House prices in some Essex neighbourhoods are skyrocketing, with some areas named as the fasting-growing in the county.
House prices have soared during the pandemic, thanks to a combination of pent up demand, a small supply of houses, and the desire for more space and rural living.
But analysis of figures from the Office for National Statistics (ONS) shows huge local variation when it comes to rising house and flat prices throughout Essex, revealing the hotspot areas where house prices are soaring.
READ MORE: Property News across Essex
Tilbury Riverside and Thurrock Park in Thurrock saw property prices increase faster than anywhere else in Essex in the year to June 2021, with the average home in the neighbourhood selling for around £260,000.
That was up by 57 per cent from the average sale price of £165,998 the year before.
The average cost was also 63 per cent more than the average house price of £160,000 in the year to June 2016, and is more than four times the £60,000 you would typically have paid in the area in the year to June 2001.
House prices in the ward still don’t come anywhere near the most expensive in Essex – which can be found in Shenfield in Brentwood, where the average house sold for £815,000 in the year to June 2021 (up by 10 per cent from £738,750 the year before).
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Also making it into the top five neighbourhoods for price growth is Pier in Tendring. The average property there sold for £212,500 in the year to June 2021, up 55 per cent from £137,000.
It was followed by Saffron Walden Audley in Uttlesford, where a typical home sold for £432,500 (up 47 per cent from £295,000), Dovercourt Bay in Tendring, where the average price was £215,000 (up 45 per cent from £148,750), and Brentwood West in Brentwood, where homes sold for £430,000 on average (up 42 per cent from £303,000).
The figures are a crude average and don’t take into account the type of property sold.
As such, the average price may be skewed for wards that have seen a small number of sales in the last year.
Increases and decreases might also reflect change in the types of property sold, for example, if lots of new flats have been built in an area that was previously made up of detached homes.
Here are the neighbourhoods that have seen the fastest house price growth
The list reads as follows: Local Authority // Ward // Year to June 2020 // Year to June 2021 // percentage change
Thurrock // Tilbury Riverside and Thurrock Park // £165,998 // £260,000 // 57%
Tendring // Pier // £137,000 // £212,500 // 55%
Uttlesford // Saffron Walden Audley // £295,000 // £432,500 // 47%
Tendring // Dovercourt Bay // £148,750 // £215,000 // 45%
Brentwood // Brentwood West // £303,000 // £430,000 // 42%
Epping Forest // Waltham Abbey High Beach // £520,000 // £715,500 // 38%
Colchester // Lexden and Braiswick // £312,000 // £425,000 // 36%
Tendring // St Paul’s // £170,000 // £227,000 // 34%
Tendring // St Osyth // £218,750 // £290,000 // 33%
Tendring // Dovercourt Tollgate // £217,375 // £285,000 // 31%
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