Number of Essex properties sold for more than £1m jumps dramatically

SADLY, most of us can only dream of spending more than £1 million on a new home.

But for some it is a reality, and it appears to be so for a growing number of people, according to new figures.

Sales of £1million plus homes have increased in Essex as affluent buyers continue to look for more space and a change in lifestyle.

Despite the usually busy spring market being all but lost, there were 675 £1 million plus sale across the county up to the end of September, according to new figures from Savills.

This compared to 554 sales in the same category and over the same period in 2019 – an increase of a whopping 22 per cent.

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, which is still very much in evidence as England heads back into a second lockdown.

“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.”

Here are a few of the stunning properties which have sold or are under offer in 2020:

Layer Marney House, Layer marney

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The Lodge, Colne Engaine

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White Lodge, Layer Marney

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What is the situation across the UK?

The South West has seen the biggest surge in demand, with £1 million plus sales rising 38 per cent to 2,002.

Yorkshire and The Humber and Scotland have seen sales rise by 44% and 86% respectively, albeit absolute numbers of millionaire house sales remain much lower.

Karl continued: “By the year end we now expect the number of £1 million plus sales agreed nationally to exceed 2019 volumes – a performance nobody could have anticipated just a few months ago.

“That said, recent evidence suggests fewer high value homes are now coming to the market, suggesting we may be hitting a high plateau.

“For many the challenge is now getting deals through to completion by Christmas, inevitably made more challenging due to the most recent lockdown, after which all eyes will be on beating the March 31 stamp duty holiday deadline.”

You can see what £1 million plus homes are available now at www.savills.co.uk.

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