Essex is a popular location for both homeowners and property investors, thanks to its convenient location, relative affordability and sheer diversity of housing stock. Being on the commuter belt, Essex is particularly popular with city workers looking for more space and a quieter life outside of London. If you are eyeing up your next property in Essex, you might wonder where to start.
The best way to buy a house in Essex is first to research the property market and determine your budget. Once you know what you can afford and where you want to buy, get advice from an estate agent and consult a mortgage broker to obtain an agreement in principle and explore your mortgage options.
Read on for Goldmanread’s helpful guide to buying property in Essex.
For personalised mortgage advice local to Essex, speak to Goldmanread. We can provide local market advice, help you find the best available mortgage deal and take care of the application process. Contact us to get started.
Is it easy to buy a house in Essex?
The process of buying a house in Essex is relatively straightforward if you know your budget and where you would like to buy. Once you’ve decided on your ideal corner of the county (see our guide below), the next step is securing finance.
It pays to work with a mortgage broker like Goldmanread. We know the market intimately and can direct you to the right deal for your circumstances. This can save you a lot of time, effort, and money.
How much do I have to earn to buy a house in Essex?
As of June 2024, the average price for Essex properties was £355,000, up 1.4% on the previous year. This is compared to the average price in England, which was £305,000 in June 2024.
So while Essex properties command higher than the national average, they are good value for the South East (£383,000) and considerably lower than the overall London region (£523,000). (Source: Land Registry, June 2024)
However, it’s important to remember that Essex property prices are very diverse. There are flats available for under £100K and country estates on the market for several million – and everything in between.
Buyers can typically borrow between 4 and 5 times their income, sometimes more if they are in a professional occupation, such as healthcare, lawor education. Don’t forget to factor in costs like stamp duty, which is payable as a percentage of the cost of the sale (see the current stamp duty rates here).
For more helpful information, see our blog on the Essex property market.
How long does the house-buying process take in Essex?
Buying a house in Essex is no different to anywhere else in the UK. The length of time it takes depends on many factors, most crucially whether you are in a chain and how efficient (or not!) both parties’ solicitors are.
Typically, the process takes around 12 weeks, although it can be anything up to 20+ weeks if there are complications. This is another good reason to work with a mortgage broker who can help expedite the process.
Our guide to buying a house in Essex
To help you buy a home successfully in Essex, here is Goldmanread’s 8-point guide.
1. Get your finances in order
Before seriously searching for a property, you need to get your finances in order. Work out your monthly budget for mortgage payments, and consider your income, other debts, and potential expenses such as service charges.
2. Research properties and neighbourhoods
Essex is a large and diverse county in terms of geography, with a choice of cities, seaside towns, suburbs and rural villages. Decide what’s most important to you and your family, for example, access to the countryside, close to Essex’s best schools, proximity to a major railway station, lively nightlife, nearby relatives, etc.
The choice of property in Essex is also very wide. The county has something for everyone, including chocolate-box cottages, family houses, period homes, bungalows and luxury penthouses. Your lifestyle and budget will clearly come into play here.
Start with some desk research: websites like Rightmove, Yourmove and Zoopla are a good place to start, but also, take a look at average property prices on the Land Registry website, which you can search by region and local authority.
3. Contact a local Essex mortgage broker
Once you’re confident you know what you can afford and what your deposit amount is, consult a mortgage broker to explore your mortgage options. At Goldmanread, we specialise in the Essex region; it’s our area of expertise, and we can advise you on all aspects of buying a property in the county.
4. Get an agreement in principle
It’s important to have a formal agreement in principle from a lender at this stage, as most estate agents will not consider your offer seriously unless you have one. We will help you arrange an agreement in principle so that you are in the best position to proceed with making an offer. We can also advise you on the various types of lending available from a suitable mortgage lender(s).
5. Get advice from an estate agent
Once you have your agreement in principle and have honed in your property search area, it’s time to contact some established local estate agents to get some local insight and arrange viewings.
6. Confirm your lending options and make an offer
Once you have found “the one”, the fun begins. Armed with your agreement in principle, you can comfortably negotiate the price and put in an offer. Meanwhile, with your broker, you can start to firm up your lending terms. This means finalising the loan amount and deciding what type of interest rate structure you want – fixed or variable.
7. Conveyancing survey
You must engage a solicitor to carry out conveyancing work to ensure you obtain clean title when you buy the property and that there are no unexpected restrictions on the property i.e. public rights of way. The survey will also highlight events in the planning pipeline which may affect your property, e.g. new roads, housing or commercial developments.
8. Complete and exchange contracts
Almost there! Next is the business of exchanging contracts and completing the sale. While you might be very eager to seal the deal, be aware that this stage can take anywhere between two or six months depending on activity in the chain. So be prepared to exercise some patience. A good broker and estate agent will help move the process along and keep you informed.
Looking for a local mortgage broker? Get in touch with Goldmanread for Essex mortgages
Goldmanread has been arranging mortgages on properties in Essex for over a decade. We work with many different type of buyers, including first-time buyers, home movers, landlords and those looking to remortgage.
As a broker, we have access to the whole mortgage market, so we are in a great position to find you the best possible deal for your circumstances. Contact us today to get started.
We have clients in Essex and across the UK:
As a local mortgage broker based in Essex we have clients close to our offices, but we also work with professionals across the UK. No matter where you are based we can provide you with the specialist mortgage advice you need.
- Mortgage Broker Essex
- Mortgage Broker Southend
- Mortgage Broker Colchester
- Mortgage Broker Chelmsford
- Mortgage Broker Uttlesford
- Mortgage Broker Basildon
- Mortgage Broker Rochford
- Mortgage Broker Harlow
- Mortgage Broker Thurrock
- Mortgage Broker Brentwood
- Mortgage Broker Clacton
- Mortgage Broker Braintree
- Mortgage Broker Epping Forest
- Mortgage Broker Maldon
- Mortgage Broker Tendring
- Mortgage Broker Harwich
