The Buoyant Property Market

The buoyant property market in Essex

The Essex property market is in a buoyant state in 2021, matching the mood of the nation as we all start to enjoy the relaxation of Covid-19 restrictions.

Property sales over the spring of 2021 have hit record levels, with UK property transactions in March at the highest recorded monthly level since modern records began in 2005, according to data from HM Revenue and Customs (HMRC).

And house prices are on the rise too. The same data showed that average UK house prices rose by 8.6% in a year, with 180,690 property sales completed in the UK during March, double the number of sales in March 2020. Venders selling their property through Beresfords had extra cause for celebration as during the month of April the leading Essex estate agent achieved an incredible 100% asking price for clients throughout the month. There were more than 20 prospective buyers per property marketed by Beresfords, plus 46,565 unique visitors to the firm's website and 1,656 new buyers registered. Lettings also saw strong levels of activity with a total of 1,371 active tenants looking to rent in March, as well as 333 new tenants registering throughout the month.

Housing market activity is riding the crest of a wave that is fuelled by a number of contributing factors including the migration from urban areas into more rural settings, the extension of the Stamp Duty holiday until 30 June and a new guarantee scheme for low-deposit mortgages announced by the UK government. Available to homebuyers on properties worth up to £600,000 (and not exclusively first-time buyers), those searching for their next new home will require only a 5% deposit to secure a mortgage, with the government underwriting 95% mortgage loans. With many major lenders already participating in the scheme, those who have been saving hard to pull together a deposit for their dream home, can look forward to their dream coming true a little bit sooner than they thought.

While the Stamp Duty holiday remains in place until 30 June 2021, there will then be a staggered return to previous Stamp Duty rates until the end of September during which time buyers pay Stamp Duty on just the first £250,000 of a purchase price. Landlords and second-home buyers can take advantage of the tax cut too, but do still have to pay the extra 3% of Stamp Duty they were charged before July 2020.

And there is no sign of a slowing down in the market with predictions suggesting a year-long boom. Property search site Zoopla has predicted the busiest year for the market since 2007 with around 1.5 million UK house sales expected throughout 2021, up by 45% compared with last year. It also estimates the value of homes sold in 2021 to top £460 billion.

With annual transactions rarely exceeding 1.2 million per year over the past decade, 2021 will mark a significant step-change in housing market activity. In the capital, the trend is slower, with properties in inner London taking nearly two weeks longer to go under offer compared with 2020. Further evidence of the migration from the capital as homeowners look to the surrounding counties, and particularly Essex, for the balance of more space at home with the office still within reach.

Stock Road, Billericay

£1,375,000

Situated on the north side of Billericay in the Buttsbury and Mayflower Area is this truly stunning five bedroom detached executive family home. The property has to be viewed internally to fully appreciate the open plan living to the ground floor and the generous size family accommodation throughout. The property offers excellent potential for further enlargement into the loft space and has the added benefit of an 87' deep x 52' wide west facing garden. The interior is beautifully presented with a stylish neutral décor, ready for you to put your stamp on your new home. EPC C

Billericay Office: 01277 626262

Crays Hill, Billericay

£1,100,000

Absolutely stunning five double bedroom detached house, substantial family accommodation, four en-suites plus luxurious family bathroom, 32'4 x 20'8 kitchen/dining/family room, under floor heating to the ground floor, two further reception rooms, 215 ft deep plot by 40 ft wide, stunning landscaped garden. EPC B

Billericay Office: 01277 626262

Brook Cottage, Little Burstead

Offers in the Region of £900,000

A beautifully presented detached character cottage situated in a most sought after semi-rural location on 1/3 of an acre plot within close proximity to Billericay High Street and the Mainline Station. The property benefits from an independent driveway, a detached garage and an established south facing landscaped garden which is approximately 110 feet in length. Internally, the cottage boasts a character fireplace with exposed brick, a neutral décor and an en-suite to the master bedroom. There is scope to extend further, subject to Planning Consent. EPC E

Billericay Office: 01277 626262

Grove Field, Braintree

£850,000

Situated on the outskirts of Braintree in High Garrett in a cul de sac location, we have for sale this executive family home, situated on approximately a third of an acre. The property offers four double bedrooms with two en suites and is further enhanced by having four reception rooms, gym/games room and orangery. Braintree town centre is just a short drive away, offering local restaurants, amenities and links to London Liverpool Street. EPC D

Braintree Office: 01376 348444

The Three Ashes, Cressing

£825,000

Large detached family home dating back to 1887, originally a Public House and refurbished in 2010. Cressing is close to Braintree Village with its outlet shopping, amenities and railway station with mainline links to London. Internally, the property offers a large family room, further reception room joined with a dual aspect log burner and double doors leading to the dining room and kitchen. The master bedroom offers an en suite and dressing room, there is also a further three double bedrooms, en suite to bedroom three and a four piece family bathroom. EPC C

Braintree Office: 01376 348444