Average house prices fall, according to property survey
PUBLISHED: 08:00 19 October 2017
First-time buyers have cause for optimism as average house prices appeared to fall in the last three months, according to a survey by property website Zoopla.
Woodbridge is singled out as one of the places where prices have fallen while Harwich is identified as a town where values have continued to rise.
Local estate agents say property prices at the top of the market, such as in Woodbridge, may have seen some reductions while values in lower priced areas have continued to rise.
Zoopla says the average home across Britain lost nearly £24 a day in value over the past three months.
Zoopla said a house price dip between the start of July and the end of September means the average property has decreased in value by £2,188 over the quarter, which equates to a fall of £23.78 per day.
Lawrence Hall, Zoopla spokesman, said: “We’ve seen a decline in house prices during the last quarter, which is potentially good news for first-time buyers.”
Woodbridge stands out in a top 10 of places where values have fallen, despite being a property hotspot in Suffolk. It says the average home in Woodbridge now costs £381,359, which is minus £7,051 or a fall of 1.82%.
Meanwhile, Harwich is on the up. There the average property value is £209,669, an increase of £1,794 or 0.62%.
Local estate agents feel there might be some levelling off of prices in Woodbridge.
James Neal, of Neals, said: “I think there has been some minor adjustment in the market. There have been some significant reductions in asking prices at the top end of the market which were brought to the market with inflated prices. Demand for property of the right type in Woodbridge, properly priced, is still very strong.
“Woodbridge is a niche market alongside other hot spots like Orford, Southwold and Aldeburgh, in this part of the world.’’
Tim Dansie, director at Jackson-Stops, added: “Woodbridge has been a property hotspot in Suffolk for a number of years, with obvious attractions.
“I know Harwich well. It is a lovely town and you can walk to the station for trains to Manningtree and London.
“Historically prices in Harwich have been lower than other parts of Essex.
“People looking for somewhere to buy can find good value for money in Harwich. I expect Harwich is a growth area.”