Southend’s house prices are soaring, with experts pointing the finger at Londoners escaping the capital for a breath of fresh air.
Forget the Big Smoke, it seems Southend is the place to be! New figures for June show house prices in the seaside city are going through the roof, even outpacing the rest of the East of England.
So, just how much are houses in Southend now? The average price tag, according to the Land Registry, is a cool £331,158. That’s a hefty £12,000 jump compared to this time last year – a 3.6% increase in just 12 months!
But why all the fuss about Southend?
Mike Gray, manager at Dedman Gray estate agents, believes it’s all down to Londoners wanting to swap the hustle and bustle for a slice of seaside life.
“Over the last 12 months, the Southend area has been performing stronger than many other locations throughout the UK,” he explained. “Many buyers are choosing to be within reach of London and enjoy the waterfront location near to open air.”
Good news for sellers, but what about first-time buyers?
While homeowners in Southend are celebrating, it’s a different story for those trying to get their foot on the property ladder. The average first-time buyer in Southend now has to cough up £278,000 – that’s £9,400 more than last year!
“This has caused a considerable pressure on first-time buyers,” Mr Gray admits.
Will the Southend property boom last?
It’s the question on everyone’s lips. Mr Gray believes the market might be calming down a bit: “I think the most recent increase in prices has now levelled off and we expect to see a stable market for the remaining period of 2024.”
Southend property prices at a glance:
- Average price: £331,158
- Annual increase: £12,000 (3.6%)
- Average first-time buyer price: £278,000
- Biggest increase: Terraced houses (up 3.9% to £330,886)