Billericay October Property Market Update

A Personal, bespoke estate agency based in Essex

Billericay October Property Market Update

By Leanne Tarrant

Its that time again! marketing update! i cannot believe we are in October already!
We are all interested to know what is happening with the current market, and how
it could be effecting us. So here it is!

According to Zoopla, in the past 12 months, there have been 167
transactions completed in Billericay, This means that 167 sales have successfully
completed, 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 Billericay is
£546,598. However, the average price paid for a property in Billericay is
lower, at £516,592.

This could be for many reasons. however i mainly feel that due to the market continuously rising over the past few years, asking prices have risen a bit too quick, and homeowners are having to take slightly less then what their property is worth. This could be due to bad marketing, overpricing or simply picking the wrong agent (but thats a blog for another day)

These figures help us work out what is happening.
+£1,554 is the value change in the last 12 months. This is a 0.28% rise.

Let’s break the numbers down a little bit more.
 65 detached properties have sold in the last 12 months, at an
average price of £720,662. This is a decrease in price by 5.76%.
 61 Semi-detached properties have sold in the last 12 months, at
an average price of £439,344. This is a decrease in price by 6.49%.
 32 Terraced properties have sold in the last 12 months, at an
average of £335,328. This is a decrease in price by 4.09%.
 9 have sold in the last 12 months, at an average of £203,388. This
is a decrease in price by 9.62%.
So…it really does look like prices have decreased. It is interesting that
prices on all types of properties have dropped.

If we look at the amount of completions, it goes like this.

Last 6-12 months – 167
Last 3-6 months – 43
Last 3 months – 20

This shows that the amount of properties completing is decreasing as
we go further through the year.

This could be down to a number of things. Brexit is making Billericay residents naturally cautious (whatever side of the fence you sit on). The political situation is also clouding peoples opinions on security of price.
It is clear, that there may be some Estate Agent in Billericay may also be overpricing properties slightly, so price may need to come down slightly to match the current market value and keep the property market moving forward.

the positive aspect is, interest rates are still low, lending is still high, availability to some fantastic mortgage products are currently some of the best ever available. given some properties are still completing it is still showing its a good time to sell/buy and invest in Billericay.

To summarise – Billericay is a lovely town. We love living here. Our
transport links are amazing (when they work), our community spirit is
second to none, and most of all, our properties are fantastic!

On rightmove currently, there are 323 listings for properties for sale in Billericay, and 279 listed as sold. this means there are more properties available then sold, so its clearly a buyers market currently.

If you have any property related questions, or just want some impartial advice in the strictest confidence. please feel free to reach out and call/text/whatsapp me at any time.

Thanks for reading!!

Leanne Tarrant
leanne@nestinessex.co.uk
07792 926884

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