Significant increase in housing prices for East of England
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House prices are continuing to soar in the East of England, with the rate of increase in the cost of detached homes almost double that of flats.
Research conducted by banking company Halifax shows that house prices in the region have risen significantly across the board.
On average, people are now paying £13,340 more for a flat than in March 2020, a 7.4% increase, and £34,669 more for a terraced property, up 14.2%
Semi-detached home prices have increased by £45,351 (14.8%), while detached properties are costing an average of £63,141 (14.3%) more.
Compared to the UK average house price in December 2021, people in the East of England are paying £33,729 more for a flat, £65,289 more for a terraced home, £72,609 more for a semi-detached house and £80,202 more for a detached property.
Head of residential sales at Savills Suffolk, Peter Ogilvie said: "The strength of demand over the last 18 months or so has been absolutely phenomenal.
"The lifestyle factors that people have been looking for since the outbreak of the pandemic have driven consistent activity and in a lot of cases properties have been on the market for a very short period of time, with a sale agreed in just a matter of days.
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"As a result there has been a huge imbalance between supply and demand – with a real shortage of property available for people to buy.
"Particularly in the most popular areas – such as Woodbridge, Aldeburgh, Walberswick and Southwold, as well as well-connected rural villages in the Stour Valley and out towards the likes of Bury St Edmunds and Framlingham – this has increased competition and inevitably pushed up prices.
"It really is quite staggering just how busy the market has been and testament to just what a great place Suffolk is to live – something that more and more people are now discovering.
"Its connectivity to London, excellent schooling, access to lots green space, wonderful beaches and plenty of lovely restaurants, pubs, cafes and boutique retailers ensures the county will continue to be a popular choice for a wide pool of buyers.
"For the time being at least it remains a sellers’ market, but we are expecting more properties to become available as we head into the spring.”