Essex house prices increased by £34.89 a day in last decade

PUBLISHED: 16:33 10 March 2020 | UPDATED: 16:34 10 March 2020

Finchingfield (c) grassrootsgroundswell, Flickr (CC BY 2.0)

Finchingfield (c) grassrootsgroundswell, Flickr (CC BY 2.0)

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House prices in Essex have increased by 62% in the last 10 years – a rate of £34.89 a day

It means that the average cost of a home in the county now sits at £323,279 compared to £200,102 in December 2009.

The research has been released by real estate experts Savills, based on figures from the Office for National Statistics which looks at a decade of property performance across the UK.

Basildon has seen the largest growth with the average property now costing £313,780. That's a rise of 72% or the equivalent of £37.09 a day.

Elsewhere, Chelmsford has seen a rise of 62% to £341,390 (£37.02 a day), Colchester an increase of 60% to £271,822 (£28.83 a day) and Tendring an increase of 43% to £215,450 (£18.30 a day).

Phaedra Howard, from the residential team at Savills Chelmsford, said: 'Of course the figures quoted are averages and there have been ups and downs along the way.

'The top end of the market will have seen lower growth given the combination of higher Stamp Duty and Brexit angst. But overall Essex has experienced consistently strong house price growth that has been on par with or in excess of the national average.

'Most recently post-EU referendum sentiment has dominated and there has been a slowdown in activity - but even this year the market has remained largely resilient.'

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