CLACTON has emerged as a property hotspot, along with Witham and Braintree.
National estate agents Leaders has analysed Zoopla data at 122 locations where it has offices and found Godalming in Surrey was the nation’s top performer, with prices rising 10.16 per cent over the past year.
Braintree was sixth with 6.88 per cent, Clacton was eighth on 6.72 per cent and Witham tenth on 6.47 per cent. Colchester lagged well behind with 4.25 per cent growth.
National sales director Kevin Shaw said price increases were strongest in the south east and seaside resorts like Clacton, coupled with historic towns like Winchester performing well, showed how widespread the growth was. Much was due to a lack of supply, coupled with increasing demand.
Robert Chamberlain, Leaders’ area sales manager, for Essex and Suffolk, confirmed demand and supply was the major factor, which explained Colchester performing worse than Clacton.
“Colchester demand as a whole is growing but we have a lot more new development in Colchester so that balances out the prices and we don’t see the same percentage growth as Clacton. There is not much new development in Clacton.”
Furthermore, Clacton prices being low by Essex standards, helped its buy-to-let market, with landlords getting a return of 7-8 per cent, compared with a yield of 4 per cent in Chelmsford.
Mr Chamberlain added the General Election would have no impact other than a short pause, as people still need somewhere to live. Interest rates at there lowest in a decade mattered more.
Braintree assistant manager for agents Haart, Elena Austine, confirmed there has been good growth across the district but prices are now “stable.”