A recent study, carried out by property website Zoopla and job search engine Adzuna, has revealed Chelmsford as the second most affordable part of the country to live in. Bucking the stereotypical north-south divide when it comes to house prices, Chelmsford has become the second most affordable place to live in the country, with wages increasing 7.68% faster than the cost of the average home (£385,677).
Since receiving the City status in March 2012 as part of the Queen’s Diamond Jubilee, Chelmsford has blossomed into a vibrant, buzzing and metropolitan place, with new luxurious apartments being built and the shopping plaza Bond Street, featuring a flagship John Lewis store and other popular high street stores including Hotel Chocolate, Phase Eight and Jack Wills.
First time buyers
Getting on the property ladder can be tough, especially if you’re looking to buy in an area where property prices are rising faster than salaries. If you’re a first-time buyer and can be flexible with where you buy, it’s worth considering areas like Chelmsford where salaries are rising faster than property prices.
The Brexit effect in Chelmsford
The national market is reaching the end of the cycle which started with the credit crunch. 2016 saw stamp duty changes and the Brexit vote, with the impact very much still being felt. The result of the election added an element of uncertainty surrounding the economy. Since the initial vote, interest rates were dropped for 0.25% to support the economy. This has resulted in property prices rising nationally by 7.2% – with mortgage brokers Chelmsford expecting the price of an average home in Chelmsford to reach £355,000 by the end of 2018.
What does the future hold for house prices in Chelmsford?
Projecting a future for house prices is never straightforward. The construction of new homes impacts on this heavily, with residential developments often increasing the value of other properties in the area due to the way valuers use ‘comparables’. Other important factors to consider when determining the future value of property are upgrades to travel networks and new businesses opening in the area.