The Balgores Property Group has revealed new figures that show estate agents in the Chelmsford area including Essex and Kent have seen house prices jump up 17% over the past 12 months. The data shows that two bed flats located in Chelmsford have increased in price by 17%, meaning that now they are worth £228,000. This valuation is an increase of £31,000.
The numbers revealed by Balgores Property Group has also shown that three bedroomed semi-detached houses have increased in value by 9% and are now valued in the region of £325,000. It is thought that the three bed semis in the Chelmsford area have seen a price increase of £26,500 year on year. Other figures show that four bedroomed detached properties in this area are valued at £475,000, which is an increase of £42,000, a percentage increase year on year of 9.5%.
It is thought that the improvement in the housing market is down to a number of different reasons, which includes the Crossrail project that is predicted to run to Shenfield and Brentwood. There is also work being carried out into the redevelopment of the city centre with the prospect of new leisure and retail developments happening in Bond Street. It is also thought that the area’s proximity to London also makes it popular for house buyers, leading to a boost in prices.
Work on the railway station as well as Beaulieu which is a 3,600 home property estate has also been marked as reasons for the property market in this area will continue to rise. The work that has taken place in Chelmsford has managed to transform the area in to a popular place to live after previously being used as an overspill space for the East End of London. Located just 30 minutes away from the city centre, the work on the county town has allowed it to thrive. It is also thought that the city status has also allowed Chelmsford to thrive.
