Average house price rockets by 13% in Tendring – second highest rise in country
House prices in Tendring have rocketed by 13.1% making it the second largest local authority district for growth in the UK, according to new figures.
The numbers come from the Office for National Statistics, which this week announced the top five areas for upped average house prices.
While Orkney Islands topped the list with an increase of 27.9%, house prices in Tendring have grown from £189,101 in June 2016 to £213,888 in 12 months.
James Hurrell, branch manager at Connells Estate Agents, in Clacton, said: “I think the increase is being driven by the London housing market. A lot of buyers here are people of a certain age who are selling properties in London and seeing a large amount of equity being released.
“It’s driving prices up and people want to move to the coast. The area as a whole is seen as a retirement area and it’s attractive for those reasons and is cheaper than places like Colchester and Chelmsford.
“It’s not much of a first-time buyer area either. Our typical buyer is that sort of buyer that’s retiring to the coast and who has a lot more money to spend.”
Tendring’s position in the list puts it above fifth-placed Kensington and Chelsea, where the average buyer forks out £1,405,521 for their new home.
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Bernard Jenkin, MP for Harwich and North Essex, said: “The increase underlines the fact that there’s a shortage of houses and the economy is doing well driving up demand.”
He also said an increase could put people off moving to the district.
“It’s going to exacerbate the difficulty in recruiting teaches and nurses and the area will become an expensive place to live,” he added.
“This cannot go on. The prices are so high that it’s excluding a whole generation from property ownership and we have to build more houses so that people can enjoy their own homes.”
Also making the top five was Maldon, which has seen an increase of 12.8% and where the average house price now £316,873 compared to £280,985.
Other areas in Essex and Suffolk have also seen a rise.
Properties in Uttlesford now cost an average of £402,373 (up 9%), £279,133 (up 8.7%) in Braintree, and £327,946 in Chelmsford (up 8.4%).
Elsewhere, homes in Colchester are an average of £262,765 (up 10.8%), £276,422 (up 8%) in St Edmundsbury, and £186,334 (up 6.3%) in Ipswich.
Forest Heath has also seen a rise, with properties at £214,185 (up 12.2%), as well as Waveney with £190,179 (up 10.8%).
Mid Suffolk prices are now at £258,105 (up 6.7%), as are Suffolk Coastal homes at £272,556 (up 8.8%).