Basildon October Property Market Update

A Personal, bespoke estate agency based in Essex

Basildon October Property Market Update

By Leanne Tarrant

I just thought I would write market update. Basildon is becoming more and more desirable. The transport links are great, the town centre is going through a makeover, and it is becoming a better place to live.

What’s been happening with the market, though? 

According to Zoopla, in the past 12 months, there have been  320 transactions completed. This means that 320 sales have successfully completed in Basildon, and the money has changed hands. This figure does not include sales which have been agreed, and then fallen apart.

The average value, according to Zoopla, of a property in Basildon is £290,103. However, the average price paid for a property in Basildon is higher, at £319,146. 

This could be for many reasons, but I feel that it is certainly a seller’s market at the moment. People are offering more then the average value which shows a general ‘buzz’ on the market with over the asking prices being achieved,

Is it because it is up and coming? Is it because they didn’t receive the correct guidance from their agent? Irrespective of these things, the average price paid for a property where we live, was almost 20k more than the average value. which is a fact too big to ignore?

From speaking to buyers, there seems to be a huge movement from London Moving to Basildon, With the property prices being lower then the London Boroughs, plus the huge investment into the town, well regarded schools (and not to mention the street lights being left on) its clearly making Basildon a more desirable place to live, work and invest.

Let’s break the numbers down a little bit more. 

  • 88 detached properties have sold in the last 12 months, at an average price of £483,907. This is a decrease in price by 6.5%.
  • 52 Semi-detached properties have sold in the last 12 months, at an average price of £353, 185. This is a decrease in price by 2.66%
  • 120 Terraced properties have sold in the last 12 months, at an average of £256,443. This is a decrease in price by 9.21%
  • 59 flats have sold in the last 12 months, at an average of £174,670. This is a decrease in price by 9.81%. 

So…it really does look like prices have decreased. It is interesting that prices on all types of properties have dropped. This shows that maybe asking prices were rising too fast for the market, so may need to come down slightly to keep the market moving. Im guessing where there was an influx of buyers paying over the asking prices, Estate Agents in Basildon appear to have got a little ambitious on pricing.

If we look at the amount of completed transactions (remember those who actually moved), it goes like this.

Last 12 months – 320

Last 6 months – 74

Last 3 months – 29

This shows that the amount of properties completing is declining as we go further through the year. is this because of Bojo? Brexit? or just prices rising too quickly for the market to catch up? i feel its the latter.

To summarise – Completions are down, but there is still movement. Properties are still being sold, despite the political world we are hanging in! Basildon is still a desirable town to live in, with its transport links perfect for commuters, its schools are becoming brilliant, it has something for everyone. 

If there is any property related questions you may have please get in touch, it is clear that in order to sell, you need to think smart. Call/text or Whatsapp me on 07792 926884.

Thanks for reading!!

Leanne Tarrant 

leanne@nestinessex.co.uk

07792 926884 

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