Suffolk Coastal leads the way
PUBLISHED: 09:26 16 January 2019 | UPDATED: 09:38 16 January 2019
The value of Suffolk’s housing stock out performed the national average and grew by 3.8% in 2018 despite Brexit fears slowing the UK market, according to analysis from property expert Savills.
The £3.1billion increase means that the total value of housing stock in the county now stands at £86.5billion.
Rural areas saw the greatest growth in 2018.
Suffolk Coastal saw the highest percentage increase, followed by Waveney, Mid Suffolk and St Edmundsbury.
In the East of England as a whole, housing stock value has reached £810billion – a rise of 3%.
Tom Orford, head of the residential team at Savills Ipswich office said: “The Suffolk property market has remained relatively robust.
“Demand has been constant and we ended 2018 on a very positive note. The core reasons for moving to the county – great schools, connectivity to London and a more relaxed way of life – have outweighed any wider concerns.
“In the short term we expect the market to remain price sensitive as negotiations to leave the EU continue, with consumer sentiment likely to ebb and flow with the news agenda.
“However once a deal is reached we would expect to see a degree of confidence return and support price growth. For the East of England, we are anticipating that house prices will remain flat over the course of 2019. This compares to a fall of 2% which we have forecast for London and 1.5% growth across the UK as a whole.
“Looking further ahead we are forecasting house price growth of 9.3% in the East of England over the five years to 2023.”
James Neal, of Fenn Wright in Woodbridge, said prices in the coastal area had remained strong.
“I think it is fair to say that prices have remained steady though there are strong points that go against the trend such as Southwold, Aldeburgh Orford and Woodbridge.
“There is strong demand but it is still price sensitive.
“Coastal areas are especially popular with people, as is the romance for people wanting to undertake a project, a run-down country property in a special location.”
These latest figures, compiled by Savills Research, show that overall UK housing stock value was up 2.7% in 2018, adding £190billion to hit a record £7.3trillion.
For the first time in a decade gains came from the regional markets as London’s residential stock recorded a 1.5% fall because of stretched affordability and broader economic uncertainty.
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