Revealed: Where house prices are rising fastest in Suffolk
- Credit: PA
House prices in Suffolk have increased by as much as 19.7% in the last year as housing supplies remain constrained, new figures reveal.
According to data from HM Land Registry, Suffolk has seen an average 13.5% rise in the cost of a property.
In April 2021, Suffolk houses were sold for an average price of £266,702, whereas in April 2022 they sold for £302,718.
The Suffolk district with the highest annual price change was 19.7% in Babergh. In April last year homes there typically sold for £302,023, but that has now risen to around £361,000.
The figures also showed:
- Houses in Mid Suffolk have risen from £286,499 to £323,918 - a 13.1% increase.
- In East Suffolk, average house prices are up 12.2%, from £266,932 to £299,590.
- In Ipswich, average property prices have risen 11.8% from £204,883 to £228,958.
- West Suffolk was the district with the lowest annual price change at 9.7%, rising from £273,172 to £299,661.
A similar picture has been painted in north Essex, where house prices have risen 12.8% in the last year, up from £269,450 to £303,883.
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- The district with the highest annual price change was Tendring with 13.9%, up from £234,018 to £266,617.
- In Colchester, average house prices have risen from £272,629 to £306,533 - a 12.4% increase.
- The lowest annual price change was Braintree, where houses rose from £301,703 to £338,400 - a 12.2% increase.
Across the UK, the average house price currently stands at £289,099 - just over £13,000 less expensive than Suffolk's average.
The figures are based on actual sales, and averages can be skewed by particularly expensive homes being sold in an area.
Joanne Leek, a mortgage expert from Suffolk Building Society, said: "For would-be first time buyers it's a tough situation, and, whilst the government seems keen to free up high loan to value mortgages, the answer simply cannot be to enable people to take on increasing amounts of debt to get on the property ladder.
"The property market is notoriously difficult to predict and no-one can tell you the 'right' time to buy. For most people it is the biggest purchase they'll make, so it is not a decision to be taken lightly."
Mrs Leek added: "Prospective buyers and home-movers are becoming increasingly creative in their quest for the right home, and those who are prepared to roll up their sleeves for some DIY may find homes in need of some attention will often be priced lower than those at show-home standards.
"Going one step further, we have a number of mortgage borrowers who have embarked on their own self-build project, either building a home from scratch or renovating, converting or even knocking down and rebuilding an existing structure."
Property agent Katy Stephenson, from the residential sales team at Savills Suffolk, said: "The house price growth over the last year has been driven by an imbalance between supply and demand - there's simply not enough properties on the market.
"This has created fierce competition among buyers and in the most popular areas this had led to substantial increase in prices for some properties. Large, family homes in well-connected locations close to amenities and within easy reach of lots of countryside or the coast - such as those in Babergh and East Suffolk for example - have been particularly sought after."
Ms Stephenson added: "It's also important to see the fall in the context of last year - which was the busiest market that we have ever experienced. That level of activity was unlikely to continue."