FIRST-TIME home owners are being stung by soaring property prices in Chelmsford, an estate agent has revealed.

The borough has seen an 11 per cent hike in average prices for prospective owners over the last 12 months, with the average first home in Essex costing £295,186, Balgores’ latest study revealed.

Balgores boss Martin Gibson puts the spike down to a surge in demand from investors, leading to a property drought throughout the county.

He explained: “Rising prices at the lower end of the market is partly down to strong demand from investors rushing to buy properties, before the introduction of the stamp duty on second homes in April.

“Over the last two months, this has caused a ‘property drought’ for flats and two and three-bed properties, pushing up prices for those homes that were available.”

Chelmsford council leader Roy Whitehead echoed the sentiment, adding he sympathised with those first-time buyers struggling to find the first rung of the property ladder.

He explained: “In Chelmsford there is a lot of demand for big expensive houses.

“What we have to remember is private developers are in the industry to make money.

“If they buy an expensive plot of land they are going to be more willing to supply large, expensive houses than smaller and more affordable ones.

“I sympathise enormously for those who are priced out of the market.”

Over the last 12 months, Basildon has seen the largest hike for first-time buyers, up 36 per cent.

It is followed by Romford, up by 26 per cent, Brentwood, up by 25 per cent, Hornchurch, up by 25 per cent and Upminster, up by 7 per cent.