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

Brentwood has seen first-time buyer prices increase by 25 per cent over the last 12 months, according to Balgores Property Group boss Martin Gibson.

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.”

The average asking price of a typical first-time buyer home in Essex has leapt by 19 per cent to an average of £295,186, much higher than the national average.

The national average was sitting at £194,224 in May this year.

Leader of Brentwood Borough Council Louise McKinlay believes the news will be welcomed by homeowners.

But she sympathises with those struggling to get on the first rung of the property ladder.

She added: “Of course, as a council it’s impossible for us to control property prices.

“This is why it’s so important for us to agree on our local development plan.

“When we get down to discussions with developers I’ll be very keen to champion the need for first-time buyer properties, older people needing to scale down their homes, and properties for families.”

Councillor McKinlay added recent talks with estate agents revealed a spike in Londoners enquiring about homes in Brentwood.

The news comes while work on the multi-million pound Crossrail project progresses rapidly at Shenfield.

The route will run from Reading and Heathrow Airport via central London and Liverpool Street to Abbey Wood and Shenfield, bringing Essex within reach of more London workers