There’s plenty to attract people to Suffolk, whether it’s those returning to their roots after moving to London or simply homebuyers looking for value for money.

Why Suffolk?

Suffolk has it all – amazing countryside and coastline, pretty market towns, good transport links to big cities and affordable housing.

It has a good mix of market towns, coastal retreats, larger centres and traditional villages. And when you consider that our Housing Futures report revealed more than a third (35%) of people moving home are considering either a village or market town, it’s no wonder Suffolk is a popular choice.

And you can add to that a number of well-respected schools in both the private and state sectors, good road and rail connections to both London and Cambridge, and a notable more laidback pace of life all of which are compelling reasons to consider making your home in Suffolk.

In East Suffolk, the A12 corridor is the place to be. The road connects Ipswich with East London and passes along a number of desirable places to live. In the West the market town of Bury St Edmunds is becoming ever more popular for commuters heading to Cambridge or further afield.

Current house price trends

While neighbouring counties like Essex and Cambridgeshire, and other commuter counties like Kent all have relatively high house prices, Suffolk is still classed by many estate agents as undervalued.

Suffolk’s average house price at the end of 2016 was just over £231,000, according to Land Registry data, while Essex was £297,000, Cambridgeshire £277,000, and Kent £276,000. This is compared to the average national house price that now stands at £306,000. The most popular homes were detached properties, selling for an average of £354,458, according to Rightmove. Terraced properties averaged £189,355 and semis £219,469.

Suffolk has seen steady price growth over the last two years with a 7% increase during 2015 and a reported 10.5% increase across the whole county in 2016. The forecast over the next 5 year period (not only Suffolk but the eastern region as a whole) remains positive with prices set to strengthen, with anticipated growth of a further 20-22%. This is due to buyers recognizing the relative value for money that the eastern region undoubtedly offers compared to London and the Home Counties.

It is important to note that as the market has recovered there is now undoubtedly a two tier market in operation. This has led to urban areas/market towns benefitting from stronger price growth, in comparison to rural and village locations. The appeal of the substantial country home has softened in recent years due to the cost of maintenance and at times a lack of local amenities within striking distance.

Transaction levels in Suffolk (for all price categories) increased for four consecutive years between 2012 - 2015. However 2016 saw an 11.6% reduction, in real terms 1664 less properties traded.

The upper end of the Suffolk property market (£1m threshold and above) saw a very different picture, with a second year of increased transaction levels despite the SDLT Reform dating back to December 2014. 2015 saw a 13.2% increase in sales above £1m threshold and this was followed by a further 6.4% rise in 2016. However it is important to recognise that this is still a relatively low number of transactions - in real terms 47 properties traded across the county in 2016.

The most popular homes were detached, semi-detached and terraced homes. Flats made up less than 10% of all sales. And new homes only made up 4% of all sales in 2016, down from 7.8% in 2015.

East Suffolk has shown the biggest price growth recently, breaking the £250,000 average for the first time. The Suffolk Coastal district reached £261,177 by April 2016 – up 10.6% on the previous year. Much of this was due to the rush to buy second homes before the stamp duty changes came into force in April 2016.

Where to buy…

We list the most desirable, best buys and simply most attractive places to buy…

• Bury St Edmunds. This historic and attractive market town is fast becoming a desirable place to live for those priced out of the Cambridge housing market. It’s got plenty of history, great amenities and culture, and affordable housing. With homes averaging £271,481, it’s considerably cheaper than living in nearby Cambridge (£472,590). The town is notable for a striking combination of medieval architecture, elegant Georgian squares and the historic Cathedral and Abbey Gardens. Bury St Edmunds is under two hours from London and very convenient for Cambridge.
• Framlingham. Located in the middle of beautiful Suffolk countryside, it’s got regular markets, great schools and plenty of history. It’s no surprise Framlingham was named as one of the top places to live by The Sunday Times and Country Life magazine, and has attracted celebrities like Bourne director Paul Greengrass as well as being the long time home of Ed Sheeran.
• Woodbridge: The A12 corridor between Framlingham and Woodbridge is full of pretty villages but Woodbridge offers the best amenities with great restaurants and a good train connection to London. You can also easily access the beautiful Suffolk Heritage Coastline.
• Thorpeness/Aldeburgh: For those who like to be beside the seaside, these two charming towns on the Suffolk coast are a must. Thorpeness is full of interesting buildings, such as Mock Tudor homes. Aldeburgh has a number of historical buildings, amazing seafood and long, pebbled beaches. Both towns feature notable golf courses.
• Orford: The River Alde separates this popular town for second homeowners from the coast. It is small but full of charm and is known locally as a bit of a foodie paradise thanks to its many smokeries, which smoke everything from cheese and fish to oysters. There is also the mouth-watering ‘Pump Street Bakery’ to be discovered.
• The Bealings: Both Little and Great Bealings are small villages in unspoilt countryside. They benefit from great local schools, historic pubs and excellent walks along the nearby Rivers Fynn and Lark.
• Southwold. More expensive than some of its neighbours, this coastal town has plenty of nature and amenities. As it is almost surrounded by water, development has been limited meaning it retains its original charm but housing is in short supply, hence the high prices.
• Walberswick. At the mouth of the Blythe sits the most expensive area in the region with prices averaging a massive £625,461. While the prices might suggest otherwise, it’s still seen as a hidden gem, especially when compared to its neighbour Southwold, with miles of coast line and plenty to do.
• Long Melford. Without a doubt one of the most desirable villages in the country. It’s full of personality and independent shops and restaurants down its long high street (the longest village high street in the UK).
• Hartest. A less well-known village, Hartest is located 20 minutes south of Bury St Edmunds. It’s one of the oldest villages around, dating back to 1086. The village green is surrounded by its recognisably brightly coloured cottages.
• Brandon. While less picturesque than other Suffolk towns, Brandon is the place to buy if you want a bargain. It’s one of the cheapest towns in the region (£161,778), yet is only 30mins drive from Bury St Edmunds and has its own station with direct links to Cambridge. Add to that the nearby Thetford Forest Park and it’s a wonder prices are so affordable.

What can we expect in 2017?

The crucial balance between supply and demand has yet to move back into the buyers favour. The market in 2017 is set to continue as a seller’s market with agents reporting a real shortage of new properties for sale. This can result in the ‘The Best in Class’ properties in all price categories often attracting multiple bidders leading to record sales figures being achieved.

However it is important to note that mortgage availability for the sub £500,000 market has also been reduced with new rules on lending. As much of the homes in the Eastern Region and Suffolk fall into this category, this means there may be fewer buyers in this price range.

Suffolk still remains undervalued for what it offers. The upper end of the market where properties trade above the £1m threshold is as good as it has ever been. People moving out from London and relocating from Cambridge, continue to be surprised with the size of property and gardens that they can purchase : you can buy a 30s classic Arts and Crafts property with 33 acres and 3 receptions rooms for the price of a 1-bed flat in Chelsea (both £1.4m).

This means prices should continue to steadily rise over the coming years, so Suffolk will remain a great place to buy whether you’re planning on moving to the region, buying a second home or just looking for an investment property.

Interested in seeing what you can get within your budget in Suffolk? Then check out our latest offerings here.