The research from Beresfords highlights how 36% of all buyers registered are moving to Essex from London and with Crossrail due for arrival in Essex in three years and Brentwood’s neighbour Shenfield as its eastern hub, these figures are set to climb further.
The research names Gidea Park as the current top commuting hotspot in the county with Beresfords reporting there are nearly 12 buyers competing for every property coming onto the market. Prices have also risen by 14% annually according to the Land Registry House Price Index, with average prices in the area at £343,349.
According to statistics, the first time buyer market accounts for 31% of all active buyers in Gidea Park. Many of these first time buyers are London workers attracted to the area (which sits within Transport for London’s Zone six area) for its less expensive rail fares and half-hour commute to London Liverpool Street station. An annual travelcard to London Liverpool Street or London Fenchurch Street from Gidea Park station is just £1,804.
Hornchurch and Upminster are placed second and third in the league table with both offering transport into London Liverpool Street for £2,344 per year and house prices between £328,900 and £393,906.
The analysis to determine the commuter hotspots, takes into account not only the cost of rail fare, but also the cost of parking at the station, the regularity of trains, journey times to London Liverpool Street station and also the average price of property in the area.
“The arrival of the Crossrail is having a profound effect on many parts of Essex but nowhere is this more true than Gidea Park and Romford,” says Andrew Rosindell, MP for Romford. “Local residents are excited about future prospects and the council is putting considerable might behind this confidence, with a 10 year regeneration plan currently midway where they have placed huge emphasis on the retail and leisure offering. As a result, the area is increasingly becoming a desired place in which to live with plans to provide a substantial proportion of the borough’s new homes by 2020.”
Paul Beresford, Managing Director of Beresfords, comments: “Essex’s great transport links and the incredible variety of property available is to thank for the area’s enduring popularity amongst commuters. As the ‘garden suburb’ of Romford, Gidea Park is the ideal district for city workers looking to enjoy a quieter town life whilst still benefiting from a half hour commute.
“Soon however, Brentwood will start to appear more prominently. The town is already highly sought after, with 11 buyers for every property coming onto the market, and with the town now being classified as a London Zone nine location ahead of the Crossrail’s arrival, train fare has fallen in price from £3,412 for an annual travelcard to £2,508. With a significantly cheaper commute and an incredibly fast journey time (38 minutes to London Liverpool Street), the area is a win-win for Londoners looking to relocate to the commuter belt and we expect interest in the local property market to increase tenfold.”
Gidea Park took the top spot on the commuter hotspot list followed by Hornchurch, Upminster, Brentwood, Shenfield, Billericay, Ingatestone, Chelmsford, Colchester, Braintree, Maldon, Writtle and Great Dunmow.