House prices soar by £33,720 in East Anglia this year as families seek homes beyond commuter belt

House prices soar

House prices soar - Credit: Archant

House prices in the region rose by the fastest rate in the UK outside of London in 2015, according to property website Zoopla.

Average property values rose by 11.6% (£33,720) to reach £324,425 in the East of England this year amid an increase in professionals and families seeking homes “beyond the London commuter belt”, experts said last night.

In comparison, the rise in house prices in the region last year was 9.6%, while the average national house price now stands at £290,827 after a 7.4% (£20,250) increase.

Zoopla spokesman Lawrence Hall said: “While the property market typically slows at this time of the year, prices have performed well in 2015. Regions like East Anglia continue to boom as professionals and families seek out properties beyond the London commuter belt. Even regions like Wales have totalled respectable annual growth rates.

“Of course, to every silver lining there must be a cloud and the price rises we are seeing do make it harder for those looking to take their first step onto the ladder.

“But with government Help to Buy schemes still in place and the promise of new homes to ease demand both buyers and sellers should have at least some reason to be upbeat as we go into 2016.”

House prices rose by 11.8% in London, the highest in the UK in 2015. In the South East, house prices rose by 8.8% to reach £380,490 – the third highest.

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It comes after The Royal Institute of Chartered Surveyors predicted that house prices in East Anglia will rise by 8% next year – the highest in the country,

According to Zoopla, the current average house price in Suffolk is £264,463. If values rise by 8%, the new average this time next year will be £285,620. In Essex, the current average of £329,366 will increase to £355,715.

First-time buyers were warned to prepare for a “harder challenge” in climbing on to the property ladder in 2016 as house prices continue to soar and outstrip stagnant wages.

Property experts also raised concerns over a lack of housing stock in the region and blamed a “culture change” for homeowners putting their properties on the market less frequently.

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