UK House Price Crash – 3.6% Drop in September

Latest figures by the Halifax show that the average price of a home across the UK fell by 3.6% in September. This is the largest monthly drop in prices that has been seen since records began and also marks the end of the busiest house move season.

However, the large drop in September may have been partly attributed to the sudden rise in the summer months. With a slight increase in house sales from June to August the market became a little too optimistic and prices rose to unsustainable levels. Prices rose by a staggering 4.6% in August as buyers started to flood the market.

The average house prices in Essex was £243,993 in the first quarter of 2010, with detached houses averaging £362,611. Essex saw a 16.3% increase in prices from the first quarter of 2009 to 2010, based on 3474 sales in total.

Most Expensive House Prices in Essex

Brentwood remains that most expensive area in Essex with average prices at £350,930, an increase of 23.6% over the year. Epping Forest, Uttlesford and Chelmsford are all in the top 4. The most affordable housing in Essex is in Tendring with average prices half of that of Brentwood, at £176,382.

Essex has a very wide range in hose prices which is mostly determined by the proximity of homes to commuter lines into London and the quality of local schools.

Essex has some of the best state schools in the country, with primary schools such as Danbury Park being consistently good (outstanding reports from OFSTED) and the grammar schools rank the best in the country.

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