04 May Tendring sees Essex’s biggest increase in average house price over past five years
New analysis of the latest ONS figures has revealed that average house prices in Tendring have risen the most in Essex compared to five years ago.
The study, by debt specialists IVA Advice, compared the average price of a house in February 2016 to February 2021, across more than 400 areas of the UK.
It found that the average house price in Tendring in February 2016 was £181,642, and in the most recently available figures for February 2021, it stood at £239,035 – an increase of 31.59%. Despite the rise, Tendring’s average house price remains the lowest in Essex.
The area of Essex with the lowest price increase between February 2016 and February 2021 is Epping Forest, with an increase of 9.94%. The area has the most expensive average house price in the county, which has risen from £423,355 to £465,458.64.
Southend-on-Sea has seen the second biggest average house price increase in Essex, rising 30.47% from £236,911 in February 2016, to £309,102 in February 2021.
The third biggest increase belongs to Basildon, where the average house price has jumped 25.72% to £334,522, having stood at £266,069 in February 2021.
Across the UK, the average house price in February 2016 was £205,555, while the latest figure stands at £250,340 – an increase of 21.78%.
There has been a very similar price increase overall in Essex, as the county’s average price has gone up by 21.33%, and is now £327,277, compared to £269,724 five years previously.
Comparing the four nations of the UK, Wales has seen the biggest increase in average house price over the past five years – 26% – going from £142,711 in 2016, to £179,860 in 2021.
Northern Ireland isn’t far behind, showing a 24.18% increase, with the average price rising from £118,850 to £147,592.
England’s average house price has gone from £220,626, to £268,291 – an increase of 21.6%.
Scotland has seen the lowest rise, 19.98%, as the average cost of a house in 2016 was £134,625, compared to £161,529 now.
The research was carried out by IVA Advice, which provides free, qualified advice to help people solve their debt problems for good. Its team of experienced experts help ensure that anyone who has problems with debt is able to reclaim financial control.