East Anglia & London Lead the Way in 3-Year House Price Growth
We’re living in interesting times as far as the property market is concerned. Following changes to stamp duty on second residential properties, which led to many buy-to-let landlords clambering for property in March to beat the 1st April deadline, and uncertainty around today’s EU referendum vote, the red hot UK housing market appears to be cooling in some parts of the country.
In the face of economic uncertainty, people’s appetite for property does seem to have dwindled somewhat. In response, some mortgage providers have entered into a fierce bidding war, offering rock-bottom interest rates, and some lenders have extended their age limit to attract older customers.
East Anglia’s Property Market Weathers Economic Uncertainty
Over the last three years, the property markets in London and East Anglia have been very busy indeed and experienced significant growth. As the London market begins to cool and level off, could now be the moment for East Anglia to take the lead as the UK’s most desirable property hot spot?
Right now, the signs are good.
Oh, We Do Like to Be Beside the Seaside!
Average house prices in the town increased by a staggering 432% between 1995-2015, with prices in nearby Southwold close behind, up 418%.
It seems the Suffolk coast is the place to be. With Aldeburgh’s current average house price standing at £439,379, will priced-out homebuyers turn to other popular coastal towns like Felixstowe? Could this thriving residential spot be the next Suffolk town to make the most desirable location Top 10?
How About a Beach Hut?
Of course, as an area’s popularity increases and house prices rise, many would-be buyers will find that their budget doesn’t quite stretch. So what to do if you’re desperate for a slice of seaside living, but can’t quite piece together the necessary funds?
With unrestricted sea views and very little else, a pretty Southwold beach hut called ‘The Vital Spark’ hit the market last year for an astounding £120,000. Any takers?
To discuss your options on the local property scene, why not pop into one of our branches for some expert mortgage advice?