Rising House Prices Mark Suffolk & Essex Out as Property Hotspots
Four towns across Suffolk and Essex have been listed amongst the UK’s top 10 property hotspots of 2016, marking the region out as a highly desirable area for property buyers. An easy commute to London, with far lower property prices to contend with and the benefits of “out of city” living, towns in the area are seeing demand for property outstrip supply.
While other, more traditional Home Counties commuter belt areas such as Surrey and Hampshire also make their mark on the “property hotspot” list, it is locations in Suffolk and Essex with point to a shift towards the East of England for London’s commuter pack. The Essex town of Braintree is the most popular location for property in the county, experiencing a 6.88% boom in its property market from 2016-2017.
Elsewhere in Essex, Clacton-on-Sea has seen growth of 6.72% over the past year, while nearby Witham’s property market has grown by 6.47% over the same period. In neighbouring county Suffolk, it is Ipswich which is enjoying the greatest growth, reaching number seven on the UK property hotspot list with recorded property market growth of 6.84%.
So what is behind this “Eastern property boom”? Skyrocketing property prices in London are a key factor behind the surge in demand for property in the region. Priced out of the city, many workers are now choosing to live in more affordable areas within an easy commute of the big city. Located under an hour away by train, with excellent road connections, this corner of the world seems like the perfect compromise.
If property prices were not enough to put London professionals off buying in the city, crime, pollution and overall quality of life may well play a role in the “Eastern exodus”. With many young families keen to raise children in a healthier, safer environment, locations like Ipswich offer a smaller, more homely base, close to the coast with a far cosier sense of community.
Demand & supply
Many estate agents in the area have claimed they are experiencing one of their busiest years in recent memory, with demand for property regularly outstripping supply. With demand so strong, many buyers are now receiving above market value for their properties, although this effect is not yet consistent across the board and finding the odd bargain is not a total impossibility for the eagle-eyed.
Considering buying in Suffolk or Essex? The Mortgage Centre can help you get off on the right financial foot. Explore your best options and arrange a “perfect fit” mortgage with our assistance today.