Six months into a year is always a good time to take stock of what has happened so far and make predictions as to what may happen in the future. This is the case in the property market and anyone who has an interest in the local area will be keen to note the findings of a mid-year look at the Chelmsford property market.
As of June 2017, the average value of property in Chelmsford stood at £384,022, which is deemed to be an increase of 1.40% over the past three months. When it comes to the average price being paid in the local area, the following figures are worth considering:
The average price paid for property in Chelmsford in the past three months is higher than the average price paid for the year so far, which is a positive sign. However, when compared to the average price paid over the past year, the current price is smaller, so it may be that the tail end of 2016 was slightly better for property sales. Of course, the number of factors influencing the property market, in Chelmsford and the UK , in the past year are monumental, and this has not been a straightforward time for anyone in the property market.
With the train journey to London taking less than 40 minutes to arrive at Liverpool Street Station, Chelmsford is an ideal location for commuters who are employed in the key financial areas of the city. Having the chance to combine an almost village lifestyle with the ability to work in the heart of the city is very appealing and this ensures that there is always going to be a high level of demand for property in Chelmsford. Taking the current average value of London property as being £675,305 and the average price paid for property in London in the past three months as being £647,909, there is a very clear financial reason to look at Chelmsford property.
Even with commuter costs factored into the equation and the commute itself, the financial benefits of owning property in Chelmsford as opposed to a central London location are obvious. There is also the fact that the nature of homes and the local lifestyle in Chelmsford are much more appealing to many people, with the price being just being a huge bonus.
It is this last factor that leaves many within the Chelmsford property market feeling confident that the market will continue to thrive, even in a time when “slowdown” is on the lips of virtually every property market specialist. The level of demand for property is still outstripping the supply, and this is unlikely to change at any point soon. This means that it is unlikely that prices are going to fall by any note because of this level of demand.
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