4:30 PM January 20, 2022
4:31 PM January 20, 2022
The past year has been turbulent for the Suffolk property market.
There have been closures, an extended stamp duty holiday and many times of high demand and low supply – something local real estate agents continue to see now, in 2022.
“Demand continues to outstrip supply and so prices remain high,” says Stuart Clarke, who leads Clarke and Simpson’s residential team in Framlingham.
“There is a school of thought that prices have been lower in Suffolk than in some other counties for the past few years and now that the county has been well and truly discovered, and although people want to be here, the prices will remain high with potential for future growth,” he explains. “There is a huge demand.”
The lack of supply has made some sellers nervous, Mr Clarke says – but only as buyers. “Some sellers are nervous about putting their property on the market unless they have possible homes they want to buy.
“But now that we are well and truly into the new year, more potential sellers will take the plunge and just jump in – in fact we have started to put more properties on the market than we were at the end. from last year, with many of our clients saying that one way or another they will find temporary accommodation and be ready to pounce on the properties that come to market over the next six months.
Peter Ogilvie, residential sales manager at Savills in Ipswich, says demand is more than double normal levels for this time of year. “The lifestyle opportunities that people have been seeking since the start of the pandemic continue to motivate buyers and in many cases properties are on the market for a very short time, with a sale closing in just a few days,” he says.
Such demand has driven prices up, with 11 local authority wards now reporting average house prices of £500,000 or more. In 2020, there was only one.
“Properties in coastal areas with good views and close to amenities such as those in Woodbridge, Aldeburgh, Thorpeness, Walberswick and Southwold are incredibly popular, but there has also been a strong trend towards more rural country homes in peaceful places such as the Stour Valley or towards Bury St Edmunds and Framlingham,” says Mr Ogilvie.
Interest has come from all over – including those who already live in rural areas and want to expand – but also from London.
“With its connectivity to the capital, excellent education, variety of high quality accommodation and access to plenty of green space and beautiful beaches, Suffolk will continue to be a popular choice for many buyers” , said Mr. Ogilvie. “Therefore, I believe there will remain a short-term seller’s market – although setting a realistic asking price will remain key to maintaining momentum as we progress through the year. .”
David Burr director Steven Ray agrees demand is high. “Everything indicates that 2022 will be a very good year for the real estate market,” he says, although it is “very unlikely” that we will see the exceptional demand of last year.
“Continued demand is mainly driven by those moving further south – from Essex, Hertfordshire, London – and while there may be some easing in property prices in these areas, there is little likely that property prices in Suffolk will be affected. same extent, simply because demand should continue to outstrip supply.
The difference in house prices in more southerly areas is likely to be absorbed by those moving, says Mr Ray, rather than those in Suffolk selling, but he also acknowledges that some things will remain much harder to predict “There are areas of the broader economy that could still impact the housing market and many hinge on how the economy performs this year, generating the confidence needed for a buoyant market.
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