How property prices have changed in your part of Suffolk
PUBLISHED: 11:09 04 November 2020 | UPDATED: 09:14 05 November 2020
A summer boom sent house prices soaring by up to 10% in some Suffolk towns.
Land Registry data from January to August this year shows a 0.5% increase in average house prices in Suffolk compared to the same eight months in 2019.
But in East Suffolk, once the market reopened in May, prices shot up by 29%. Average property prices in the area stood at £320,267 in August.
Towns like Southwold have seen a 10% increase in average house values compared to January-August last year.
Woodbridge saw a rise of 9%, while Lowestoft average prices rose by 5%.
Across West Suffolk there was a 22% rise in house prices between May and August, while Ipswich and Mid Suffolk saw rises of 7% and 13% respectively. Babergh maintained its average property value of around £323,000.
It’s not the same picture across the whole of Suffolk and North Essex, however, with some towns seeing the average price paid for property fall this year.
The biggest faller was Eye in Mid Suffolk, where average house prices fell by 9% to around £310,921.
Manningtree in Tendring and Bungay in East Suffolk both saw falls of 8%, and prices in Colchester fell by 5%.
Estate agents have reported a huge increase in sales locally.
Latest data reveals 2,205 sales were processed across Suffolk in the four weeks to mid-August, a 71% rise on the same period last year.
Tom Orford, who leads the residential team at Savills Ipswich, said it had been a surprise to see the increase in activity seen in May and June continue.
“There has been a very clear and long-term commitment from buyers who were keen to embrace a change in lifestyle, which is still very much in evidence as England heads back into a second lockdown,” he said.
“The stamp duty holiday has also provided additional impetus – bringing forward purchases that may otherwise have happened in two or more years’ time.”
But despite big increases in sales, warnings are also sounding of a growing backlog in the industry, with solicitors, mortgage advisors and local authorities all struggling to complete the work necessary to register new sales.
MORE: ‘The pandemic hasn’t held us back’ – leading auction house says surge in sales of family homes has increased average selling price
Mr Orford also noted the market has remained relatively balanced as a whole, with sellers having to remain largely realistic on price expectations.
“Homes with plenty of space – both inside and out – have been the star performers, as have those properties in well-connected towns and villages with access to the countryside.
“Relocation and staycation locations – such as the Suffolk coast and parts of West Suffolk – have been especially popular,” he added.
“The end of the stamp duty holiday and a projected rise in unemployment is expected to cause the market to slow in the short term.”
If you value what this story gives you, please consider supporting the Ipswich Star. Click the link in the orange box above for details.