Regional Property Market Update Spring 2021: Essex, Norfolk and Suffolk (East of England)

At 4.8%, average annual price growth in the East of England is lower than the UK average. However, growth is currently stronger than at any point since January 2018 and considerably higher than the 1.5% fall recorded this time a year ago. Price growth across five areas currently exceeds 7.5%. Rightmove report average asking prices fell by just 0.1% month on month across the region in January, with properties selling more quickly than a year ago.

Annual price growth has strengthened across the UK in recent months

Most active housing markets across the region

At £302,624 the average price of a property in the East of England is £13,700 more expensive than a year ago and activity across the market is robust. On average 3.6% of private properties are sold each year, with turnover in three areas 4% or more. Over 14,400 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.

First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.

Properties for sale in the Essex, Norfolk and Suffolk region

Sudbury, Suffolk, 2 bedrooms

Burleigh Cottage is a Grade II Listed, two-bedroom cottage, believed to date from around 1653, boasting exposed beams, oil-fired central heading and a working open fireplace. To the front is a good-sized garden and unrestricted on-street parking, and to the rear there is a large, enclosed courtyard garden.

Saffron Walden, Essex, 5 bedrooms

This attractive family home occupies a good-sized corner plot with well-maintained gardens, a generous driveway and a detached double garage. The property has been well maintained and offers superb, flexible living accommodation with an open-plan kitchen and breakfast room overlooking the gardens, a separate boot room, four reception rooms and five generous bedrooms, including a large master bedroom with dressing area and en-suite bathroom.

Watton, Norfolk, 3 bedrooms

This individual 1950’s character home has been given a new lease of life following recent, extensive renovation and refurbishment. A newly-fitted kitchen and dining room benefits from a fitted ‘Range’ style cooker, other appliances, a walk-in pantry and French doors to the garden. There is also a separate lounge, three bedrooms, a bathroom and pretty gardens.

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