Since the summer of 2020 Ipswich has seen a 7% increase in house values across the area. This increase in value reflects a higher demand for houses for sale in Ipswich, with an average price of £197,722 giving 0.8% annual growth. While this also reflects a 10% increase in the average value of houses across Suffolk in general, Ipswich in particular is seeing a lot of this growth. So what factors are driving this demand and how is the housing market changing in response to it? To answer that we need to have a closer look at recent changes to the housing sector in Ipswich.
Population Growth in Ipswich
While officially still a town, Ipswich is known as one of the 20 fastest growing cities in the UK. At this time Ipswich has a population of around 137,000. This is predicted to increase by over 10,000 in the coming decade. Ipswich has a strong economy that combines traditional industries like textiles and agriculture with newer additions like light manufacturing, finance, construction and transport. Ipswich’s Port of Felixstowe is one of the most active shipping ports in Europe and the busiest in the UK. At the same time Adastral Park features over 100 companies involved in the growing tech industry. All these factors contribute to a local economy worth £4,900m GVA with an economic growth of 1.6% each year and a jobs growth of 0.8% each year.
There are several other factors contributing to Ipswich’s popularity and the rise in value of houses for sale in Ipswich. Rail links well service the town with trains running between London, Norwich, Cambridge and beyond. It takes only an hour to reach London, making commuting a much less daunting prospect. Ipswich is also popular for its history, culture and proximity to the Suffolk countryside and coast. It has also benefited greatly from regeneration projects over the years such as the extensive Ipswich Waterfront. These factors have helped to make Ipswich one of the most sought after locations to move to in the UK.
Increasing Housing Value in Ipswich
While the value of houses for sale in Ipswich is growing, they are still well below the England national average. Many areas around Suffolk will have house prices around £250,000 and £280,000 in value. The average price for a house in Ipswich is currently £197,722, and some properties can be found for as low as £50,000. These prices, combined with the factors mentioned above, make Ipswich an extremely attractive location for property investors. The value of property in Ipswich is growing at an annual rate of 0.8%, and as more people purchase property the rate of residential price growth is expected to reach double digits within five years.
How Marks & Mann Can Help
If you are looking at investing in houses for sale in Ipswich, then we at Marks & Mann Estate Agents will help you find what you need. For more information contact our Ipswich office online or via phone.