East Suffolk house prices rise above national average for first time
- Credit: DENISE BRADLEY/Archant 2017
House prices in East Suffolk have soared above the national average for the first time - reaching above £300,000.
New figures reveal that the average house price in East Suffolk has now reached £301,201 as of November 1, 2021.
This is a 15pc increase in comparison to figures the year before, where average house prices for the area sat at £261,332 on November 1, 2020.
The average price for property in England sits at £288,130 as of November 1, 2021.
This all comes as the nationwide house price index rose at an annual rate of 11.2pc last month from 10.4 per cent in December, the fastest January rate in 17 years.
For Danny Steel, of Steel & Co, he says that average housing prices are being driven by economic growth and opportunities in Lowestoft and other developments across the east Suffolk area.
"The house prices in Lowestoft are being driven up by a variety of factors but in particular the economic growth in the town," he said.
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"The offshore wind industry is something long-term which is attracting people to buy and invest in the town as well as ABP visions for the port of Lowestoft.
"It is also being driven by the new infrastructure projects such as the Gull Wing bridge, flood defences and the Sizewell C project further afield.
"The impact this is having is that there are less rental properties on the market in town, so demand is on the increase.
"On the whole the growth in the town is what is attracting more people to the area."
Mr Steel advised that first time buyers should look to invest in the area now, as he expects house prices to increase further over the coming months.
"Now is the time for first time buyers to invest," he said.
"Prices in Lowestoft are still low compared to other areas in East Suffolk.
"This is not to say that house prices will have an impact on first time buyers, because they will.
"However, the economic growth in the town will also result in higher paid jobs.
"Other areas in East Suffolk are experiencing the 'Southwold effect'.
"For example, in towns like Beccles and Bungay, more people from built up areas like London look to live in the Suffolk countryside because Covid now allows them to work from home."