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.
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