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Clacton-on-Sea Market Review - October 2017We bring you the latest trends in the UK's housing market, with a detailed focus on Clacton on Sea.
Over the last 12 full months there have been 1,558 sales in Clacton on Sea. This is a −12% change on the previous 12 month period. The average sales price was £183,898.
House prices across the UK rose by 5.1% in the 12 months to July according to the ONS, unchanged on growth in the year to June. Average prices are currently rising most strongly in the East Midlands which has seen 7.5% growth in the last year.
Mark Carney, the Governor of the Bank of England has indicated that interest rates will rise in the "relatively near future". Interest rates have remained at their historic low of 0.25% for over a year despite rising infation. The Monetary Policy Committee who set interest rates will next meet on 2nd November.
1.09 million property sales took place in the year to end of March 2017, netting the Treasury £8,590 million in Stamp Duty Land Tax revenue. Revenue was up 11% from 2015/16 while transaction levels were down 8%. A substantial part of the increase is the impact of the 3% additional levy for second properties introduced on 1st April 2016, which contributed £1,705 million.
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