Huge rise in £1m properties

PROPETIES worth £1million or more in Suffolk have seen a huge increase in Suffolk - including one in Ipswich town centre.A study by Halifax estate agents, released yesterday, shows there has been a large rise in the number of homes in the region breaking the seven figure barrier.

PROPETIES worth £1million or more in Suffolk have seen a huge increase in Suffolk - including one in Ipswich town centre.

A study by Halifax estate agents, released yesterday, shows there has been a large rise in the number of homes in the region breaking the seven figure barrier.

There were 58 properties sold in the first six months of this year worth £1million or more across East Anglia, compared to just 26 in the whole of 2002, according to the research.

In Suffolk, there have been 22 £1m homes sold in the first half of this year - compared to just ten in 2002.

Tom Orford, a negotiator with Savills estate agents in Ipswich, said the rise was not unexpected.

He said: “The number of million pound homes has definitely gone up and we now even have one in Ipswich town centre, which I think is a first.

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“To be honest the reasons behind it are pretty generic.

“The market is fuelled by money from the City and people are starting to choose Suffolk and north Essex over the Home Counties such as Oxfordshire and Surrey because it's now a more acceptable place to commute from.

“The links to London are just as good, if not better, and the prices, when compared to those closer to the capital, are very reasonable and offer value for money.”

Tom Prior, a negotiator with Strutt and Parker in Ipswich, added: “Looking at last year's sales list we do seem to have a lot more £1m plus properties this year. There seems to be a lot more people earning lots more money and it's these individuals that are driving the market. Instead of first time buyers it is the rich people at the top who appear to be pulling it along.”

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