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Record Highs In Housing Market

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Sun 15 May 2022

Record Highs In Housing Market

While it is clear there is significant demand for property right now, when you look at the figures, you might be shocked at how large the demand is.

At Coakley & Theaker, we know the Bury St Edmunds housing market well. We also stay in touch with what is happening nationally.

If you want to make an informed decision in the property market, we are here to assist you, so get in touch.

House prices are rising rapidly

According to the Halifax, house prices reached a record high in February 2022, standing at £278,123. Property prices were also recognised as increasing at their fastest annual pace of growth in 15 years.

The rate of house price growth as of February 2022 stood at 10.8%, the strongest level since June 2007, when it stood at 11.9%.

Russell Galley, Managing Director, Halifax, spoke extensively on this subject, saying: “The UK housing market shrugged off a slightly slower start to the year with average property prices rising by another 0.5% in February, or £1,478 in cash terms. This was an eighth successive month of house price growth, as the resilience which has typified the market throughout the pandemic shows little sign of easing. Year-on-year prices grew by 10.8%, the fastest pace of annual growth since June 2007, pushing the average house price up to another record high of £278,123. Two years on from the start of the pandemic, average property values have now risen by £38,709 (+16%) since February 2020. Over the last 12 months alone, house prices have gained on average £27,215. This is the biggest one-year cash rise recorded in over 39 years of index history.”

Russell Galley also said; “Lack of supply continues to underpin rising house prices, with recent industry surveys showing a dearth of new properties being listed, now a long-term trend. This may be a particular issue at the larger end of the property market. Over the past year, the average price of detached properties (£43,251, +11%) has risen at a rate more than four times that of flats (£10,462, +7%) in cash terms.”

How are house prices faring in Bury St Edmunds?

According to Rightmove, the property market in Bury St Edmunds can be viewed as follows;

Properties in Bury St. Edmunds had an overall average price of £328,175 over the last year.

The majority of sales in Bury St. Edmunds during the last year were terraced properties, selling for an average price of £280,380. Detached properties sold for an average of £489,116, with semi-detached properties fetching £303,696.

Overall, sold prices in Bury St. Edmunds over the last year were 3% up on the previous year and 2% up on the 2018 peak of £321,938.”

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.