Revealed; How much your Suffolk home is worth
PUBLISHED: 09:16 21 September 2018 | UPDATED: 17:19 21 September 2018
The housing market may be showing signs of a pre-Brexit slowdown, but your home still went up in value in Suffolk more so than in Norfolk over the summer, according to the latest figures.
In Suffolk, prices went up by 1.65 per cent in the 12 months from July 2017 to July 2018, contributing to a 4.7 per cent, according to the Office of National Statistics. The average homeowner in Suffolk will have seen their house increase in value by around £72,000 over the past five years, and in Norfolk by around £59,000.
In the Mid Suffolk ares the price rise was the highest at 6.2%, and in Suffolk Coastal region, the price rise was 4.9%, compared to a 4.7% rise in Norfolk. In comparison, homeowners nearer London have seen the value of their property go down: in Colchester, prices have fallen by 2.4%
Across the East of England, property prices have risen by a total of 2.4 per cent in the last year, to £294,603 but the region underperformed compared to the UK as whole which saw the average property value increase by 3.1 per cent.
London was the slowest growing region, falling by 0.7% in the year to July 2018, down from 0.3% in the previous month.
But London is still home to the highest house prices in the country - in Kensington and Chelsea, properties sold for an average of £1.42 million - 17 times the cost of a home in Blaenau Gwent in Wales, where the average property cost just £82,298.
Lawrence Bowles, associate director of the research team at estate agents Savills, said Brexit was having an impact on the market.
“People are waiting until we have got a clear idea on what Brexit means, before they make a big financial decision like buying a house,” he explained.
“We are also starting to see a reverse ripple effect, which originally only hit London but now house prices in the South East and East of England are slowing as well.”