Ipswich described as a property hotspot thanks to rise in house prices
PUBLISHED: 19:00 18 April 2017
The property market is booming in Ipswich with the town described as a hotspot by a national estate agency.
Leaders has revealed its top 10 towns where house prices have grown the fastest with Ipswich ranking at number seven with an increase in average prices of 6.84% over the year.
Estate agents throughout the town have described the property market in Ipswich as ‘buzzing’ and demand is outstripping supply.
Simon Clow, a partner at Palmer & Partners in Ipswich, said: “The market is pretty active at present.
“In general, the market it strong but it is a bit all over the place.
“Some people are trying higher prices than homes are really worth, and sometimes getting them. Some other people are having to reduce asking prices.
“There is a shortage of stock coming to the market but the lower end of the market, the first-time buyer market, is moving very well.”
Chris Howlett, of Leaders in Ipswich, said property prices in the town were good value, compared to London, particularly for commuters. He added: “With good road and rail links to London; Ipswich to London in under an hour by train, it adds to the attraction.”
He said other positives in Ipswich included the low unemployment rate, the low crime rate and the proximity to the port of Felixstowe.
Gemma Etheridge, board of management partner at Connells, said: “March was our busiest month for sales for five years for second-hand property sales and demand is particularly strong in the family and second move market.
“There are a lot of people wanting to move, but there is not enough available for them.”
Other towns in East Anglia to have house price rises are Clacton with 6.72%, Braintree with 6.88% and Witham with 6.47%. Godalming in Surrey topped the list with an increase of 10.16%.
Kevin Shaw, national sales director at Leaders, said: “Increases have been strongest of all in the south-east.
“A lack of supply and increasing demand is helping to drive house prices across the UK. As such, sellers can be confident of getting a great price for their homes and achieving a quick sale, while buyers need to act quickly to secure their preferred property.”
Leaders compared Zoopla data for all 122 locations in which it runs a branch.