Introduction To The Area
Southend is becoming a property hotspot for investors and landlords to purchase new-build properties for younger couples and families looking for a fast commute into London recent figures show. With a good seaside location and fast commuting times into Central London, Londoners and other city workers are looking for opportunities to move to Southend.
In 2019, there were 546,000 people living in the Southend-on-Sea postcode area with an average age of 41 years old. Population density is 1,400 residents per square kilometer. The population has grown by 11 percent since 2002, with the average age increasing by 2 years in that same period. According to the 2011 census, there were 2.39 residents per household. The average salary is £32,600 for full-time employees, based on data published in November 2020, which is slightly below the National average of £38,600.
Summary Of Price Moves
According to RightMove, properties in Southend-On-Sea had an overall average price of £321,255 over the last year. The majority of sales in Southend-On-Sea during the last year were flats, selling for an average price of £192,983. Semi-detached properties sold for an average of £351,075, with terraced properties fetching £279,481. Overall, sold prices in Southend-On-Sea over the last year were 11% up on the previous year and 11% up on the 2018 peak of £290,253.
Thorpe Bay is the smartest address in town, where a four-bedroom detached Thirties house will cost you about £400,000 — less than a one-bedroom flat in Canary Wharf.
Southend’s world-renowned pier and beaches have made the town a household name across the UK, boosting its popularity with buyers. Property prices in Southend represent fantastic value when compared to the average price in Essex, as of October 2020, house prices in Essex are averaging at £367,381. The current value also indicates great value when compared to various major areas of the UK including London, demonstrated as of October 2020, the average price for a home in London sits at a shocking £653,965!
The typical price of a detached home in Southend is currently £501,228, with the average price of a semi-detached home currently £310,297. If you are thinking of buying a terraced home, the average price in Southend is £254,660, with flats currently averaging at £177,600.
In March 2021, the number of properties advertised for sale in Southend was 1143, which is down 35 percent from the previous year. No doubt this is down to the third National Lockdown. Similarly, the average time that a property spends on the market in March 2021 is 172 days, which is an 18 percent rise from the 146 days last March. Luckily, the end of this third lockdown is laid out ahead of us, if all goes to plan, so there is much less uncertainty – meaning it is likely these figures will return to something more desirable by the time all restrictions have been lifted.
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Estate Agents' Comments
Southend is becoming a hot prospect based on what the past year has done to working mindsets, as head of Savills residential for the the southern region has noted, saying that “with many anticipating continued flexible working and less frequent commuting, houses which offer more space, in well-connected town or village locations, are particularly sought-after.” The latest statistics from YouGov show that a third of buyers said the pandemic has made having a garden more important to them, whilst three in ten buyers said the pandemic made a home workspace a priority.
Gary Denyer, branch manager of Bairstow Eves estate agents, estimates that 50 to 60 per cent of homes are sold to incomers, most from east London seeking affordability.
Shaun Church from the mortgage brokers Public Finance has said that “Southend is a popular spot for renters, with all the benefits of living in a popular seaside town less than an hour’s commute from central London, and with good airport connections,” boasting it’s own ‘London’ airport. He went on to mention that “with the high cost of renting pricing many out of the city, towns in a commutable distance from London that offer a more relaxed lifestyle at an affordable price are becoming increasingly popular among young professionals.”
To back him up, Mike Gray (owner of Dedman Gray estate agents) has gone on record as saying that “One of the strong points of Southend is that since the recession of 2008, the town has carefully planned regeneration projections going on. Added to that, we have seen growth from development of the university, the improved rail communication with the line to Fenchurch Street and the expansion of the airport.”
The estate agents Hunt Roche have stated that “Southend is most famous for its world record holding pleasure pier (it’s the world longest), its pebble strewn beaches and as the place where the characters from East enders spend their summer holidays. Southend has an excellent transport network with train lines into two London terminals (Liverpool Street and Fenchurch Street), excellent local bus route coverage plus a growing International Airport serving popular European destinations. The high street is lined with household names including Marks & Spencers and HMV and stretches all the way from Southend Victoria station to the seafront.”
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