Boom in house prices hits first timers
HOUSE prices in the region are rising faster than anywhere else in the UK, it was revealed today.However, Felixstowe estate agent, Richard Stewart, said this means that first time buyers are losing out.
By Amanda Cresswell
By Amanda Cresswell
HOUSE prices in the region are rising faster than anywhere else in the UK, it was revealed today.
However, Felixstowe estate agent, Richard Stewart, said this means first time buyers are losing out.
Properties in East Anglia have risen 23.64 per cent in the three months to September, according to data from the Land Registry.
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Nationally house prices have increased by 18pc on average over the year, with million pound properties being sold at a rate of more than ten a day.
The price of the average house rose to £146,150 in the three months to September, up from £123,858 last year.
Mr Stewart, of Marshall Warren, said: "About two to two and a half years ago there were a couple of investor buyers on our books buying half a dozen one bedroom houses at between £25,000 to £30,000.
"This year these properties are selling to first time buyers at about £65,000, which is a good indication of what is happening.
"The investment buyers have made their killing, but the first time buyers are suffering."
Although interest rates are low and there are good mortgage deals around, the current trend was for first time buyers to buy as a couple to get a step on the housing ladder.
David Clarke, associate for Strutt and Parker's country house department in Ipswich, predicted a slowdown in prices next year.
"There are signs the market is cooling in London. A ripple affect tends to follow from London to the provinces.
"I think next year will continue to rise, but not at the same level, probably about ten per cent, rather than 20 to 30 per cent."
Nearly 1,000 properties sold for over £1 million between July and September – up 37pc on last year.
Halifax's monthly survey showed house prices jumped 4.7 pc in October, the biggest recorded monthly rise.s