Essex house prices. It is a popular search on the internet, particularly in view of the COVID-19 pandemic as many people still consider moving. Laura Richardson considers the facts with a view to determining whether it is possible we could still see significant increases in Essex house prices this year . . .
March 2021 saw a hint of revival in the housing market, with average UK house prices up 6.5% compared to the same month last year, and up 1.1% from the previous month. Experts across the financial sectors have accredited the increased activity in part to the stamp duty holiday extension, as well as the governments guarantee that first-time buyers will have access to 95% mortgages. Analysts have also suggested that the year of lockdowns has led to many people across the UK re-evaluating their housing needs and looking to move to rural locations. This is backed up by data from Rightmove, which shows that housing sales began to rise in rural areas first, with Cornwall overtaking London as the ‘top searched’ location on Rightmove in the UK! Rightmove analysts have speculated that the typical attractions of rural living have been further bolstered during the pandemic as people strive to combat the restrictions of lockdown with the obvious appeals of larger gardens and plentiful outdoor areas. As a result of this increased demand for rural properties, house prices in the ten least densely populated areas of the UK actually rose by more than 10% since February 2020 according to analysis by the Resolution Foundation.
Essex has traditionally been considered within the commuter belt for London, and with beautiful rural areas within the County, it would come as no surprise to see a surge in Essex house prices. However, leading financial experts have warned that the long-term effects of the pandemic upon the economy are yet to be felt in full, and may adversely affect the housing market for years to come. For example, many potential buyers simply aren’t in a financial position to be able to take advantage of the government incentives, thanks to pay cuts, redundancies, job losses, or a lack of job security. Others may simply be wary of tying into a mortgage until the economy stabilises.
The good news for those living across Essex is that if you are considering moving house and would like further information regarding your mortgage options, Andrew Douglas Wills & Legal Services can help! We are proud to work with an Independent Mortgage Brokerage with access to every single product across the mortgage market, ensuring you will receive the best possible mortgage product for you regardless of whether Essex house prices increase or not. For further information, or to arrange a no-obligation call back from one of our trusted partner’s team of experts, contact Andrew Douglas Wills & Legal Services today.
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