House prices booming into 2014

Thurrock Gazette: House prices booming into 2014 House prices booming into 2014

HOUSE prices are rocketing across Thurrock - and that’s likely to continue long into 2014.

The average price of a house in the SS17/18 post codes - including East Tilbury, Stanford-le-Hope, Corringham, Fobbing, Horndon-on-the-Hill, Bulphan and Orsett - is up a whopping 6.8 per cent year-on-year.

Meanwhile, the value of homes in the west of the borough - including Grays, Stifford Clays, Purfleet, Tilbury, South Ockendon and Aveley - are up 5.8 per cent on average.

This proves the borough is experiencing a boom as latest data, by property analysts Hometrack, ranks Essex in the top ten “boom places” around Britain - with average property prices up 5.3 per cent in 2013.

This compares to a 4.4 per cent average rise across the UK.

Tom Dawes, partner at estate agents Gower Dawes in Dafoe Parade, Grays, said there has been a real demand for homes in Thurrock - and more sellers are getting the price they want.

He said: “We’ve had double the number of sales in 2013, compared to 2012.

“There are 100 per cent more buyers and so demand is outstripping supply at the moment, meaning more sellers are getting their asking prices.

“The government schemes like Help To Buy and five per cent mortgages have helped massively in bringing more first time buyers into the game. I expect the market to keep going this way.”

However, some Thurrock residents are not convinced rising house prices are a good thing.

On the Gazette’s Facebook page, Paul Fisher, from Stanford-le-Hope said: “House prices going up is always bad news.

“It simply prevents youngsters like my daughters buying.

“Those of us who own with no mortgage are the only ones that really benefit.”

But for others, the added demand is good news. Katie Crisp, from Aveley, said: “Our experience with the housing market here has been very positive so far.

“We sold our house in Aveley on the first viewing, they made an offer immediately. Now we’ve got our fingers crossed it’ll go through.”

Sarah Bullen of Abbots Drive, Stanford-le-Hope said that she sold a property within two days of it going on the market. She said: “Im not concerned about house prices at present. Ask me again this time next year if i’m still in same house!”

Thurrock is known for being affordable and Mr Dawes said he doesn’t expect that to change: “Even back in 2007 at the peak, prices weren’t unaffordable. You get a lot of house for your money in Thurrock.”

Comments (2)

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12:23am Sat 4 Jan 14

The Hog says...

And when the bank of England raise interest rates,a lot of first time buyers are going to find it hard when all these cheap deals offered by this government suddenly strip them of all cash.
The system is not ready for interest rate rises,as this will burst an already over inflated house prices.
How long can the interest rate be kept artificially low..
And when the bank of England raise interest rates,a lot of first time buyers are going to find it hard when all these cheap deals offered by this government suddenly strip them of all cash. The system is not ready for interest rate rises,as this will burst an already over inflated house prices. How long can the interest rate be kept artificially low.. The Hog

7:36am Sat 4 Jan 14

Dave_ says...

The problem is those with mortgages have been living in a fairy tale for the last few years and if they haven't been aware of this and mentally preparing themselves for the day interest rates go up, more fool them. What you do is the old fashioned practice of living within your means.
We had a mortgage during the slump and high interest rates of the 90s and it was hard, but paying the bills and so on was the priority. We didn't get anyone artificially keeping interest rates low and lulling us into a false sense of security. Our house became worth less than we paid for it (not anymore) but as we weren't looking to sell it, it was of no consequence. As someone who has done the right thing and saved during the good times I feel let down by the practice of artificially low interest rates. Personally I can't wait for interest rates to start going up.
The problem is those with mortgages have been living in a fairy tale for the last few years and if they haven't been aware of this and mentally preparing themselves for the day interest rates go up, more fool them. What you do is the old fashioned practice of living within your means. We had a mortgage during the slump and high interest rates of the 90s and it was hard, but paying the bills and so on was the priority. We didn't get anyone artificially keeping interest rates low and lulling us into a false sense of security. Our house became worth less than we paid for it (not anymore) but as we weren't looking to sell it, it was of no consequence. As someone who has done the right thing and saved during the good times I feel let down by the practice of artificially low interest rates. Personally I can't wait for interest rates to start going up. Dave_

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