News & Legislation
June 24, 2021
Regional Property Market Update Summer 2021: Essex, Norfolk and Suffolk
2021 is set to be one of the busiest sales years in over a decade
Agents report the sales to stock ratio across the East of England is at a record high (RICS). At 3.7%, the annual rate of housing stock turnover across Essex, Norfolk and Suffolk is above the UK average. Levels currently exceed 4% in the most active markets.
Price growth strengthens
Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.
Year-on-year price growth across the East of England is substantially stronger than the 0.4% recorded this time a year ago (UKHPI). Double-digit annual price growth is evident in six local areas in the Essex, Norfolk and Suffolk region.
A seller’s market
Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in the East of England is 43 days. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.
Properties for sale in the Essex, Norfolk and Suffolk region of the UK
This distinctive detached residence of substantial proportions is located within a desirable prime residential avenue to the Northwest of Ipswich. Impressively extended and remodelled to a superior standard throughout and situated in grounds approaching a third of an acre, the exquisitely styled living space is arranged over three levels. Key features include an open-plan lounge-kitchen-diner, an elevated balcony roof terrace, home office, cinema/games room and an extensive garden with a heated swimming pool, entertainment patio and summerhouse.
This exceptional family home sits behind electric gates and boasts a total of seven bedrooms arranged over four levels, including a large basement. Beautifully presented throughout, having been fully refurbished by the present owners to a luxurious standard, the range of accommodation and level of finish is superb. It is also rare to find a property of this size within such short walking distance of Brentwood Railway station and within easy reach of local schooling.
This delightful home in Braintree benefits from an annex plus three reception rooms, a huge living area and six double bedrooms. There is also a recently fitted kitchen, three bathrooms, a conservatory and a private garden.
Take advantage of the seller's market this summer with the best agent in your area. Contact your local Guild Member today.