Sudbury has been branded a property hotspot after average house prices rocketed by 13.1 per cent last year, according to online property website Rightmove.
The market town was ranked number one on a list of areas with the highest growth in property prices outside London.
It’s a thriving market town with picturesque countryside
According to the research, the average asking price in Sudbury in 2017 was £265,291, which equated to a 13.1 per cent rise on the 2016 figure of £234, 569. Nationally, house prices increased by an average of 1.2 per cent.
Sudbury’s rise still fell below the national average housing price of £302,865.
Dan Gurney, area manager for William H Brown estate agents in Sudbury, told Rightmove: “Sudbury ticks all the boxes in terms of location, standard of living, mix of attractive properties and wealth of amenities.
“It’s a thriving market town with picturesque countryside on its doorstep, so, with all this combined, it’s no surprise that it tops the table for price growth,” said Mr Gurney.
“Sudbury is a property hotspot for those buyers attracted to its close proximity to Cambridge and range of Georgian and Victorian properties, plus we’ve seen a wave of buyers from London – it has certainly benefitted from a ripple-out effect where buyers look for more for their money away from climbing city house prices.”
John McMillan, president of Sudbury Chamber of Commerce, expressed mixed thoughts on the findings.
“It’s probably not great news and indicates we have a housing shortage here,” he said.
“On one hand, it’s encouraging, but it means first-time buyers are going to find it hard.
“But it shows great confidence in Sudbury. We have a good mixture of property.”
“Realistically, part of the situation is that we are running rather slowly on building new property.”
Mr McMillan added that there appeared to be a quick turnover of property on the former Guilford Europe factory site, which had been redeveloped, in Great Cornard.
“There’s a lot of building and I know they have been snapped up rather quickly,” he said.
Graham Buxton, partner at Fenn Wright estate agents in Sudbury, said: “What we have noticed is the double ripple effect – people move from London to Chelmsford and Colchester and, when they have settled into that life style and community, they move again and come to Sudbury.
“Sudbury is a fantastic market town. It has great amenities and still offers good value for money.”