Chiltern Associates

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Property Prices in Suffolk Pt 2

To continue our series of posts looking at property prices in Suffolk we wanted to look at some of the other towns in the county and look at how property prices have changed over the last 5 years. As with all information around prices and trends it is all very changeable and what may be true one month could then completely change the next. We are in an uncertain period in terms of the British economy but one thing is always constant; bricks and mortar generally make for a sound investment.

We have been experiencing a busy period for some time now so it seems the market across Suffolk is doing very well right across the board. We are doing lots of full building surveys which is great to see as the more detailed survey of this type is something we would recommend for most purchases but certainly of buildings built before 1900.

Ipswich

Ipswich is the 42nd largest urban area in England and Wales and has a population of over 135,000 people. Ipswich has undergone a great deal of regeneration with the dock area becoming a sought after residential location. Despite a number of efforts to change it to a city Ipswich remains a town and a popular one at that.

Over the last 5 years Ipswich has seen a growth in average property value of over 27%. The average price paid over this period was just over £281,000. Interestingly, however, there has been a drop in the last 12 months with the average value falling by over £6500 or 2.48%. This continued until more recently where things have taken a turn for the better with a 0.44% increase in average value in the last 3 months.

Southwold

Southwold is in the Waveney district of Suffolk and sits at the mouth of the river Blyth. It is considerably smaller than Ipswich with just over 1000 residents as of the 2011 census. It is considered a quintessentially British seaside town with a sandy beach, a promenade and classic British beach huts.

Over the last 5 years prices have gone up by just over 25% with an average value of just £90,000. Look at the data over the last 12 months and again we see a drop but this time of 2.91% and a £13,000 value drop. Whereas Ipswich regained some lost ground over the last 3 months Southwold sadly has not with a further drop of 0.15%. For many people this will be a great time to buy a slice of the Great British seaside either for a bolthole or a total change of lifestyle.

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Property Prices in Suffolk

While the media may like to discuss what will or won’t happen with the property market across the UK or perhaps what has and hasn’t already happened we prefer to look at things on a more local level. It is very hard to plan around national trends because certain areas will always skew the figures. For most people the London property price bubble causes a false positive when it comes to increasing values and places like Brighton and other burgeoning South Coast commuter towns can do the same. For those of us who work in the property industry in Suffolk and many of it’s wonderful towns and villages the national data can be interesting but is not something to make judgements on in relation to our own county.

We thought it would be useful to pull together some publicly available info on local house prices over the last few years to see how Suffolk stacks up, this will become a blog series with more areas added throughout the year.

Suffolk

Before looking at some towns it is worth looking a the average numbers across Suffolk as a county. Over the last 5 years the average house price has gone up by nearly £62,000. However, the last last 12 months have seen a 1.33% drop. This drop seems to have been arrested as the last 3 months show a smaller figure which will hopefully level out and begin growing again.

Framlingham

Once voted the best place to live in the Country by Country Life magazine, this wonderful market town certainly offers a lot of residents and people looking to move somewhere lovely! Framlingham Castle is a must see for visitors and widely appreciated by long term residents too. The town has lots of history but also plenty of shops, pubs and places to eat.

In terms of house prices if we look over the last 5 years they are up nearly 30% with an overall gain of just over £75,000. However, there has been a recent drop over the last 3 months of a small but important 0.6%. The rate of increase has been slowing for a while and in the last 12 months it has been less than £200. However, it is worth noting that the overall trend is up and the recent changes could be blips rather than anything more meaningful.

Felixstowe

The original hamlet of Felixstowe has stood since before the Norman conquest and is a town with a lot of history. It was once called Walton and was only called Felixstowe retrospectively. A popular destination for tourists the town offers seaside fun with a traditional pier, seafront gardens and sandy beaches. It has good transport links and plenty of places to stay, eat and drink.

Average property prices have also increased over the last 5 years by around £60,000 and the increase has been felt in the last 12 months too with an average increase of 1.72%. However, as with Framlingham the last 3 months have seen average prices fall and more so in this location with a drop of around 1.3%.

 

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Buying a Historic Property – Case Study

Whilst we survey all kinds of property from commercial buildings to first time purchase flats and homes, new builds and “doer uppers” our Historic property expert, Nina Robinson often gets called out to look at some stunning and very old houses. For many people the dream of owning a listed or historic home is a big one, something they may have been hanging on to for years, but when the time finally comes to go for it it is important they are prepared. Owning an old house is wonderful, the sense of stewardship can be very fulfilling but it can also be challenging. It is important to go into a purchase with your eyes open as this case study shows.

CASE STUDY

Chiltern Associates carried out a building survey on a 1650 property in Hadleigh. As a result of a thorough examination of each element various defects were uncovered including:

  • Concealed damage to front sole plate
  • Hard render rather than lime render which does not permit the walls to breath
  • Damp issues with flooring to be improved with better ventilation and a wood burner rather than ripping up the floor
  • Damp treatment via a French drain around the outside wall rather than an inappropriate modern DPC plus removal; also removal of bitumen paint allowing the walls to breath

Each of these items were confirmed by the Historic Building Company as being the best solution to naturally deal with the problems of a listed historic property

The client was very pleased with the work Nina undertook:

‘We hope to complete in the new year, and look forward to setting about this project, most likely with the builder’s help’

Historic Building Problems

The list of issues with the property were not as long as some but for people looking to make their first move into a listed building it may come as a surprise how much often needs to be done. It is critical that buyers consult an expert surveyor like Nina when it comes to historic buildings. This is because the issues and materials are all unique to this type of building and a less experienced surveyor may miss something that could be very costly at a later date.

Repairs

Thanks to the initial survey the buyer was made aware of all these issues. We then put them in touch with a trusted contractor and historic expert to get some idea of the cost of repair. The buyer now has a full “ball park” quote around the repair work so can move ahead with the purchase.

It is at this point that some people make the sad choice to pull out of the purchase. It is never an easy thing to do for anyone involved but it is so important that they had the information available to make a proper informed decision. Buying a property only to find out it needs tens of thousands of pounds worth of work when there is no budget to do so can cause enormous problems, stress and financial issues. Buying a listed building without knowing the full picture or getting an expert to do a full survey can be very dangerous.

If you would like to discuss a potential historic building purchase then please get in touch today. we can help make sure you know exactly what you are getting into and how best to approach it.

 

 

 

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Invasive Plant Species at the Chelsea Flower Show

Japanese knotweed

The RHS Chelsea Flower Show is known for many things but showcasing invasive plant species is perhaps not one of them. The new “Enemy Within” Garden will be unveiled at this years show to highlight the issues around this problem. Plants may not seem very threatening when you are thinking about buying a home but they can cause a lot of problems in terms of the property itself, the garden and they can prove very costly.

What is an Invasive Species?

The standard definition of an invasive species is “a plant, fungus or animal that is not native to a specific location and that has a tendency to spread to a degree believed to cause damage to the environment, human economy or human health.”

There are a number of invasive plant species int he UK and the garden will highlight 14 of them. The most well known is Japanese knotweed which is left unchecked can cause serious problems in and around a property. Some people have even lost mortgages because of it. The idea that a seemingly benign plant can “escape” and start growing in the wild may not seem that threatening but over time and in the right conditions this species can not only grow in huge numbers but can do so at the expense of native flora and fauna which then has more knock on effects to the ecosystem, property and the economy.

The Demand for New Plants

We have over 10,000 species of plant that gardeners in the UK can buy and grow but despite this there is still a very high demand for new and novel species.  Garden Centres are regularly bringing in new species to feed the demand by gardeners for more exciting plants. But there is also another side to this. When an inexperienced gardener, perhaps having just bought a new home, goes to the garden centre to look at plants they will choose what they think looks nice. It is no fault of their own they happen to chose what could become the next big invasive species. The shops should take responsibility for the stock they sell in the long term as well as the short.

Time Bomb

Evidence suggests that invasive species can tale decades to become a problem so the plants growing around the country now could already be about to become a problem in the next 10 years. It is scary to think that there is also another generation potentially being planted right now that could be 30 years away from being a problem. An example of this is the giant rhubarb. It was first seen outside of dedicated gardens in 1908 but it took until around 2000 for it to become a problem. Japanese knotweed took from 1886 until 1940 before it took hold and continued to grow as a problem ever since.

While this garden will no doubt form an interesting part of the show it is doing a great job at highlighting the issue to home owners across the country. It is important to remember that buying a property often includes buying a garden but it is so often forgotten about.

If you have any questions about a property purchase and potentially problematic plants in and around it then get in touch today to discuss how a survey can help or if any specific horticultural advice may be needed in addition to a survey.

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Sole Plates – What You Should Know

Timber framed building

Anyone buying a historic or even a new timber framed building should be aware of what and where the sole plate is as well as why it is important. This critical part of the the house structure can suffer over time and lead to some very expensive issues with historic buildings. 

Sole Plate

The sole plate is essentially the first part of any timber framed building to be installed. All of the other structural timbers and stud work are then build on top of the sole plate. As such it is obvious right away that this is a very important part of the building. It forms the basis for the whole structure and if it is compromised in any way so is the building itself.

Sole Plate Rot and Moisture

The most common issue with a sole plate is rot. As it is timber it is susceptible to moisture and rot just like any other part of the building. The main causes of rot are often where the building has been altered and modernised without proper care given to this old and important part of the structure. In many cases concrete and other materials are used around the base of a building either to sure up the structure or as part of an extension. This has the effect of sealing in the sole plate and allowing moisture to build up. In many cases the moisture that would normally evaporate is kept in contact with the wood or forced down into the plate and the rot begins.

Other Causes

Some of the other causes of sole plate rot include:

  • Incorrect insulation installed that stop the areas breathing
  • Bitumen based felt being added over the frame
  • Lack of damp course under the sole plate
  • Badly maintain external surfaces

Resulting Issues

The serious problems begin when the sole plate has in fact rotted so badly that it can no longer take a load bearing role. What is left is a house relying on wall material like lime or other rendering materials to actually take the load bearing role. This is a very dangerous situation and one that is all to common. Of course, this is an extreme example. More often the situation involves only a partly rotted sole plate or certain areas where it is suffering. But the result is essentially the same just on a more localised level; parts of the structure are taking loads they were not designed to.

Repairing The Sole Plate

There are a number of companies that are able to repair and replace sole plates but it is not something to be taken on lightly and there is obviously a cost involved. This cost is something any potential buyer should know about before purchasing a historic building.

Buying a Timber Framed Building

It is absolutely critical that anyone buying or looking to buy a listed timber frames historic building should get a full building survey by a specialist. There are a huge number of factors an expert surveyor would look at and the condition of the sole plate is certainly up there with the most important. We are experts in listed buildings and specifically timber framed buildings and as such offer a highly detailed surveying service to make sure any purchase of properties with sole plates are informed ones.

Get in touch today to discuss a purchase or building.