Agents struggle against an imbalance between supply and demand. “We have 750 registered buyers with our Loughton office and 40 properties available. Normally we would have 70, ”Ms. Mills said.
The most popular areas of Loughton include Upper Park, Lower Park Road, Alderton Hill and Tycehurst Hill. Smarts Lane, Forest Road and High Beech Road are also favorites and are home to a selection of small cabins.
There are signs the boom is slowing down now that stamp duty savings have dwindled and buyers are going on summer vacation. Homes that would have sold in days have now been on the market for weeks, Ms. Mills said.
To the west, the neighboring areas of Broxbourne and Welwyn Hatfield also saw sales increases of 64pc. Further north, sales in Central Bedfordshire increased 65 percent.
Where to buy in the South East
Just north of Oxford, at the eastern end of the Cotswolds, Cherwell has proven to be in great demand. Sales jumped 68% and the average house price was £ 361,789.
David Lloyd-Jones, of Connells’ estate agents in Banbury, said the shift to working from home has resulted in a wave of relocations from London and the South East along the M40 corridor. These buyers now accounted for 85% of purchases, up from 50% before the pandemic, he said.
Banbury, which sits on the River Cherwell, has a direct train line to London, which takes around an hour. Houses are generally more expensive in the south of the city, where a three-bedroom semi-detached house typically costs £ 295,000. On the north side, which has better access to the M40, the same property would cost £ 275,000, Mr Lloyd-Jones said.