Tendring house prices increase by almost £25,000 since first lockdown

The rate of increase in Tendring is higher than the national average

Author: Arlen JamesPublished 13th May 2021

Since the first lockdown, the average house price in Tendring has risen by almost £25,000.

According to research by Ascend Properties, costs in the district jumped by 11.6% between February 2020 and February 2021, well over England's average rate of 8.7%.

The data from HM Land Registry shows the average property now costs £239,036, up from £214,246.

Meanwhile, prices in Colchester climbed by over £19,000 but didn't quite match the average rate of increase nationally.

Between the same period, homes in the area increased from £258,827 to £277,935 (7.4%).

The hike in prices is being put down to the pent-up demand caused by the pandemic and not enough properties being on the market, as well as the stamp duty holiday.

Ged McPartlin, Managing Director of Ascend Properties, said:

"People have been sitting at home thinking 'now is the time for me to look to move' but then you have a wave of people wanting to move and no stock. That naturally pushes prices up.

"It's a tough market out there and people are going to find it difficult. I think you need to decide whether it's your long-term home which you're willing to pay a little bit more for, or if it's a short-term gap then don't look to overpay in this competitive market. "

Today (13 May) marks a year since the property market reopened after grinding to a halt due to the first lockdown, and it has experienced strength after strength ever since.

Mr McPartlin said the market's return to health wasn't expected by many in the industry:

"We're in really good shape, it's recovered incredibly well. A lot of people are really surprised how well it has recovered and the shape it's in currently. It would have taken a very optimistic person, when we went into our first lockdown, to say we would be in the position that we're in now.

"We've got a lot of second-movers but a fair chunk of first-time buyers as well. We're not seeing the affordability issues that we may have thought might be the case for first-time buyers, so it's good to see them still in the market place. It's a full spectrum of people."

Overall, East of England recorded the second smallest rate of increase in prices across England (5.5%), with the North West experiencing the highest (12.4%).

Hear all the latest news from across the UK on the hour, every hour, on Greatest Hits Radio on DAB, smartspeaker, at greatesthitsradio.co.uk, and on the Rayo app.