FIRST-time buyers are flooding into Basildon to pick up properties as major regeneration projects take shape, new figures show.

During the first three months of this year, 33 per cent of properties for sale in Basildon were bought by first time buyers for an average price of £203,231, according to figures released by Balgores Property Group.

New housing developments, including Acacia Park, in Gloucester Park, and Morello Quarter, in Cherrydown East, have been praised for making the town more attractive to commuters and young families with the town also boasting the cheapest starter homes in the whole of Essex.

Phil Turner, leader of Basildon Council, welcomed the housing boom, but admitted local residents could end up paying the price for the town’s success.

He said: “The motivation for putting the regeneration in place was purely for Basildon people, but our successmeans more people from outside the area are now buying here and my concern is this will have a knock-on effect on prices.

“It’s great that first-time buyers have more access to homes, and that’s got to be a positive thing.

There are going to be a lot more homes in the new few years and this will take the pressure away from prices."

Mr Turner said the economy in Basildon is also strengthening because of businesses, including some based in Asia, investing in the town. The £30million regeneration of Pitsea and plans to create an evening economy inBasildon town centre are also helping to put the area on the map.

And in January, Basildon was crowned the most affordable commuter hotspot for the second year in a row, due to low house prices and cheap train fares.

Martin Gibbon, group director at Balgores, said: “We have seen a huge demand for properties with three beds or lower, such as one to two-bedroom flats and two to three bedroom houses. Property prices in Basildon remain low, compared with other towns in Essex, and the town is benefiting from huge investment and regeneration. New housing developments such as Acacia Park and Morello Quarter, plus the regeneration of Pitsea and the Basildon town centre masterplan, have all added to the town’s attraction.

“Basildon has also great transport on offer, with main road links to the A127 and the A13 into London, three railway stations going into the city, colossal redevelopment by the council, and large investment in the area, bringing new employers and new jobs.”