Recent research from Yopa has revealed that homebuyer affordability has improved for the second consecutive year, providing valuable insights for homeowners in Bury St Edmunds considering selling their properties.
Yopa's Housing Market Affordability Review examined the income-to-house price ratio over the past decade, uncovering several key findings:
● The current average UK house price (£268,087) sits at 8.5 times the average gross UK earnings (£31,602)
● While this ratio is higher than a decade ago (when it was 8 times income), it has actually decreased over the last two years
● The affordability ratio peaked at 9.5 times income in 2022, but has since fallen to 8.7 in 2023 and 8.5 in 2024
● Only two years in the past decade (2014 and 2015) saw better affordability ratios than today
This improving affordability has been driven by two factors: an underperforming property market and stronger earnings growth. In 2023, house prices fell by 2.7% while wages climbed by 6.3%. Similarly, in 2024, earnings growth (7.1%) outpaced house price increases (4.6%).
This shift represents a rebalancing of the market rather than a downturn. As Verona Frankish, CEO of Yopa, explains: "The good news is that over the last two years, this balance has swung back in favour of homebuyers, with consistently strong earnings growth and a subdued property market helping to re-level the playing field."
For sellers in Bury St Edmunds, this means:
● More serious buyers: Improved affordability means more potential buyers can realistically enter the market
● Faster decisions: Buyers who feel more financially comfortable tend to make decisions with greater confidence
● Stable viewings: Rather than a market slowdown, you're likely to see more qualified viewers who can actually proceed
With buyers gaining slightly more leverage, strategic pricing becomes increasingly important:
● Properties priced in line with current local market conditions are still selling efficiently
● Overpriced properties face longer marketing periods and eventual reductions
● Competitive pricing can attract multiple interested parties even in a more balanced market
While the national picture provides useful context, Bury St Edmunds has its own market dynamics:
● The town continues to attract buyers from London and Cambridge seeking better value
● Our historic centre, excellent schools, and quality amenities maintain strong appeal
● Different property types and neighbourhoods may experience varying levels of demand
National trends provide useful context, but local market conditions in Bury St Edmunds may differ:
● Arrange a current market appraisal focused on your specific location and property type
● Discuss recent comparable sales in your immediate area
● Consider how your property's unique features might influence its marketability
As affordability improves and buyers gain more options:
● First impressions become increasingly important
● Consider addressing minor repairs and improvements before marketing
● Professional photography and well-presented particulars help your property stand out
The market rebalancing means:
● The frenzied multiple offers and significant over-asking bids of recent years are less common
● Well-priced properties still sell efficiently, but with more normal negotiation processes
● Being prepared for more thorough surveys and buyer due diligence
At Coakley & Theaker, we’re more than just estate agents, we’re your local property partners. With a wealth of experience and a passion for helping people find their ideal homes, we’re committed to delivering exceptional service every step of the way.
If you’re considering a move to Bury St Edmunds in 2025 or want expert advice on the local property market, contact us today. Call 01284 769691, or get in touch via our social media profiles to discuss your options.
Bury St Edmunds, Suffolk 01284 769691 or 01359 256821 or 01449 737706 or 07803 138123
Email: [email protected] or [email protected]
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