How property prices have changed in your part of Suffolk
- Credit: Archant
A summer boom sent house prices soaring by up to 10% in some Suffolk towns.
Land Registry data from January to August this year shows a 0.5% increase in average house prices in Suffolk compared to the same eight months in 2019.
But in East Suffolk, once the market reopened in May, prices shot up by 29%. Average property prices in the area stood at £320,267 in August.
Towns like Southwold have seen a 10% increase in average house values compared to January-August last year.
Woodbridge saw a rise of 9%, while Lowestoft average prices rose by 5%.
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Across West Suffolk there was a 22% rise in house prices between May and August, while Ipswich and Mid Suffolk saw rises of 7% and 13% respectively. Babergh maintained its average property value of around £323,000.
It’s not the same picture across the whole of Suffolk and North Essex, however, with some towns seeing the average price paid for property fall this year.
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The biggest faller was Eye in Mid Suffolk, where average house prices fell by 9% to around £310,921.
Manningtree in Tendring and Bungay in East Suffolk both saw falls of 8%, and prices in Colchester fell by 5%.
Estate agents have reported a huge increase in sales locally.
Latest data reveals 2,205 sales were processed across Suffolk in the four weeks to mid-August, a 71% rise on the same period last year.
Tom Orford, who leads the residential team at Savills Ipswich, said it had been a surprise to see the increase in activity seen in May and June continue.
“There has been a very clear and long-term commitment from buyers who were keen to embrace a change in lifestyle, which is still very much in evidence as England heads back into a second lockdown,” he said.
“The stamp duty holiday has also provided additional impetus – bringing forward purchases that may otherwise have happened in two or more years’ time.”
But despite big increases in sales, warnings are also sounding of a growing backlog in the industry, with solicitors, mortgage advisors and local authorities all struggling to complete the work necessary to register new sales.
MORE: ‘The pandemic hasn’t held us back’ – leading auction house says surge in sales of family homes has increased average selling priceMr Orford also noted the market has remained relatively balanced as a whole, with sellers having to remain largely realistic on price expectations.
“Homes with plenty of space – both inside and out – have been the star performers, as have those properties in well-connected towns and villages with access to the countryside.
“Relocation and staycation locations – such as the Suffolk coast and parts of West Suffolk – have been especially popular,” he added.
“The end of the stamp duty holiday and a projected rise in unemployment is expected to cause the market to slow in the short term.”