Property Price Boost
SOUTHEND COULD SEE A PROPERTY PRICE BOOST THANKS TO NEW CITY STATUS.
A move to city status could bring about a considerable boost to Southend-on-Sea’s housing market according to new research.
Today, the average house price is £322,656. If the local property market follows the wider trend seen across previous locations to gain city status, the average increase of 14.2%, could see property prices climb as high as £368,336 over the next year.
The new status opens up brand new avenues of potential economic growth for Southend and the surrounding region, from business and entertainment to education and the arts, and will also help stimulate house prices.
In 2000, national millennium celebrations included a number of towns in England and Wales being granted city status.
Brighton & Hove in England’s South East was given city status In 2000, the average house price in Brighton was £107,029. 12 months after receiving city status, it had increased by 19.3% to £127,655. During that same year, the national average house price rose by just 11.6%.