ESTATE agents have sounded a positive note for the north Essex property market.

Two separate sets of statistics released show rises in house prices over the past few months.

The Land Registry reported average prices rose by 1.7 per cent between June and July, although prices were still 11.6 per cent down on the previous 12 months.

In addition, figures from Nationwide Building Society, based on mortgage information, showed a fourth successive month of price rises.

Alan Williams, managing partner of Colchester-based Fenn Wright, said there had been steady improvement since the beginning of the year.

He said: “We feel that confidence has returned. Since January we have seen a much more healthy market across north Essex.

“Last year, especially in the autumn, there were seismic shifts in the global economy and there was a lot of uncertainty, which hit confidence.

“From the peak to the trough, houses have lost 20 per cent of their value locally, but prices seem to be edging up again.

“People who have had to sell their house and had low expectations have been pleasantly surprised by both the level of interest and the price they have been able to achieve.”

Martin Webb, senior negotiator at Boyden’s, which has branches in Colchester, Braintree, Frinton and Kelvedon, said a shortage of properties on the market had helped stabilise falling prices.

He said: “We are 500 per cent busier than this time last year and I think prices have now hit the bottom and levelled out.

“Confidence is coming back in to the market and things are really starting to pick up now.”