THE average house in Essex will be worth more than half a million pounds by 2030, according to a new report.

Figures released by online estate agents eMoov show prices could reach as much as £543,297 as the housing market continues to spiral.

The House Price of the Future report also found property prices increased by 84 per cent between 2000 and 2015.

Paul Flavin, a mortgage and financial advisor at Zing Mortgages, in Alexandra Street, Southend, believes it is a very real possibly that house prices will continue to increase.

He said: “I can fully see the eMoov figure of £543,297 by 2030 is achievable although, at present, doesn't seem believable. After all, parents and grandparents paid £3,000 for a three-bed terraced house in the mid-sixties wouldn't have believed that property would be worth in excess of £250,000 today."

According to the Land Registry House Price Index, house prices rose by an average of 14 per cent in 2015.

In January, the average price of a property in Essex stood at £352,143.

Mr Flavin added: “We are already seeing property growth at a strong level, with pockets such as Leigh accelerating at an unprecedented rate. At what point does factors such as good local schooling justify the prices being paid and when does it become preferable to move slightly further afield, get a property representing better value for money and pay for a private education? Obviously, as demand grows for property in surrounding areas values increase too.

“We are also a victim of our proximity to London. Moving back to Essex looks like a cheap option yet to those who have never become blasé to London pricing, the amount being paid to purchase or rent seems unrealistic.

“When you are paying circa £1,500 per month in rent for a one bed London flat valued at £400,000 but could move back to Essex and rent a house for £1,200, valued at £300,000 they feel they are getting a bargain and so are happy to pay what seems to be inflated prices to others."

Zing covers the whole of Essex, with more affordable areas such as Basildon also seeing increases.

According to Mr Flavin, three bedroom terrace houses cost close to £250,000 or £1,200 per month to rent.

He added: "Even the affordable properties are becoming harder to achieve for local residents."

According to Balgores Property Group, the average house price in Basildon in 2015 was £262,395, compared with £216,856 the previous year.