Tendring house prices increase by almost £25,000 since first lockdown
The rate of increase in Tendring is higher than the national average
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%).
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