rocketed by a massive 22 per cent over the last year in Upminster, with the average three-bedroom property now costing £418,333.
Figures from Balgores Property Group reveal the price of a similar home in Romford has increased by 10pc to £323,000, while in Hornchurch the cost has increased by 5pc to an average of £309,250.
The value of semi-detached homes increased faster than any other property type in England between April 2014 and 2015.
But, in Havering the value of many properties will have increased more than the 5.6pc national average.
Matthew Butler, area director at Balgores, said: “It’s because there’s a lack of stock on the market and lots of buyers.”
He explained that both first-time buyers and those down sizing were looking to purchase two or three bedroom semi-detached properties and the demand was outstripping supply, driving up prices.
He gave the example of one such property receiving 40 viewings.
Balgores, which has offices in Romford, Upminster and Hornchurch, has said the increase in semi-detached prices continues in Essex where Chelmsford and Basildon saw 35 and 27pc increases respectively.
Figures released by the Office of National Statistics this week support Balgores’ findings.
They show that 4,086 homes were sold in Havering in 2014.
The average price of a detached home in the borough was £409,998, a semi-detached home cost £295,000, a terrace house cost £249,995 while a flat cost £176,250.
In 2010 the average price of the properties would have been £360,000, £250,000, £210,000 and £152,500 respectively.
Balgores Property group has said that nationally property prices increased by 5.1pc over the year with the average home valued at £179,817.