First-time buyers face problems

FIRST-time buyers in Suffolk are facing a tough year.

But there is better news for people looking to get onto the first rung of the housing ladder in Ipswich after it was revealed that they could snap up a house in the town for less than their counterparts in most of the rest of the region were able to.

A new survey from Halifax showed that first-time properties in East Anglia now cost an average of £143,467; eight per cent higher than last year, and 79 pc higher than in 2001.

And it also showed that the average deposit for a first-time buyer is £24,873, almost double the figure of 2001 and 17 pc of the total purchase price.

However flat prices in Ipswich may be more affordable with average prices at £122,000.

And according to one Ipswich estate agent this means first-time buyers are moving from their family homes in surrounding areas to Ipswich, because it is the only place they can afford.

Fiona Scotland from Spicer McColl in Ipswich said: “Ipswich is a lot cheaper than many other areas including Colchester and Norwich, so it is a good place for first-time buyers.

“Prices have definitely still risen here though, so it is a bit harder to get what you want.

“For example a two-up, two-down in Old Stoke would have sold for about £95,000 a few years ago, now it would be £105,000 or maybe even a bit more.

“For most first-time buyers who come on our books we do manage to find what they want, but some people have expectations beyond their budget.

“But Ipswich is a good place for people to be buying because it is likely they'll see a return on their investment.

“And if people are willing to buy a flat rather than a house they can get even more for their money, but a lot of people still want a freehold, not a leasehold.

“So although it has got a little more tricky for first-time buyers in the area there is still a lot out there and people are still coming to Ipswich from outside to buy their first home.”