THOUSANDS of homes in mid Essex are earning their owners more in value each year than the average salary.

Analysis carried out by Zoopla found one in five properties across the country is increasing in price at a higher rate in a single year than the average worker is paid.

An estimated 4.6 million privately-owned homes have jumped in value by more than £30,500 across the UK in the past 12 months.

In the East of England alone, more than half a million homes have increased in value at a higher rate than the region’s average salary of £31,500.

That is nearly one in four homes.

The Braintree district has seen 10,000 homes earn more than the area's average salary.

This works out at 23 per cent of homes in the area.

The town’s average salary is about £30,000 whilst the average house price is £321,000, according to Zoopla.

A total of 3,000 homes in Maldon have seen their value increase above the average salary.

This is approximately 18 per cent of properties in the district.

The district’s average salary is £27,300 whilst the average house price is £360,000.

A whopping 44 per cent of properties in both Uttlesford and Chelmsford outstripped average earnings.

Uttlesford's average house price is £463,000, while average earnings are £34,100.

In Chelmsford average earnings are £32,900 and the average property price is £415,000.

Zoopla says the demand from potential buyers has been strong since the housing market reopened after the first national lockdown.

Buyers are said to be looking for more space and a different lifestyle as they no longer had to commute to work on a daily basis.

The stamp duty holiday is also thought to be fuelling the momentum in the housing market.

Gráinne Gilmore, head of research at Zoopla, said: “Hundreds of thousands of households have made the move into their new home over the last year.

“But activity has been so high, it has eroded the stock of homes for sale, which has put upward pressure on house prices, with values rising by up to nine per cent in some parts of the country.”