Value of West Thurrock Property Market falls £608K
by Paul Tobias-Gibbins
THE combined value of West Thurrock’s property market has fallen by £607,194 in the last 6 months. This means the average value of a West Thurrock property has decreased in value by an average of £427.
This is great news for West Thurrock first time buyers and buy-to-let landlords, as there is a slight hesitation in the market because of the uncertainty over Brexit. As I have always said, investing in West Thurrock property, be it to live in or as a buy-to-let investment, is a long-term game. In the grand scheme of things, this minor change over the last 5 – 10 years is nothing to worry about.
A Buyers or Sellers Market?
The RICS’s latest survey of its Chartered Surveyor members showed that nationally, the number of properties actually selling has dropped for the 16th month in a row. Locally in West Thurrock, certain sectors of the market are matching that trend, yet others aren’t. It really depends on the price band and type of property as to whether it’s a buyers or sellers market.
The RICS also said its member’s lettings data showed a lower number of rental properties coming on to the market. Anecdotal evidence suggests that (and this is born out in the recent English Housing Survey figures) West Thurrock tenants over the last few years are staying in their rental properties for longer, meaning less are coming onto the market for rent. I have noticed locally, that where the landlord has gone the extra mile in terms of decoration and standard of finish, this has certainly helped push rents up. Similarly, those properties where the landlord has been remiss with improvements are in fact seeing rents drop.
West Thurrock tenants are getting pickier – but will pay top dollar for quality. So much so, I believe there will be a cumulative rise of around 14% – 16% over the course of the next five years in private rents for the best properties on the market.
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