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Sales of £1 million-plus homes increase in Essex

Julian Read

Published: 11:42 AM December 8, 2020 Updated: 12:09 PM January 27, 2021

This property in Chelmsford is on the market with Savills for more than £1.5 million - Credit: Chelmsford property (courtesy of Savills)

Affluent buyers looking for more space as a result of the Covid-19 pandemic are pushing up Essex house prices

Sales of £1m-plus homes have increased in Essex as affluent buyers continue to look for more space and a change in lifestyle, as a result of the Covid-19 pandemic.

Despite the key spring market being all but lost, there were 675 £1m-plus sales in the county up to the end of September this year, according to new figures from Savills. This compares to 554 £1m-plus sales for the same period in 2019 – a rise of 22%.

In the East of England as a whole the number of £1m-plus sales have increased by 24% - up from 1,997 in 2019 to 2,469 so far this year.

Karl Manning, who leads the residential team at Savills in Essex, said: ‘Lifestyle has been a big theme in the market since lockdown first began to ease, and this is very clearly reflected in the numbers.

‘Relocation and staycation locations – such as Chelmsford, Uttlesford and Tendring – have been standout performers. For those looking for a less dramatic lifestyle shift, and a more accessible commute, well connected towns have also proved particularly popular.’