Revealed: The parts of Suffolk where house prices have risen the most
PUBLISHED: 19:00 25 December 2019 | UPDATED: 12:51 27 December 2019
House prices in Suffolk have shot up by 50% over the last decade - at a average rate of £23.90 a day.
The figures, from the Office of National Statistics, show the average cost of a home in the county is £251,473 compared to £167,112 in December 2009.
St Edmundsbury has seen the largest rise in house prices, from £180,855 in December 2009 to £291,100 this year - a rise of 61%.
This means the price of a home in the area is rising at the equivalent of £31.23 a day.
Homes in Ipswich and Mid Suffolk have both risen on average by 52% over the last ten years, with house prices going up by an average of £19.14 and £26.08 a day respectively.
Suffolk coastal has seen the slowest rise in house prices, although they are still up 39% on 2009 - an average rise of £26.53 a day.
Essex has seen the cost of a home shoot up even higher than Suffolk's, seeing an average rise across the whole county of 62%.
Homes in Colchester now cost 60% more than they did in 2009, while houses in Tendring have risen by 43% over the last decade.
The figures will make happy reading for those already on the housing ladder, but will look like an uphill struggle to those who are hoping to buy a house in the future - especially younger people.
Tom Orford, who leads the residential team at Savills Ipswich, which compiled the ONS statistics, said: "Of course the figures quoted are averages and there have been ups and downs along the way.
"The top end of the market will have seen lower growth, given the combination of higher stamp duty and Brexit angst.
"But overall Suffolk has experienced consistently strong house price growth that has been on par with or in excess of the national average.
"Most recently, post-EU referendum sentiment has dominated and there has been a slowdown in activity - but even this year, in the face of considerable political and economic uncertainty, the market has remained largely resilient.
"Prices have held their own and we have seen strong interest from committed buyers. "We are fortunate to live in a very sought-after part of the world that offers a way of life that is second to none.
"Well-maintained properties in town centres, close to railway stations and within easy reach of shops and restaurants have proved particularly popular - Bury St Edmunds and Ipswich being two obvious examples.
"Lifestyle is now paramount.
"Buyers want to make their lives that little bit easier, with homes that require less looking after, are within walking distance of their children's school and require a shorter commute to work."
Mr Orford said the recent general election result could bring urgency to the market this next year, but may also harden some sellers' expectations on price.
"We are expecting only modest price growth in 2020 on the basis that, despite domestic political uncertainty receding, some economic ambiguity will remain until a trade deal is agreed with the EU - even if, as is widely expected, the UK leaves the EU by the end of January without a further extension of Article 50.
"This could mean a bounce in demand in the first part of 2020 proves difficult to sustain through the summer months and into the autumn market."
Savills is expecting house prices in the east of England to increase by 10.9% over the next five years.
However Will Jeffwitz, policy leader at the National Housing Federation, said the rise in prices could put home ownership out of the grasp of most people in the county.
He said: "People in the East of England are feeling some of the worst effects of the housing crisis, with housing prices currently at 11 times the income of local people and a severe lack of affordable and social housing.
"Home ownership is now out of reach for most local people, with increasing numbers living in insecure and expensive private rented accommodation.
"Worst still, those on the lowest incomes have virtually no options for finding an affordable home.
"The only way to solve this crisis is to significantly increase delivery of homes that are affordable for people on all incomes.
"Our research shows that in the East of England alone we need to be building 46,000 homes each year to tackle the housing crisis and 18,000 of these homes must be affordable.
"This can only be achieved with significant increased investment from government of £12.8bn a year nationally."
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