Average house prices in east ‘will rise from £292k to £323k over next five years’
The price of homes in the East of England should rebound and rise by 11% over the next five years with good properties in Ipswich – and some Suffolk’s coastal towns – in demand, experts predict.
Estate agents at Savills believe that despite political turmoil in the UK and a slowdown in price rises, the average house price will increase from £291k this year to £323k by 2024 - good news for sellers, but bad news for prospective buyers.
However, the rises here will be lower than the national average, it predicts.
Savills expect average UK prices to increase by 15.3%, with central London prime locations outperforming the rest of the country with rises of 20.5%. However, overall, London prices will see only a 4% increase, it says.
Although Savills expects Brexit and election-related angst to continue to act as a drag on the market over the short term, it sees prices rising broadly in line with incomes beyond that.
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Tom Orford, who leads the residential team at Savills Ipswich, said even this year, in the face of considerable political and economic uncertainty, there had been strong demand in Suffolk from motivated buyers.
"Over the last 10 years or so the East of England has experienced consistently strong house price growth that has been on par with or in excess of the national average, so it's perhaps no surprise that we are now predicting a slight slowdown in the market," he said.
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"However, I would expect there to be significant variations across the region."
He predicts that Ipswich, and homes in some of Suffolk's popular coastal towns, will continue to be a draw for buyers.
"We are fortunate to live in a very sought after area - with great connectivity and superb schools that offers excellent value for money when compared to the south and in particular London," he said.
"Well maintained properties in Ipswich town centre - close to the railway station, Christchurch Park and within easy reach of shops and restaurants - have proved particularly popular, as have those in well-connected villages and the usual property hot spots of Woodbridge, Aldeburgh and Southwold."
Savills believes the average UK home will increase in value from £231k to £266k over the next five years. The average price of a home in London is expected to rise from £462k to £480k.