Thu 13 Jun 2019

Upminster property market update – what do homeowners need to know?

Upminster property market update – what do homeowners need to know? - BalgoresOur news

If you are selling your home, or thinking of selling your home in the near future, you’ll be keen to get up to speed with local property market conditions. How much could your home sell for? What are the most in-demand property types? And what demographic of buyers should you be targeting the most?

Here, we take a closer look at the current situation in the popular commuter suburb of Upminster.

Affordability generates strong demand

Many buyers in London are likely to be prioritising affordability – and, as such, will be looking to the outer reaches of the capital for homes which don’t blow a hole in their bank balance.

We all know house prices in London can be highly prohibitive, but there are still pockets of excellent affordability. And the London Borough of Havering, which is home to Upminster, is one of the capital’s cheapest boroughs for home buyers.

There is plenty for sellers to recommend about Upminster, as well, aside from just affordability. It has good local schools, amenities and green space, and – perhaps more than anything else – superb transport links into central London thanks to the District Line, C2C and Overground.

What’s more, it sits close to a number of TfL Rail stations (effectively the precursor to Crossrail 1 or the Elizabeth Line), including Romford, Gidea Park and Harold Wood

While Crossrail has been beset by problems and controversy – it was set to open in December 2018, but now won’t be fully operating until 2020 at the earliest and could even be pushed back to spring 2021  – it will make travelling from East London to central areas of the capital, Canary Wharf, Heathrow Terminals and even places like Reading at the other end of the line considerably easier and quicker when it’s ready.

Asking price growth on a high

Research from Rightmove found that, in 2018, Upminster was one of London’s top 20 price performers when it comes to asking price growth.

The most recent data from Rightmove reveals that the majority of sales in Upminster during the last year were for semi-detached properties, selling for an average price of £546,240.

Flats, meanwhile, sold for an average of just over £290,000 in the last year, while terraced properties fetched just over £433,000.

Who is driving demand?

Last year we looked at how Upminster was revealed to be a top location for second steppers – those taking the leap from a starter home to a bigger abode, often in order to start a family or house a growing brood.

Its strong transport links, family-friendly credentials and greater sense of community help to draw professional couples and families with young kids.

The research revealed that 46% of sales in Upminster were to second steppers at an average price of £412,034, making it London’s second most popular location for second-time buyers.

As well as being the last stop on the eastern end of the District Line, it also straddles the east London and Essex borders, which means countryside and country parks are on the doorstep but locals don’t feel too cut off from London for commuting and leisure purposes.

When selling your home in Upminster, the second stepper market is definitely one you should consider targeting, as demand from this demographic is unlikely to have changed much in the intervening months.

You can also point buyers towards the good local schools, the relatively easy access to the coast and the wide range of restaurants and pubs on offer in Upminster and the surrounding areas to suit every possible taste.

For more information about selling in Upminster, you can get in touch with the Balgores Property Group team in Upminster on: 01708 259539.

Our experienced staff can help you to get your home sold for the best possible price, offering a ‘unique, transparent service’ to help you move home with ease.

To find out how much your home could be worth in the current marketplace, you can also request a free instant online valuation.

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