Revealed: House prices in East of England at 'all-time high'
- Credit: Mortimer and Gausden
House prices in the East of England are the highest they have been for the first time since the financial crash in 2007 — an average rise of nearly £100,000.
Locations like West Mersea, Waldringfield, Felixstowe and Woodbridge have all been proving popular, according to local estate agents, with properties selling "just as fast as they are coming to the market".
Research conducted by Warwick Estates shows that the average price for a house in the East of England region now sits at £309,243, which is 48% higher then the 2007 peak of £209,624 — rising by nearly £100,000.
The current average price for properties in Britain is £253,382, which according to the statistics is 34% higher than the market peak of £189,199 in September 2007, before the worst financial crash of recent times brought the property market to its knees.
Tom Orford, from the residential team at Savills Ipswich, said the property market in Suffolk and wider East Anglia "continues to defy expectations", adding there remains "phenomenal demand".
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He said: "New sales agreed remain well above the pre-pandemic norm, while the same is true of mortgage approvals.
“Passion and lifestyle drivers – the need for more space, the ability to work from home, proximity to family and access to the countryside and coast – continue to fuel people’s reasons for moving and that’s unlikely to change anytime soon."
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The East of England has seen a stamp duty boost push house prices higher than their 2007 peaks. Even after adjusting for inflation, the average house price is now 4% higher in the East of England.
Alan Williams, senior partner at Fenn Wright, added: “House prices have risen sharply in our region over the past year and particularly in coastal areas.
"Locations like West Mersea, Waldringfield, Felixstowe and Woodbridge have all been proving popular with properties selling just as fast as they are coming to the market.
"At Fenn Wright, we have seen an increase in London buyers registering with us as they look to relocate to Essex and Suffolk and experience the many outstanding areas the East of England has to offer."
The East of England is among only three regions in the UK to have surpassed its pre-financial crash peak, when taking inflation into account.
A spokesman for Clarke and Simpson, an estate agents based in Framlingham, explained: "The housing market continues to perform incredibly well during 2021, and this is directly attributable to the lack of supply – the majority of new instructions are receiving very good levels of enquiries, and in the main, multiple offers.
"It is not just Suffolk, of course, but our part of the country still demonstrates good value when compared with property prices in the South East, and the pandemic has resulted in people looking to move away from the larger commercial centres for a better quality of life – and what better place than our fine county."