House prices increased by 2.5 per cent – more than the average for the East of England – in Tendring in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 18.6 per cent over the last year.

The average Tendring house price in August was £287,375, Land Registry figures show – a 2.5 per cent increase on July.

Over the month, the picture was different to that across the East of England, where prices increased 1.2 per cent, and Tendring was above the 0.9% rise for the UK as a whole.

Over the last year, the average sale price of property in Tendring rose by £45,000 – putting the area fourth among the East of England’s 45 local authorities with price data for annual growth.

The highest annual growth in the region was in Great Yarmouth, where property prices increased on average by 21.9%, to £232,000. At the other end of the scale, properties in Stevenage gained 5.6% in value, giving an average price of £329,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But experts say expectations have changed significantly in recent weeks amid mortgage rate rises, with the likelihood of a dampening effect on house price growth.

According to figures from Moneyfacts.co.uk On Wednesday, the average two-year fixed-rate mortgage on the market has a rate of 6.52% and the average five-year fix is at 6.36%.

There are around 900 fewer mortgage products available than there were on the day of the mini-budget in September.

Chris Druce, senior research analyst at Knight Frank, said: “Current activity in the housing market is being shaped by mortgage status.

“Those that can are pushing on and securing deals ahead of further increases, while others have paused plans to digest events.

“With affordability set to be a growing barrier for many homebuyers in the coming months, we forecast house price growth will slow from here, with price falls in 2023.”