Housing market in 'overdrive' as prices rise by 14% in some areas

The figures, provided by Halifax, show that there were increases in house prices across Suffolk.

The largest of these increases was in East Suffolk, where prices rose 14.3% between March 2020 and June 2021.

This would leave buyers looking for £32,505 more than they would have done previously.

Ipswich and West Suffolk also saw large increases of 7.6% and 7.4% respectively.

Tim Day, managing director of Suffolk Coastal estate agents (Image: Archant)

Tim Day, director of Aldeburgh-based estate agent Suffolk Coastal, said: "The market remains in some sort of overdrive.

"There are more people looking to buy than sell.

"It's a sellers' market."

Mr Day said there were different groups of people currently looking to buy at the moment, including those looking for investment properties like holiday lets.

"The holiday let market has gone into overdrive," he said.

"Most are fully booked up and I think that appeals across the board.

"It gives people a considerable return on their investment."

Another group looking to buy are Londoners with large budgets, as they look to downsize and move away from the city.

Mr Day, who also runs an estate agents in London, said that East Suffolk's proximity to rail services made it a popular choice for those looking to live somewhere more desirable but with transport links to the capital.

"It's what we call a no-brainer," said Mr Day.

Alan Williams, senior partner at Fenn Wright, said: “The property market was experiencing a surge in activity early in 2020, post-Brexit.

"However, that was put on hold as we entered early stages of Covid and lockdown.

"Demand built for properties in East Suffolk last summer, as people re-evaluated their lifestyles and many opted to move further away from traditionally commutable areas and further towards the coastal towns of Felixstowe, Woodbridge, Southwold and Aldeburgh.

"Throughout our network of branches, but especially in Suffolk, this translated into homes selling quickly and often at over the asking price.

"As momentum built and prices increased, our clients were inundated with interest as competitive tension in the growing pool of buyers led to ‘informal tender’ or ‘best bids’ scenarios, yielding sales figures which exceeded some sellers' highest expectations.

"This, combined with the Stamp Duty savings, meant a surge in transactions as people brought forward their plans to move house.

"Activity may have subsided a little over the past couple of months, but it remains a strong seller’s market as properties for sale are still in short supply.”

Lorraine Johnson, a local Halifax mortgage advisor, said: “The pandemic has had a huge impact on the housing market right across the country and the East of England is no exception.

"While major urban centres have seen strong house price growth, many of the surrounding areas have witnessed even more exceptional average price rises.

"It’s clear from the home buyers I’m speaking to that many have prioritised space over location, as a result of more time spent at home over the last year.

"As consumers look for value in the market, that inevitably leads people to look further afield from major city centres, where you tend to get more property for your money."