These Suffolk house prices have tripled in two decades – but who’s buying them?
PUBLISHED: 19:02 25 February 2020 | UPDATED: 08:28 26 February 2020
House prices in Suffolk Coastal have risen by more than three times in the last 20 years – but who’s buying them?
In previous years coastal towns such as Aldeburgh, Orford and Thorpeness have been the retreat of wealthy Londoners seeking a countryside lifestyle on weekends and holidays.
But in the last five years estate agents have seen a shift in buyers which has brought in a new pool of house hunters to the seaside.
Tim Day, managing director of the Suffolk Coastal Estate Agent, is an ex-Londoner himself and is not surprised that the district is becoming more expensive.
"What we're finding now is there is a considerable influx of people wanting to move into Suffolk Coastal from areas such as Cambridge, Hertfordshire and Essex," he explained.
"There is this aspiration by Essex buyers from the Romford, Basildon and Southend areas who want a holiday home or a second home to retire to and see it as the place to buy their dream home."
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In 1999 the average house in Suffolk Coastal cost just £82,816, while two decades later in 2019 the average house cost a staggering £308,074.
Mr Day has attributed much of the increase to a change in work styles meaning more flexible hours can allow commuters to live permanently in Suffolk - whilst still getting a city wage.
He added: "What we are also finding is that certain towns which have good geographical locations - Saxmundham and Leiston - are becoming more popular for those wanting more affordable homes."
These homes have lower prices but enjoy the convenience of being just five or ten minutes away from those desirable homes on the very edge of the coast.
Oliver Druce, director of Druce Estate Agents in Leiston, has confirmed that expensive homes on the coast is pushing more buyers inland to smaller towns.
"The home counties can come in with more money and buy up and they have more influence from outside," he said.
"People are selling their real estate in Cambridge and Kent and moving here to buy a property inland, which is the same as their previous home but costs a few hundred thousand less - leaving some in the bank for a retirement holiday let."