East Anglia: House prices dip, but agents still confident

House prices have fallen in East Anglia

House prices have fallen in East Anglia - Credit: Archant

A MIXED picture has been revealed for home movers, with house prices rising nationally but dropping in East Anglia.

Figures from the Halifax House Price Index show property rises in the region have fallen by 1.8%, compared to an increase of 1.9% nationally between December 2012 and February 2013.

The average property in East Anglia costs £161,763.

Vicki Reynolds, a negotiator at the Needham Market branch of Hamilton Smith Estate Agents, said: “Over the last 18 months, prices haven’t been too dissimilar.

“It might be a different picture in other parts of East Anglia but in our area prices have been fairly stable.”

She said the company expects business to increase at Easter.

“We are currently doing more valuations and people are making more appointments for viewings,” she added.

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“Normally Easter is the time people look at properties and start thinking about buying or selling.

“The market is very up and down at the moment, but it will get better later in the year.”

Nationally, the 1.9% rise from December to February was the third successive increase, while prices were 1.9% higher than in the same period last year.

The average price of a property across the UK now sits at £163,600.

House prices increased by 0.5% last month following a fall of 0.3% in January.

Martin Ellis, housing economist at Halifax, said the lender expects to see a national increase in house prices throughout the course of the year. “The housing market continued to provide evidence of improvement in February,” he added.

“House sales also continue on a modest upward trend. This increase in both house prices and activity in recent months is consistent with evidence of some improvement in market conditions.

“The more than half a million increase in the number of people in employment over the past year is likely to have been a factor supporting housing demand.”

Mr Ellis said: “We expect to see a national increase in house prices over the course of 2013. Weak income growth and continuing below-trend economic growth, however, are likely to remain significant constraints on housing demand.”

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