With the news that Boris Island development plan has been rejected by the Airports Commission, leading online estate agent eMoov.co.uk has given some welcomed comments to home owners living in Thames Estuary, North Kent and South Essex.
eMoov.co.uk conduct quarterly research into the movers and shakers in terms of property price rises and falls across the UK, via the emoov Property Hotspot Index.
In February, Medway had a demand index of 59%, the 15th best place in the UK for demand versus supply. But in July this dropped to 37%, a reduction in buyer demand and confidence of 22%. This drop was more than any other large town or city in the country.
Property Expert Russell Quirk, CEO of online estate agents eMoov.co.uk commented “With the sinking of Boris Island, we now predict local property prices taking off!”
“In our Property Hot Spot Index release in June, Medway, the epicentre of properties that would potentially be affected by Boris Island, saw the biggest fall in demand of all UK areas. Consequently we are predicting a significant rise in house prices along the North Kent coast now that Boris has lost the battle of the skies in the Thames Estuary. If you live in the Medway area, Canterbury, Whitstable, The Isle Of Sheppey etc, expect to see a rise of atleast 20% plus in the next 12 months”.
It is not good news for all home owners in the local area as the development of Thames Estuary airport would have seen huge investment into transport links in Chatham, Ebbsfleet and Southend, which would have helped increase property prices because of the lucrative London commuter factor.
It’s not yet know where an airport expansion will be confirmed in the South East, however property prices in Gatwick and Heathrow are unlikely to see such change as they already have established airports.