HOUSE valuations in Harwich could be set to boom as the town will begin to reap the benefits from its port gaining freeport status.
It comes according to the latest research by the estate agent comparison site GetAgent.co.uk which showed houses in freeport zones increase in value.
A freeport allows goods to arrive from abroad with a simplified customs procedure and tax relief, a process designed to encourage economic activity.
The UK has previously had seven freeports in operation between 1984 and 2021 and the research shows their benefit to the housing market is clear.
The economic influx would be a major boost to Harwich as 2019 figures from the Index of Multiple Deprivation revealed the town was among the top ten per cent of deprived geographical areas in England.
Harwich Town Council previously stated: “Harwich peninsula is a relatively isolated geographical location where high levels of social deprivation, low car ownership and poor and expensive public transport services exist.”
But now the area seems set for a boost thanks to the freeport status which was granted by the Government earlier this month.
GetAgent.co.uk analysed housing market data across the seven historic freeport locations in the UK and it shows huge promise for Harwich.
The research showed on average house prices in operational freeport zones climbed by 13 per cent a year.
According to Rightmove, between 2019 and 2020 Harwich had an overall average price of £214,123.
This could mean house prices in the area could rise to £241,958 on average in a year if there is a 13 per cent uplift.
One example showed the Liverpool Free Zone brought the biggest benefit to house prices in the Sefton, Wirral and City of Liverpool areas, with a yearly price increase of 22 per cent on average.
David Coates, board of management partner at William H Brown in Dovercourt, described Harwich and Dovercourt and the surrounding areas as “sleeping giants”.
He said: “I would say Harwich and Dovercourt have always been Essex’s sleeping giants because of their infrastructure and location
“There are recent new roads which provide ease of access, three train stations including an international one and, of course, the Ferry to Europe and links with Felixstowe.
“However, and for whatever reason, Harwich has never quite realised its potential and with the new freeport and its investment this will breed new life into the town with jobs and enterprise coming to the area.”
“It will highlight the beauty of a town that benefits from being steeped in history.”
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