House price surge in Framlingham
HOUSE prices in one market town have more than trebled between 1995 and 2003, a new survey has revealed.Framlingham saw a rise in average prices of 211% in that period, from £70,067 to £217,640, according to the Halifax.
HOUSE prices in one market town have more than trebled between 1995 and 2003, a new survey has revealed.
Framlingham saw a rise in average prices of 211% in that period, from £70,067 to £217,640, according to the Halifax.
The increase was in the top 10 of percentage rises from the 112 market towns surveyed by the building society.
Estate agents in the town believe average house prices caught up with other areas during that spell and demand for property is still strong.
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The survey looked at market towns with a population of between 3,000 and 30,000. It found 36 towns now have an average price of more than £200,000.
Twelve had seen rises of more than 200% since 1995 and every one of those was in the south east and south west, with the exception of Framlingham.
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Christopher Clarke, of Framlingham-based estate agents Clarke & Simpson, said average house prices had doubled in the town between 1995 and 1999.
"It's not just Framlingham – the whole region has experienced massive increases in value. We're lucky enough to live in a lovely area of the country.
"Without doubt, demand is still there for the right property, but it's been rather more selective over the last 18 months.
"I don't think anyone could expect growth to be sustained at level and it is slowing down, but demand is still extremely strong."
Mr Clarke said Framlingham had featured in the top 10 of a Country Life list of desirable places to live in England.
"Maybe that had some effect. The other thing is that, pre-'95, this was a much cheaper area to live than those south of Ipswich.
"We have seen a considerable catch-up in that time and prices have risen by more than they have done elsewhere."
He added: "It makes it exceedingly difficult for young people and first-time buyers and I can't tell you the answer for that. Agents often get the blame – but we only follow the market."
Prices in Beccles were also monitored for the survey. They rose from an average of £52,437 in 1995 to £145,861 – a leap of 178%.
The most expensive market town was found to be Beaconsfield, in Buckinghamshire, with an average house price of £550,495.
There were only four towns, which failed to see rise in average house prices of more than 100% in the eight-year period.
Martin Ellis, chief economist at Halifax, said: "Market towns are usually very attractive places to live.
"This is reflected in the majority of market towns having higher property prices than their surrounding counties and the more than doubling in average prices since 1995 in all but a few exceptions."