The only way is up for property prices in Essex

County tops list of costly homes

PROPERTY prices in Essex have risen the highest in the country over the past decade – up by more than 70%.

The county tops the charts of soaring costs in 10 areas outside London. Homes in Harlow have jumped the most at 74.92% – with the average property up from £165,829 in 2010 to £290,068 this year.

Southend is in second spot, with a hike of 74.85%. Away from Essex, Watford, Cambridge and Bristol also make the list.

At the other end of the scale Ards and North Down in Northern Ireland has suffered the biggest decrease, down 7.73% from an average £169,689 to £156,576.

When it comes to London, which has its own property bubble and house prices in some boroughs way above the rest of the country, the average rise is 78.33%, up from an average £270,118 to £481,700.

And there is still a North-South divide over the cost of buying a home, according to loan site CashLady.com.

There are no areas in the North on the top 10 list.

CashLady.com director Chris Hackett said: “It is interesting to see a visible North-South divide across property prices over the last 10 years, with regions such as Essex, Hertfordshire, Bristol and Cambridge, leading the way. Essex, Hertfordshire and Cambridge provide easy access to London, meaning these locations are ideal commuter destinations and subsequently highly desirable to people working in the capital.

“By contrast, the 10 regions which have experienced a deterioration in property prices are located in northern areas.

“Known for being cheaper than the South, and with the Scottish housing market offering some of the cheapest stock in the UK, Aberdeen and Inverclyde have nevertheless seen a significant decline of more than minus 5%, in prices since 2010.

“Average property prices across the UK have risen by around a third.”