Burnham Waters: Housing market in Essex shows signs of a spring uplift
Spring seems to not only be delivering some improved weather, but it has also introduced some much needed optimism to the local housing market.
While the Bank of England interest rates have remained static for six months in a row, there are some welcome signs to suggest that there is a renewed appetite among homebuyers, as new listings and average house prices report a moderate increase over recent months.
According to the Royal Institute of Chartered surveyors (RICS), its members reported that new buyer enquiries continue to rise, while new listings activity also picked up in March.
The latest Rightmove House Price Index released today (21st May) also offers some welcome news, as a spring activity boost has pushed asking prices to a new record £375,131, rising by 0.8% (+£2,807) in the month.
According to Rightmove, pent-up demand is a key driver behind increased buyer and seller activity, despite mortgage rates remaining elevated for longer than anticipated. In the first four months of the year, the number of sales being agreed between buyers and sellers is 17% higher than in the same period in 2023, outstripping the 12% increase in the number of new sellers coming to market.
This upward trend has been echoed at Burnham Waters, a vibrant new retirement community in Burnham on Crouch in Essex. Since the start of the year, the development has continued to receive a steady flow of enquiries, with the first of its residents now moved into their new homes here.
Ian Holloway, Project Director, Burnham Waters, said: “It has been fantastic to welcome our first residents into their new homes here at Burnham Waters this spring. While the market is undeniably still tough, we have been encouraged to see that our enquiry and visitor levels have remained healthy.
"For us, schemes such as Assisted Move have been crucial and have played a significant role in our sales success here. By assisting purchasers with the sale of their existing property we are able to keep chains moving and to support our purchasers in their home buying journey with us.”
Explore the new retirement bungalows at Burnham Waters here.
In Essex itself, local agents Church and Hawes and Balgores Property Group have both reported an uplift in new listings and new enquiries this spring, with many of those existing homeowners, who have delayed making a move, now deciding to enter the market.
Nathan Swain, Branch Manager, Church and Hawes, said: “Since the start of 2024 and with spring now upon us, there are continued positive signs of the property market improving. In March, April and May, our offices across the local region have seen a much higher level of enquiries from good prospective buyers and activity levels are the highest since the second quarter of 2023. Mortgage rates have fallen and now stabilised and this has given buyers confidence to buy.”
Martin Gibbon, Group Managing Director, Balgores Property Group, said: “At Balgores Property Group, we have seen an 8% improvement in sales in the first third of this year, versus the same period in 2023. We are predicting the market will continue to improve further due to falls in inflation, alongside the announcement of the UK officially coming out of recession. We anticipate a fall in the Bank of England base rate, which will subsequently result in cheaper mortgage rates and we are confident that the above factors will lead to a continued improvement in the property market.”
About Burnham Waters
Burnham Waters is a vibrant new residential community for the over 55s, situated in Burnham on Crouch.
It offers the perfect blend of luxurious bungalow living, combined with the comfort and serenity of a rural village community. With the added benefits of on-site amenities and facilities for residents, everything you need is easily accessible and readily available.
Explore the leisure facilities on offer at Burnham Waters here.
View our range of new build retirement bungalows here.
Choose from a selection of one, two and three-bedroom bungalows - with the first homes now ready to move in to.
Prices from £394,995 to £699,995
For more information email the sales team or call 01621 861 559.
Our sales suite is open Tuesday to Saturday, 10am - 3pm.
