Sudbury area features in top 10 list of million pound house sales
- Credit: Mike Page
A Suffolk postcode area has the largest number of homes which have sold for £1million or more outside the M25, according to a new report.
Sudbury and the surrounding villages in the CO10 postcode are featured in the top 10 of a list, compiled by international estate agent Hamptons, which covers the whole of Britain.
The CO10 area sits alongside affluent London suburbs like North Harrow and New Cross. The list, compiled from the latest data from 2014, shows seven homes in the Sudbury area sold for £1m or more.
Robert Spivey, the mayor of Sudbury, said he could see what was drawing prospective house-buyers to the area.
“I was not expecting this but can understand it as Sudbury and the area has an active community and there is lots going on. Last month we had Sudbury on Show and we had 250 organisations involved,” he added.
CO10 includes popular tourist destinations like Lavenham and Long Melford. It goes as far north on the A134 as Alpheton and includes a section of north Essex. Jack Owen, deputy town mayor and a district councillor for Sudbury, is concerned that people on more modest incomes are struggling to buy their own property.
“I believe that property in general terms is outstripping availability of people trying to get on to the housing ladder,” he said.
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“As far as I am concerned it seems that a lot of people are renting around here because they are not on the mortgage ladder – that’s what comes across.”
The postcode was sixth overall in the top 10 – with house prices also rising by 12% last year compared to an national average of 7.8%.
Prominent housing experts believe Sudbury is benefitting from the ‘Cambridge effect’ – as properties around the city become more expensive, people move to Suffolk.
Town councillor Nigel Bennett said people were drawn to the south Suffolk area because of the quality of life.
The Babergh district, which includes Sudbury, was 11th in this year’s annual Halifax Rural Areas Quality of Life Survey.
Mr Bennett said: “I think there is a link here between the high quality of life, beautiful countryside, relatively good access to London and low crime – it’s a good place to live.
“In the CO10 postcode and the surrounding villages there are some very old and big properties as well as very modern ones.”
In total there were 16 postcodes across the UK in which the number of £1m-plus sales increased to five or more in 2014.