The perfect way to understand the property market is to monitor the movement and demand of a specific property over a period of time. In this case, we’ve chosen to watch the changings of Russell Quirk’s former two-bedroom flat in Langdon Hills.
Property in the Brentwood/Shenfield area of Essex is jumping in value because of the Crossrail 1 expansion, making it significantly easier for commuters from the area to get into central London in the nick of time. This also includes areas in close proximity to Shenfield rail station because it is simply a twenty-five-minute train into Liverpool Street. As a result, Essex is certainly an appealing alternative to living in the capital because of better amenities and additional space at a more affordable rate.
Langdon Hills is especially appealing for that daily commute with only a 35-minute train into Liverpool Street via National Rail, making it an excellent alternative to enjoy both an urban and relaxed lifestyle without a London price tag.
In 2004 our very own eMoov CEO owned a 2-bedroom flat for £152,500. This flat has recently come back on the market with eMoov and we thought it would be interesting to look at how the price of that property has changed as the area and property market has evolved.
In 2006, it sold for £130,000, which could account for the slight market crash. However, the property market always recovers, and by 2007, this same flat was selling for £162,500. By 2007-2008, a two-bedroom flat in the same area was going for £175,000.
This is nearly a decade ago. Today, the average price paid for a flat in Langdon Hills is £349,539, which shows the capacity for a property to grow in value within a few years. Although Russell has grown a successful business in the meantime, he will no doubt be regretting not holding onto his original property ladder investment.
A number of factors can influence the price of a property in both gaining and losing value. In this case, property across the UK was gaining momentum and the London was getting out of reach for most buyers. An alternative was necessary in order to afford property at a realistic rate without having to compromise lifestyle. It is for this reason that regions in close proximity to the capital began attracting city dwellers who could still have their property cake and eat it too, which explains the growing prices across Essex.