REGIONAL PROPERTY MARKET UPDATE WINTER 2021: ESSEX, NORFOLK AND SUFFOLK
Sales Remain Brisk As Demand Continues
The market is busier than in any year since 2007. In the first nine months of 2021, HMRC estimate that more than 1.2 million homes changed hands, 47% higher than the long-term UK average (2010–2019) and just 50,000 fewer than the same period in 2007. On average, there is now only 2.2 months’ worth of stock available in the UK, compared to four months’ stock in 2019 (TwentyCi).
Six areas in Essex, Norfolk and Suffolk have seen more than one in every 20 homes change hands over the past year. The average annual rate of housing stock turnover in the area as a whole is 4.6%.
On The Up
The average price of a property has increased significantly during the past year, a number of localities experiencing double-digit annual price growth. Agents anticipate price growth will moderate over the coming months to more sustainable levels, with predicted growth of 2.5% in the Eastern area during 2022 (Zoopla). According to Dataloft, the annual increase in the average property price in the region is £28,400.
Keeping Warm
COP26 focused attention on the environment and energy efficiency. An Energy Performance Certificate (EPC) is needed whenever a property is built, sold, or rented. While 90% of new build properties achieve the highest A or B rating, just 1 in 14 resale properties currently reach that grade, although 60% could with improvements. Upgrading could prove lucrative; resale properties rated A/B currently attract a 13% price premium (based on £psf), compared to those properties with the average D rating1.
Properties For Sale In The Essex, Norfolk And Suffolk Regions Of The UK
North Walsham, Norfolk, 4 Bedrooms
Dating from the late 17th century, this most attractive Grade II Listed house is full of charm, character and period features, together with the comforts of modern day living to include central heating provided by an oil fired boiler and double glazed windows in timber frames.
Latchingdon, Essex, 5 Bedrooms
Set on close to 2 acres of grounds and enjoying wonderful open farmland/countryside views, this home provides a perfect oasis of peace and tranquillity that delivers an overwhelming experience of open space and natural light. This four-double-bedroom detached family property offers well-proportioned rooms, including a master en suite, three more double bedrooms, a fantastic high specification, kitchen-breakfast room and a superb, open-plan day room extension, with underfloor heating.
Great Leighs, Essex, 3 Bedrooms
Set on a generous plot, this three-double-bedroom semi-detached Grade II thatched cottage benefits from a dual-aspect lounge and a kitchen-breakfast room with a utility area, all featuring original character features throughout. Offering a garage with driveway parking for three-to-four vehicles and set in a delightful semi-rural location, this property provides the best of both worlds.