North Essex becomes the latest commuter hotspot

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by Kay Murchie

According to Savills estate agency, the latest commuter hotspot is north Essex. The agent states that the area is an undervalued market. Prices are 10% lower than West Sussex and 18% lower than Hertfordshire. Furthermore, the area boasts pretty countryside, good schools and easy access to London.

Another reason why prices in this area are remaining so affordable is Stansted airport and the continuing uncertainty over plans for a second runway.

Liam Bailey of Savills said north Essex is an attractive and still undiscovered location, prices for period properties in good rural locations are much cheaper than the equivalent areas south of London.

Mr Bailey predicts that north Essex will out-perform the broader commuter zone over the next few years. One area tipped as a hotspot is Felsted village in Great Dunmow which is 12 miles from Chelmsford train station, taking you to London Liverpool Street in 32 minutes, while Cambridge is 40 miles away.

Thaxted is another area in north Essex expecting a mini-property boom. Georgian and Victorian houses start from £225,000 for a 2-bedroom Victorian cottage up to £1.2 million for a 7-bedroom house in the town centre.

However, Thaxted is on the flight path which is why prices 10% lower. Steve Ambridge, of Savills in Bishops Stortford said this is an issue but has not put everyone off the area. House prices in the region are still on the increase.

Hometrack puts growth at 11% over the last 12 months, with an average price of £344,000 in Felsted and £376,000 in Thaxted, in spite of these areas being on the flight path. ”

Mr Ambridge added that many buyers see it as an opportunity, people are willing to overlook the airport issue when they see the size of the house they can buy here and the beautiful countryside surrounding it.

If the plans for airport expansion are cancelled, prices could well rocket concluded Mr Ambridge.