In a previous article I said that average property values in Chelmsford had risen by £20,100, taking the average Chelmsford property to £297,100 (a rise of 7.2% over 12 months). This is great news for anyone who owns their own home in the Chelmsford area.
However, the A12 has other towns along its length and as a landlord one must consider other towns and cities to invest in.
One town along the A12 is Colchester. An average property in Colchester has seen an increase in property values by around £13,000 over the last 12 months, taking an average property up in value by 5.5% up to £247,300. Ipswich has also seen some modest property value increases, taking the average property from £199,900 a year ago to £211,300, an £11,400 increase or a 5.7% rise.
In a South Westerly direction, we get to Brentwood, where average property values have impressively risen by £16,100 to £395,400, until you realise that is only a rise of 4.2% in 12 months. You have to go to Romford to get a better increase in values, where they have risen by 10.6%, but that is still over 21 miles, and I don’t know about you, but most landlords do tend to like to buy close to where they live.
I find it amazing that five places along the A12 - Chelmsford, Ipswich, Colchester, Brentwood and Romford, all within a 25 miles of each other, can experience such variations in property prices. With average rents steadily rising by 1 to 2% a year and with continuing troubles for first time buyers raising the £10,000+ for the deposit and fees, I can only see greater demand for rental properties in Chelmsford, which will mean more people will continue to buy property for Buy to Let, and where there is greater demand, the price tends to go up.
This however, is only my opinion. If you want to chat about any matter relating to property in Chelmsford, pop in and see me or one of my team in offices on Duke Street in Chelmsford for a chat or email direct for any opinion on firstname.lastname@example.org