HOUSE hunters in Basildon are paying "over the asking price" as people scramble to buy for property in town.
According to the latest Land Registry figures, the average Basildon house price in June was £361,934, a 0.3 per cent decrease on May and against the national 0.5 per cent rise.
Over the last year, the average sale price of property in Basildon rose by £11,000.
Roger Bates, owner of Roger Bates Properties Estate Agents, who cover Basildon and surrounding areas, says people are spending over the asking price to secure their new home.
He said: “I think from the properties we have taken on, things altered for us in March, there was a definite shift in that all of a sudden, all we took on we sold and we have sold everything since March over the asking price.
“We believe we are very accurate on the true market value so it is always about getting the marketing price correct, what I am seeing I think personally is they have stayed flat.
“Ever since the 2022 mini-budget prices have edged down every single month ever so slowly but I think now that nothing really has changed.”
Mr Bates added: “September and October are good selling months, it wouldn’t surprise me if prices edge up and people become more bullish, anything over £500,000 has been so difficult to sell but anything up to £350,000 goes out the door.”
First-time buyers in Basildon spent an average of £307,300 on their property – £9,700 more than a year ago, and £50,500 more than in June 2019.
By comparison, former owner-occupiers paid £418,300 on average in June which was 36.1 per cent more than first-time buyers.
Mr Bates added: “That is all first time buyers and the two markets for Basildon, local and Londoners.
“Loads are coming in from London, that has always been the case.”
Owners of flats saw the biggest fall in property prices in Basildon in June but only by 0.7 per cent in price, to £237,186 on average. But over the last year, prices rose by 0.5 per cent.
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