Property market in Clacton booming according to report
- Credit: PA
Clacton’s property market is booming according to a report published today.
The town ranks in the top ten nationally for increasing house sales, using Land Registry data from the first 10 months of 2014 compared with the same period the year before.
House sales in the Clacton postcode area rose by 44%, placing it ninth equal with Wickford, according to the research by Lloyds Bank.
Daventry, in the East Midlands, topped the table with a 56% rise.
However the report found sales were still below 2007 – pre-recession – levels across the country.
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Barry Hayes, Clacton branch manager at John V Story estate agents, said the early part of last year had been particularly good for sales, and while the market had plateaued since then the signs of recovery remained positive.
Mr Hayes said: “It is fair to say the market has definitely improved, turnover has increased and activity has increased. It has slowed down a little bit, but even so the market is pretty good.
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“It has much to do with London prices escalating, meaning people can sell their family home and buy somewhere outright, and retire happily by the coast. That has always been the case with Clacton and Frinton, and in general terms it is the retired element.
“It happens with seaside areas around the country, but here we are close to London so they can keep the family link and not be far away, but prices are a lot cheaper in comparison.
“This starts off a chain reaction as other people buy new property locally.
“What we need is more sellers to satisfy the buyers out there.
“I don’t think prices will drop, but there are a few factors, such as the general election, which can slow down the market, and salaries are not going up by much so the man on the street cannot afford a bigger mortgage. But it is much better than we have seen in the last five or six years.”
Mick Page, leader of Tendring District Council, said it was no surprise people were being drawn to the area.
“In the last few years the council has gone forward with a lot of schemes, from the £36million sea defences to updated swimming pools and leisure centres,” he said.
“People may have been coming on holiday here for years and now really think it is changing. It is a matter of lifestyle, and our house prices remain lower than Colchester of Chelmsford, or even Suffolk.
“I hope the trend will continue, and we are trying to put thing in to stimulate economic growth with jobs and more companies opening up here – everything is working at the same time – so we hope to get more youngsters in too.”