What is the current local market like at the moment?

Before answering this question it’s important to clarify what part of ‘the market’ this post is about, in this case, we are referring to the residential sales market in the Tendring district. As a whole, it would be quite easy to say that demand is still relatively high, and supply is rather low meaning prices are remaining strong, however, the Tendring district is a large area so it makes sense to break it up because each area may be in a slightly different situation.

Clacton-on-sea being the first location considered is an area that traditionally usually has a high number of properties for sale and sold at any given time, however, according to Rightmove data, in June 2021 there was approximately 56% less stock than there was in June 2020, this huge decreased level is a strong factor in the continued rise of property prices in the area, especially when you couple that with the high level of demand. This statistic includes surrounding villages like Little Clacton, Thorpe-le-soken, Weeley and St Osyth. Frinton & Walton continue this theme and according to Rightmove data, they also had 56% less stock in June 2021 compared to June 2020.

Harwich, Dovercourt and the surrounding villages such as Great Oakley, Little Oakley, Ramsey and Wix also fall in line with this pattern with 49% less stock this June compared to last. Manningtree and the surrounding villages of Lawford, Mistley, Brantham, Bradfield, Little Bromley and Wrabness have seen a much smaller percentage decrease, stock levels have lowered only by 20% year on year.

Based on this, if you are thinking of selling your home, now is a great time! There has been a lot of local movement which means people who live in the area relocating to somewhere else locally, this could be for a number of reasons, upsizing, downsizing or even just because people fancy a change but where there has been an increase is ‘out of area buyers’. These are people that do not live locally and either have nothing to sell or are selling their home and buying in our local area, this has always been a common scenario but since the Covid 19 pandemic this has intensified which has been a big factor for why prices have increased in the manner they have.

It really is as simple as supply and demand, there has been a low level of supply but a high level of demand and as it stands currently this doesn’t appear to have eased off much since the stamp duty holiday ended. If you are thinking of buying a property, this means that you will likely have to be in a strong position and may face competition from other buyers in the marketplace.

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