AN estate agency has hailed “phenomenal demand” as house sales in Colchester and Tendring soar by nearly 40 per cent.
Lifestyle changes driven by the pandemic encouraging buyers to flock to north Essex may have caused an influx in number of house sales agreed in the regions, property experts suggest.
The research, which was compiled by estate agents Savills, shows 10,803 properties were sold subject to contract throughout the two areas in 2021.
This was a rise of 37.8 per cent when compared to 2019 – the last time agents say the housing market experienced more usual trading conditions, with lockdown forcing a temporary closure for part of 2020.
Essex as a whole saw 48,265 properties sold subject to contract in 2021, a rise of 29 per cent on 2019, with Colchester - 5,471 - and Tendring - 5,332 - witnessing the most sales in the county.
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At the higher end of the market, the number of homes sold subject to contract for more than £1 million more than doubled – rising from 699 in 2019 to 1,431 in 2021.
Epping Forest and Brentwood witnessed the highest number of transactions, but Tendring - 233.3 per cent - and Colchester - 141.2 per cent - saw some of the biggest jumps in percentage terms.
Karl Manning, head of residential sales at Savills Essex, said: “The level of demand over the past 18 months or so has been phenomenal and probably, honestly, taken us all a little by surprise.
“The lifestyle factors that motivated people to move after the first lockdown -the need for more space, an increase in home working and the desire to be close to the coast or countryside - continued throughout the year and the market just kept getting busier and busier.
“Less travel for work has led to a definite uptick in interest for homes in the Braintree district and Colne Valley, as well as a move to villages around Colchester with its excellent schooling, links to the A12 and large collection of period homes.
“Tendring and its mix of coast and countryside has also been popular, as has the Dedham Vale with its proximity to Manningtree.”
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