Essex and Hertfordshire property market update: trends, prices, and insights for 2025

In this local market update we dive into the current property market in Essex and Hertfordshire, sharing insights on average sale prices, days on market, and emerging trends.

Latest average sale prices in Essex

The majority of sales in Essex during the last year were semi-detached properties, selling for an average price of £430,117. Terraced properties sold for an average of £380,310, with detached properties fetching £584,459.

Essex, with an overall average price of £414,137 was more expensive than nearby Suffolk (£319,886) and Cambridgeshire (£365,850), but was cheaper than Hertfordshire (£529,398). The most expensive area within Essex was Herongate (£1,368,797) and the cheapest was Jaywick (£174,677).

Latest average sale prices in Hertfordshire

House prices in Hertfordshire have an overall average of £529,119 over the last year. The majority of properties sold in Hertfordshire in 2024 were terraced properties, selling for an average price of £439,630. Semi-detached properties sold for an average of £569,176, with flats selling at £277,652. Overall, the historical sold prices in Hertfordshire over the last year were 2% down on the previous year.

Broader trends and current interest rates

In November 2024, The Bank of England reduced interest rates to 4.75% down from 5%. This was followed by a further cut in interest rates in February 2025 from 4.75% to 4.5% at present - the lowest base rate since June 2023%, boosting optimism in the housing market. To get an estimate of how much you could borrow, try our quick mortgage calculator.

Sales activity has also picked up, driven by first-time buyer activity and existing homeowners who had postponed their moving plans until borrowing costs dropped and the market outlook improved. First-time buyers were on track to be the largest buyer group in 2024 according to Zoopla, making up 36% of all sales. Existing homeowners with mortgages were the next large group at 31%, while cash buyers, including mortgage-free homeowners and investors, accounted for 27% of sales. In 2025, the property market is expected to continue to recover, supported by strong buyer demand, improving affordability, and favourable economic conditions.

Take advantage of our free valuation today

Find out how much your property’s worth and make the most of the current market by using our free valuation service today. As one of the leading estate agents in the area with over 30 years' experience in the local property market, we’re here to help you at every step of your property journey. 

Sources:

• Market data sourced from the Guild Competitor Analysis, September 2024.

• Data on average sale prices in Essex and Hertfordshire taken from Rightmove, 2025

• HM Treasury, Average of Independent Forecasts November 2024

• As 2025 approaches, the property market is poised for continued recovery - The Guild - Property Industry Eye

• 2024 set to be a bumper year for housing sales with total value of homes in sales pipeline up 30 per cent to £113bn, reports Zoopla - Zoopla