Revealed: the local authorities in Suffolk where property sales have increased the most
PUBLISHED: 12:31 29 September 2020 | UPDATED: 12:31 29 September 2020
Find out which local authority in Suffolk has seen an increase of 102pc in agreed house sales compared to this time last year.
Babergh, Mid Suffolk and East Suffolk saw the biggest increases in house sales in the county this summer, according to new data released by Savills.
The figures showed that sales agreed in the four weeks to August 16 had increased by 102pc in Babergh, 97pc in Mid Suffolk and 71pc in East Suffolk, compared to figures for the same period last year.
And while all authorities saw an increase in the number of sales agreed, Ipswich was Suffolk’s least popular location. It saw just a 35pc increase, with 301 agreed sales this year compared to 223 for the same period in 2019.
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One of the reasons for this may be that, after lockdown, more people are looking for extra space and are therefore drawn to the local authorities that are closer to the countryside.
There was also an increase of 65pc of sales agreed in West Suffolk.
Tom Orford, who leads the residential team at Savills Ipswich, said: “The post lockdown rebound of the housing market has seen a surge in the number of sales being agreed. There is an element of pent-up demand but buyers with the financial security to be able to move are increasingly acting on their changing priorities and reassessing their work life balance. The stamp duty holiday is also providing additional impetus, and when combined with recent experiences, is bringing forward purchases that may otherwise have happened in two or more years’ time.
“Determination to avoid compromise on lifestyle factors has certainly intensified over the summer. In a recent survey of our clients carried out in mid-August, 62pc said that the amount of garden or outside space had become more important, up from 49pc in April. Home working also looks set to become a long term phenomenon, with 56pc of respondents saying they are now more inclined to work from home more regularly.
“This has been reflected in record levels of demand in areas such as Babergh, Mid and East Suffolk – all of which offer well-connected town and village locations that combine commutability, good schools and high quality housing stock with easy access to the countryside and coast.
“However the uncertain economic backdrop and the finishing of the furlough scheme at the end of October means short term price expectations remain cautious. Buyers are not necessarily paying over the odds and keeping expectations aligned will be key to maintaining the momentum throughout the autumn and into next year.”
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