House price soar by as much as £35,000 in Suffolk and Essex
- Credit: Archant
House prices across Suffolk and north Essex have hit record highs this year, as the property market continues to boom, with the average cost rising by more than 15% in some areas.
The average cost of a home in Tendring has risen by £35,000 from £217,599 a year ago to £253,594 - a 16.5% increase.
In Mid Suffolk the average house price is now £294,666 while in East Suffolk it is £270,149, rising 13% and 12.4% respectively.
Estate agents believe the sharp rise come as an indirect result of the coronavirus lockdown, with long periods indoors making people re-evaluate what they want from their homes and leisure times for a better work-life balance.
Karl Manning, from Savills sales team in Chelmsford, which covers the Tendring area, said: “Consequently, the coastal market and the likes of Tendring – with great beaches, easy access to the countryside, good pubs and restaurants and excellent train links into Colchester, Chelmsford and London for if people do need to go back into the office – have been particularly popular.
"New sales agreed are well above the pre-pandemic norm and there are currently a record number of transactions with solicitors. Even with the stamp duty deadline nearing there is little sign of the pace slowing.
"From launching a property, arranging viewings, receiving an offer and agreeing a sale – in many cases this is happening all within the space of a week."
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Mr Manning added however that stock levels remain "incredibly low" across the UK, which is also putting upward pressure on prices.
Urban areas of the region such as Ipswich have also seen a large rise, with Tom Orford from Savills' Ipswich office saying the town's mix of urban and rural features is making it a popular place for buyers.
The average price there rose by 10.1% year-on-year to £211,088.
Mr Orford said: “Attractive towns and cities that are well connected, have an array of good family housing stock and a choice of high-performing schools appeal to a broad profile of affluent buyers.
"The likes of Ipswich – with an abundance of countryside and green space also on the doorstep and still representing relative value for money when compared to other areas – is no exception."
A recent report by Santander found the proportion of first-time buyers who said raising a deposit is the biggest barrier to home ownership increased from 30% in 2019 to 52% in 2021.
That comes despite nearly two-thirds of first-time buyers (63%) believing home ownership is more important now than before the pandemic.