Are house prices going up in Suffolk?
- Credit: Getty Images/iStockphoto
According to official figures, house prices in the UK are continuing to rise – despite last year’s incentives, like the Stamp Duty holiday, no longer stimulating the market.
In February 2022, Halifax’s price index reported that house prices had increased at their fastest annual pace since 2007 - hitting a record annual rate of 10.8% and taking the average price across the UK to £278,123.
“The UK housing market shrugged off a slightly slower start to the year with average property prices rising by another 0.5% in February, or £1,478 in cash terms,” said Russell Galley, managing director at Halifax, earlier this month.
“This was an eighth successive month of house price growth, as the resilience which has typified the market throughout the pandemic shows little sign of easing.
“Year-on-year prices grew by 10.8%, the fastest pace of annual growth since June 2007, pushing the average house price up to another record high of £278,123.
“Two years on from the start of the pandemic, average property values have now risen by £38,709 (16%) since February 2020. Over the last 12 months alone house prices have gained on average £27,215. This is the biggest one-year cash rise recorded in over 39 years of index history.”
But what’s happening locally?
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According to data from the Land Registry, average house prices in Suffolk reached a record high of £292,012 in January 2022, £33,775 higher than the same month the year before and just above the England average of £291,560.
In fact, all local authorities across Suffolk recorded highs. East Suffolk saw the biggest increase, with average prices rising by £44,635 (17%) between January 2021 and January 2022.
Babergh followed close behind, with an average increase of £39,720, making it the most expensive area of Suffolk in which to buy.
In contrast, Ipswich is the cheapest place to buy and saw one of the smallest price increases. According to the data, the average price of a home there was £220,602 in January of this year - just 6% or £13,058 higher than the same time last year.
The same data shows that the volume of houses sold has also gone up. In June 2021 - the most recent figures to date - there were 2,051 house sales, the highest number since records began in 1995, and far exceeding the previous record of 1,851 sales.
Earlier this year, estate agents from across Suffolk predicted that demand would stay strong across the county as lifestyle factors, such as more space and both coastal and countryside locations, continue to motivate buyers - and it's a prediction which, so far, is proving accurate.
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