Suffolk: House price rise in East Anglia sees region buck the national trend
PROPERTY prices are on the rise in the East Anglia, according to new figures.
The Land Registry has recorded a 0.8% annual increase in house prices for July - second only to London which saw a 2.7% rise.
The news was cautiously welcomed by Suffolk estate agents who said while the change was marginal, house prices should continue to rise.
Elsewhere in the country, prices fell year on year by 1.3% in Wales, by 0.8% in the West Midlands, by 2.5% in Yorkshire and the Humber, by 1.9% in the South West and by 3.8% in the North East.
Nationally, prices rose by 0.85 but it is thought the boost was driven by the London market.
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Spokesman for the Suffolk branch of the National Association of Estate Agents, James Girling said; “I think the weather has played a big part. Compared to other areas of the country we’ve seen a lot of sun which helps get prospective buyers out to house viewings more than you’d think. This in turn drums up demand and sellers dig in their heels when it comes to what price they are willing to accept.
“House prices in Suffolk won’t storm ahead but I see no reason why we won’t see steady growth.”
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James Neal from Neals Auctioneers & Estate Agents in Woodbridge said the county had much to offer, helping drive the market.
“The increase is marginal so has to be taken with a degree of caution, but Suffolk offers a great deal to prospective house buyers,” he said.
“We have first rate schools, easy access to the capital and the coast, and Stansted and Norwich airports close by.
“We are hugely influenced by the world economy like anywhere else, but I think Suffolk stands to weather the storm and will continue to buck the trend.”
Oliver Johnson, partner at Clarke and Simpson in Framlingham said Suffolk had a strong “migration market.”
“London and the east has always been an important area for the migration market and people moving from London to Suffolk see the house prices here as very good value,” he said.
“If we are showing a small increase now in these difficult times, it bodes well for when the markets return to normal.”
Prices rose year on year by 0.4% in the East Midlands and by 0.7% in the South East. The North West recorded the biggest year-on-year fall, with a 3.9% decrease.