Chelmsford owes the soubriquet of 'the birthplace of radio' to Marconi’s pioneering work here at the turn of the 20th century. It was awarded city status in 2012 since which it has developed a real spring in its step, accompanied by an air of youthful vigour. Today it is sending out a clear message and house buyers are tuning in.
Significant regeneration has taken place resulting in an extensive riverside shopping, dining and leisure quarter, including brands such as John Lewis. This is attracting people to the city, with demand ranging from young professionals making the most of the quick links to London to families looking for space and the best schools.
House price growth in the decade to November 2017 stood at 40 per cent, almost double the average for England and Wales. Even so, in the year to November 2017, the average cost of a house in Chelmsford remained 72 per cent cheaper than its London counterpart.
In the prime Chelmsford markets, where the average value is around £1 million, prices grew by 3.8 per cent over 2017. This compares with an average fall of 0.7 per cent in similar markets within a 30-minute commute of London. Successive changes to stamp duty and Brexit uncertainty have left the prime markets across the UK feeling price sensitive, with price falls in London and its suburbs. Prime homes in Chelmsford, however, have bucked the trend with a 22.7 per cent increase over the last five years.
For many, Chelmsford offers the best of both worlds. Close enough to the City for an easy commute – over the past three years 24 per cent of people buying here through Savills were working in London’s finance sector, for example – it’s also set in beautiful countryside. Add to that the value for money compared with the capital and the variety in the housing stock, and it’s not hard to see why the area has become such a popular choice for buyers.
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