House prices recover but sales slow

AVERAGE selling prices of homes in Ipswich have recovered to levels seen last September prior to the worst effects of the credit crunch, it emerged today.

AVERAGE selling prices of homes in Ipswich have recovered to levels seen last September prior to the worst effects of the credit crunch, it emerged today.

Despite economic gloom and fears of an imminent recession the average selling price of homes bought in June this year stood at £175,611.

The statistic compares to average selling prices of £174,469 in September prior to a tumble that saw sale prices fall by more than 15 per cent to £148,051 in April this year.

However a leading estate agent in the town said the rebound in selling prices is difficult to assess as only 49 homes were sold in the town in June meaning several expensive purchases may have distorted the figure.


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Last September a total of 246 sales went through in Ipswich, five times as many as June this year.

John Purcell, of Primedale, said his firm experienced a significant dip in sales in June and July although business picked up last month with asking prices being dropped by those keen to make a sale.

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“Vendors are getting used to the market and purchasers are getting used to the market,” he said.

“People are being much more realistic on price.

“I think of sales that have gone through, vendors are asking for 10 per cent less or possibly more.”

Mr Purcell added that there is hope that the bottom end of the market, traditionally fuelled by first time buyers, could take off again with a number of lenders offering 95pc mortgages.

“Things are definitely getting better and I think that is because purchasers and vendors have accepted the situation because they have had the market conditions rammed down their throats for so long.

“As long as people are being realistic they are finding that they are selling.

“The bottom end is still very difficult but I think if the message gets out that mortgages with a five pc deposit are available, I think the market would improve a bit quicker.

Are you concerned about the state of Ipswich's housing market? Write to Your Letters, Evening Star, 30 Lower Brook Street, Ipswich, IP4 1AN or e-mail eveningstarletters@eveningstar.co.uk

Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Sold 246 299 304 174 131 141 136 140 152 49

Av pr 174,469 167,554 169,850 170,401 162,574 164,298 152,308 148,051 177,325 175,611

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