House prices have soared by over 400% in areas of Suffolk since 1995
05-27-2016
Southwold Archant
House prices have risen by more than 400% in some parts of Suffolk over the last 20 years, new figures show.
Average property prices rose from £60,483 to £235,901 between 1995 and 2015 in the county, according to data from the Land Registry.
And house prices by the sea – most notably in popular seaside resorts such as Aldeburgh, Southwold and Walberswick – now have the most expensive average house prices in the county.
In the IP15 postcode area, which covers Aldeburgh, there were 87 sales in 1995, at an average price of £80,997. In 2015, 95 properties were sold – at an average price of £430,998.
In the postcode area covering Southwold and Walberswick (IP18), values rose from £85,049 to £440,830 – an increase of 418%.
The biggest percentage increase was in the IP10 postcode area, which covers Kirton, Nacton and Levington. In the last two decades, average house prices have increased by 443%.
Parminder Boseley, senior sales negotiator at Flick & Son, an estate agent in Southwold, said: “There is always going to be a demand but we are so low on stock that prices have just risen to silly figures and people are just asking what they like at the moment.
“In places like Southwold and Walberswick, obviously you can’t keep building and building. You have the sea at one end and the sea at another.
“If anything comes to the market and in sensibly placed, it shoots out.
“(Rising house prices) bring in people who then spend their money when they are here, but a lot of it now are second homes.
“This is a quintessential place to which a lot of people want to retire, but first-time buyers would not get in here, in Southwold or Aldeburgh. They need that first step on the ladder, but when houses are built, affordable housing has to be a part of the criteria.”
Ruth Proctor, Aldeburgh Town Clerk, added: “There’s something about Aldeburgh that continues to be a very popular location and many visitors have aspirations to live here in the future.
“It has a unique position on the coast with a thriving high street and a thriving community.”
But Miss Proctor stressed that it was important to get the balance right in the town, adding: “We continue to strive for affordable homes for local people to live here.”
Approximately a third of homes in Aldeburgh are second homes and the issue of providing for people with connections is raised regularly, according to Miss Proctor.
“While we would want to help people to stay within their community, it’s difficult to enforce because it’s about supply and demand and market forces,” she said.
“Our last two council housing schemes have had local criteria applied to them. People must be able to demonstrate a connection to the town. We are trying in that respect to help people but we don’t have that many come up.
“We will do whatever we can and we work closely with Suffolk Coastal District Council to try to achieve that.”
Miss Proctor also said the town’s primary school had more pupils than ever before and that the town has always had second homes, going back to the Victorian period.
She added: “It’s about balance – having a thriving economy and ensuring that opportunities for people who are local to Aldeburgh to live, work and enjoy the surroundings.”
In Norfolk, average house prices rose from £55,059 to £214,244 from 1995 to 2015.
According to the data, the biggest increase was along the north coast in areas including Holkham and Stiffkey.