An appraisal by a property surveyor has revealed how much a house can sell for.
Property surveyor and property developer Paul O’Neill has conducted an extensive analysis of the sale prices of some of London’s best properties.
He has found that, although the average price of a property is likely to rise, the average rent is likely not to.
“It’s a bit of a shock,” he said.
The report, entitled The Price of a Home in Essex, revealed that the average property in Essex costs £1.8 million to purchase.
It is the second highest price in the capital, behind only the priciest London property.
However, Mr O’Brien said it was not because the average value of the home was lower.
Rather, he said, the price was due to the fact that most of the properties in the area were on the market for under £500,000.
If a property sold for more than £500k, the buyer would have to pay higher than expected taxes, stamp duty, council tax and other local levies.
Mr O’Boyle said that the property survey had shown that the median house price in Essex was £1 million.
According to the report, the median property rent in the borough was £3,400.
There is currently a vacancy in the London market for this type of property, with listings of properties selling for between £1,500 and £3.6 million.
Mr OOlean said he hoped the survey would provide some much-needed clarity for buyers, especially those looking to buy a house for a family.
His report will be presented to a select group of councillors and councillors will then make a decision on the sale price.
For more information on property, see the Renting guide.