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 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 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.