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Ipswich house prices drop 7.1% in a year, the biggest fall in East of England

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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:

Opinion

This 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.

Ed Sheeran surprised more than 200 Ipswich students with an impromptu performance at The Baths

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Check out upcoming BTC events across their three brilliant venues

St Stephens Church, The Baths and The Smokehouse in Ipswich

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500 mobile phones donated to support domestic abuse victims in East Anglia

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Virgin Media O2 Business has donated over 500 mobile phones to help survivors of domestic abuse and sexual assault across East Anglia, including Suffolk.

Why it matters: The donated devices will enable vulnerable people to contact support services, emergency services and family members when their own phones have been broken or confiscated by perpetrators.

The phones will be distributed to Leeway, Catch-22, and Mountain Healthcare support services across five counties – Bedfordshire, Cambridgeshire, Hertfordshire, Norfolk and Suffolk.

Some devices will come with free SIM cards and mobile data from the National Databank, which was founded by Virgin Media O2 and the digital inclusion charity Good Things Foundation. The National Databank is described as "like a food bank but for free data, texts and calls, helping to connect people in need."

Leeway

Leeway provides support to adults and young people looking to break free from domestic abuse in Suffolk and Norfolk.

The background: The donation comes as part of Virgin Media O2 Business's social value commitment through a recent police contract with 7F Commercial Services.

7F Commercial Services uses collaborative buying power for seven police forces in the eastern region, including Bedfordshire, Cambridgeshire, Hertfordshire, Norfolk, Suffolk, Essex, and Kent, to obtain better value for money from their contracts.

What they're saying: Suffolk's Police and Crime Commissioner, Tim Passmore, said: "Supporting victims is a key responsibility for me as Police and Crime Commissioner. We commission many services to support victims to help them cope with the immediate impact of crime, and, as far as possible, recover from the effects.

Tim Passmore, Police & Crime Commissioner for Suffolk
PCC

"I absolutely support this 'social benefits' approach. Funding is always tight and anything we can do to work with the commercial sector to access additional funding to support this work gets my full support.

"I know from speaking to victims just how devastating it is to be denied something as basic as the ability to talk to family and friends. I hope these phones provide a useful lifeline for victims of domestic abuse and sexual assault to feel more secure and less isolated."

Charlotte Hails, Head of Public Sector Vertical Strategy at Virgin Media O2 Business, said: "As a former senior police officer who specialised in Safeguarding and Public Protection, I know first-hand that mobile phones and connectivity are critical to ensuring victims and survivors are not isolated and can receive support.

"By partnering with local organisations in East Anglia, Virgin Media O2 Business is helping ensure victims and survivors receive the smartphones and data they need. This builds on our commitment to support police forces and communities across the UK to improve public safety and reduce crime."

The bottom line: The initiative aims to reduce isolation among victims of domestic abuse and sexual assault by providing them with secure means of communication through donated mobile devices.

Ed Sheeran surprised more than 200 Ipswich students with an impromptu performance at The Baths

Browse upcoming gigs

Check out upcoming BTC events across their three brilliant venues

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