Problem is, will this be enough? Not only are these houses expensive, but they are quickly being snapped up by investors, London commuters and other outsiders looking to move close to Chelmsford’s city centre. For a small 1 bed apartment near the city centre you’d struggle to find a price under £200,000. Still, despite these extortionate prices, property is being bought up quick: Chelmsford homes for sale have dropped 36% in the last year.
With the Help to Buy scheme set to end December 2016, housing benefits cut for young people and under 25s not benefiting from the introduced living wage, Chelmsford is not looking like a viable future for many of the young people growing up here. You can read more about government budget changes and what it means for you in this handy blog post from last month.
This seems to be a recurring problem across a lot of Essex. The trend shows that the closer to London the more expensive and desirable places are to live. Great news for those people looking to move away from the cities to the countryside, right? Wrong! House prices are rocketing in rural areas as well: many properties in the small villages surrounding Chelmsford are finding that some houses are selling for over £1m! The small village of Little Waltham, for example, has seen many large houses selling for extraordinary amounts of money. The silver lining of this cloud is that for current residents there’s a fair chance you could be sitting on a lot of money! Not to mention that at this rate, Chelmsford is becoming a beautiful town, far from the stereotypes of a grotty Essex estate.
Do you own one of those beautiful period houses in the rural areas? If you are in need of a large amount of cash you might be considering selling your home. Equity release might be of interest to you: you could get a large sum of money without leaving your home. You can receive a sum of money for the amount your property has increased in value since you took out your mortgage. For more reasons on why you should consider remortgaging then read our blog post here. It could really save you a lot of money in the future.
And of course, with the expanding housing developments that border nearly every side of Chelmsford, the beautiful countryside landscapes are broken up by identical “modern” buildings that stick out like a sore thumb against the old houses full of character (although if you’re willing to pay the price you can find some beautiful unique modern developments from Beaulieu across the county).
With the new development by the river front in Chelmsford containing a cinema, car park and John Lewis department store, there’s hope that Chelmsford city centre will be able to cope better with the influx of new people. It will certainly be needed – there’s a severe lack of convenience stores, supermarkets and independent shops being built in the new housing estates that spread over miles of land. However, many of these estates are being tastefully built, with individual houses that have unique features. My personal favourites are the colourful houses in Beaulieu Park, Springfield that have unique features including an external clock face and hexagonal tower!
We can only hope that Chelmsford council and the housing development people will plan more thoroughly so that Chelmsford will be a nice place to live for everyone, no matter their budget.
But it’s not all bad news: with the help of an experienced mortgage broker like Active Brokers, you’ll have a good chance of getting the property of your dreams. If you’re looking to get into Chelmsford’s property ladder or rent out some property, Active Brokers are the people to go to. We are based right in the heart of Chelmsford, with advisers local to the city who know the ins and outs of the property here. We can arrange mortgages at the right price for your personal and commercial properties, as well as help you remortgage, find your first house or even rent out a property not just in Chelmsford, but anywhere across the UK. For more information go here to read about the options available to you.