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Lack of Ipswich properties boosts prices

PUBLISHED: 15:00 14 May 2002 | UPDATED: 11:55 03 March 2010

FEWER houses multiplied by more demand, equals higher prices.

That is the simple equation which could be facing house hunters in the Ipswich area this summer if the current gridlock in the property market continues.

FEWER houses multiplied by more demand, equals higher prices.

That is the simple equation which could be facing house hunters in the Ipswich area this summer if the current gridlock in the property market continues.

And with great demand for a fewer number of houses, properties are being snapped up at alarmingly quick rates – sometimes within a matter of minutes.

The National Association of Estate Agents says that a shortage of properties coming on to the market could be helping to sustain the country's current high level of house price rises.

In Suffolk, house prices are booming, but the overhanging uncertainty in the market coupled with the growing gaps in price on the property ladder is leading many people to stay put.

With fewer houses around, demand for properties in our region is growing and there are fears that first time buyers are being driven out of the market.

It is also a situation that has led to one Ipswich-based estate agent listing properties by informal tender, to enable as many people as possible to have the chance to snap up a single property.

Tim Golding of Suffolks said that since he put three properties on the market for informal tender, 84 people have expressed an interest in just six houses.

This is one way of ensuring that each property gets its fare share of viewers, but Mr Golding said there are ways in which the property market can loosen up from its static state.

He said that people don't realise that a jump up in the property ladder shouldn't be unreachable.

"If people do their research and consider a fixed-rate mortgage, there is really little difference in their monthly expenditure.

"The trouble is that people are unsure if they should buy or sell first. Putting your house on the market is no big commitment – it's simply just a case of getting a buyer lined up. If the market was flooded with properties, it would start to move again."


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