23 Mar Southend property price growth outpaces London, as buyers flock to ‘be beside the seaside’
Renowned for its sandy beaches and quirky character, Southend-on-Sea is a coastal haven, widely regarded as one of the UK’s best beachside resorts. However, it’s fast becoming more than just a popular holiday destination.
According to global property consultancy Knight Frank, the average house price in Southend-on-Sea climbed from £209,260 in January 2015 to £287,173 by July 2020. This represents an overall price growth of 37%, meaning property prices in Southend-on-Sea have grown faster than London, the East of England and the rest of the UK over the same time period.
Nevertheless, property in Southend-on-Sea remains relatively affordable. Analysis by Knight Frank shows that property prices here are approx. 41% lower than in London, where property costs an average of £484,864.
The knock-on effect of the Covid-19 pandemic has changed how people live and work. In a recent survey conducted by Knight Frank, 79% of people said they would prefer a blend of home and office working post-pandemic. Areas that are commutable to London while still offering ample access to outdoor space and reasonable property prices are proving popular.
Southend-on-Sea sits on the C2C and Greater Anglia train lines which connect London’s Fenchurch Street and Liverpool Street stations with East London and Essex. When comparing like-for-like sales within a 2km radius of each train station on the C2C and Greater Anglia lines, Knight Frank found that Southend boasts the most affordable homes along these popular commuter routes.
In contrast, house prices in other areas with a similar commute time to that of London to Southend (56 minutes) – including Thorpe Bay (61 minutes), Chalkwell (54 minutes) and Westcliffe-on-Sea (57 minutes) – shows Southend to be extremely affordable. House prices in Thorpe Bay, Chalkwell and Westcliffe-on-Sea are 53%, 39% and 16% more expensive than Southend.
Edward Robinson, Partner in the New Homes team at Knight Frank, said: “Covid-19 has shaken up what people want from their homes – buyers this year will be looking for those golden locations that offer an abundance of space and a quick commute. With Southend-on-Sea’s fast rail connections into central London and excellent property prices, it’s becoming incredibly popular.”
What Southend-on-Sea has to offer
Located just a three-minute walk from Southend Victoria Station sits Victoria Central, a new £52.8 million residential-led development recently launched by leading UK housebuilder Weston Homes.
This new 217-unit development comprises a mix of one-, two- and three-bedroom apartments complete with a landscaped courtyard, stylish entrance foyer and 275 sqm of ground floor commercial space.
Upon completion, the development will be a 15 storey, striking brick and glass façade building with glass-fronted balustrades and a raised, glazed ground floor. The development will have a seven-storey rear wing and the landscaped courtyard will feature timber decking, stone-bordered plant beds and semi-mature trees. Five communal rooftop terraces will also be available, giving residents the opportunity to socialise or simply enjoy the fantastic views over the seaside town.
All of the apartments available at Victoria Central provide Weston Homes’ signature high, fully inclusive specification and state-of-the-art interior design. Each home comes complete with all flooring finishes – tiled floors to bathrooms, carpets to bedrooms and oak strip wood flooring throughout the rest of the apartment, in a choice of various finishes to enable buyers to personalise their property.
The elegant kitchens are fully-fitted with a complete range of appliances including a stainless steel electric fan oven, ceramic hob, integrated fridge/freezer, dishwasher and washer/dryer. Residents will also be offered a wide choice of designer kitchen units with quartz stone worktops and upstands. LED lighting is provided under the wall units and there is even an instant boiling water tap provided for the ultimate kitchen convenience.
Suzanne Aplin, Group Sales & Marketing Director at Weston Homes commented: “Southend is a vibrant London commuter coastal town, which is particularly popular with couples and young families. Our new Victoria Central development is a perfect example of the wave of inward investment coming into the Southend housing market and economy.
“The specification of the homes at Victoria Central sets a benchmark for quality in the local new homes market and this, combined with housing demand and our competitive pricing, has resulted in over 20 per cent of the development being successfully forward sold by the Knight Frank team in just a few weeks since we launched here.”
Knight Frank has been instructed to lead the sales and marketing for Victoria Central. Prices start from £185,000 for a one-bedroom apartment, £218,500 for a two-bedroom apartment and £286,500 for a three-bedroom apartment.