Mid Suffolk house prices increase by almost £24,000 since first lockdown
The rate of increase in the district is higher than the national average
Since the first lockdown, the average house price in Mid Suffolk has risen by almost £24,000.
According to research by Ascend Properties, costs in the district jumped by 9% between February 2020 and February 2021, over England's average rate of 8.7%.
The data from HM Land Registry shows the average property now costs £284,272, up from £260,690.
Meanwhile, the rest of Suffolk recorded increase rates below the national picture, with average prices currently standing at:
- East Suffolk: £259,899 (+ 7.3%)
- Ipswich: £207,078 (+ 6.4%)
- West Suffolk: £272,959 (+ 7.2%)
The hike in prices is being put down to the pent-up demand caused by the pandemic and not enough properties being on the market, as well as the stamp duty holiday.
Ged McPartlin, Managing Director of Ascend Properties, said:
"People have been sitting at home thinking 'now is the time for me to look to move' but then you have a wave of people wanting to move and no stock. That naturally pushes prices up.
"It's a tough market out there and people are going to find it difficult. I think you need to decide whether it's your long-term home which you're willing to pay a little bit more for, or if it's a short-term gap then don't look to overpay in this competitive market. "
Today (13 May) marks a year since the property market reopened after grinding to a halt due to the first lockdown, and it has experienced strength after strength ever since.
Mr McPartlin said the market's return to health wasn't expected by many in the industry:
"We're in really good shape, it's recovered incredibly well. A lot of people are really surprised how well it has recovered and the shape it's in currently. It would have taken a very optimistic person, when we went into our first lockdown, to say we would be in the position that we're in now.
"We've got a lot of second-movers but a fair chunk of first-time buyers as well. We're not seeing the affordability issues that we may have thought might be the case for first-time buyers, so it's good to see them still in the market place. It's a full spectrum of people."
Overall, the East of England recorded the second smallest rate of increase in prices across the country (5.5%), with the North West experiencing the highest (12.4%).