Ipswich homeowners saw their property values fall 7.1% over the past year, the steepest decline in the East of England. The average house price in June was £218,253, down 0.8% from May.
The big picture: While house prices across the East of England and UK rose slightly in June, Ipswich bucked the trend with a 0.8% monthly decrease.
By the numbers: Data from the UK House Price Index shows:
The average Ipswich house price in June was £218,253
The average sale price has dropped by £17,000 over the past year
£192,000: The average spent by first-time buyers, £15,000 less than a year ago
Zoom in: Property types seeing the biggest falls:
Detached houses: down 1.2% monthly, down 7.8% annually (average £376,112)
Semi-detached: down 0.9% monthly, down 6.5% annually (average £248,590)
Flats: down 0.9% monthly, down 8.8% annually (average £143,461)
Zoom out: Ipswich property prices are now 35.7% below the East of England average of £339,000.
England house prices rose 0.6% from May to June 2024 (non-seasonally adjusted)
This is down from 0.7% growth in the same period last year
Seasonally adjusted prices increased 0.1% month-on-month
These figures show a slight cooling in the England housing market compared to last year, but prices are still rising nationally.
Why it matters: For most homeowners, their home is their biggest asset, and for first-time buyers, house prices dictate affordability. House prices also have a huge influence on our local economy, impacting multiple sectors, and often acting as an indicator of the desirability and demography of an area.
Yes, but: Price drops aren't universally negative. Lower house prices can attract new residents and get people onto the property ladder.
What they're saying: Farida Rouane is an Ipswich-based financial advisor and mortgage advisor at Upside Finance who's been helping Ipswich residents get on the property ladder for more than a decade. She said:
OpinionThis is a great opportunity for buyers in Ipswich.
With the base rate dropping for the first time since March 2020 at the beginning of August, we're seeing lenders reduce their rates.
Some are even offering sub-4% rates now.
This, combined with the recent dip in house prices, could make it an ideal time for first-time buyers or those looking to move up the property ladder in our area.
The bottom line: Ipswich house prices will be cause for concern for some but an opportunity for others.
