What are the average house prices in East Anglia?

Whether going for coast, countryside or somewhere in between, East Anglia is a fantastic place to live, with the opportunity to lay down roots and grow in your personal or professional life one of the main reasons why an increasing number of people want to call the region home.

When it comes to the things to do before starting your property search however, getting to know your search area inside out is vital. That’s why we’ve decided to shine the spotlight on the house prices to expect in East Anglia.

Why delving deeper into house prices is important

As well as getting to know your search area and its potential as a great, safe and enjoyable place to live, you need to be realistic about how much it could cost to buy a property there.

By understanding the latest property prices, you’ll go into the property buying process with your eyes wide open. You’ll also have a clearer idea of how much deposit is enough so you can forge ahead with saving for your dream property.

The property prices to expect in the East of England

With the base rate hikes, it’s safe to say that the property market isn’t in the best shape. People are still however buying and selling property, with the average prices for property in the East of England continuing to rise despite economic difficulties.

Here plumplot explains more about the latest property prices in the East of England and how they compare to the wider market:

“The average property price in the East of England region is £398k, the median price is £335k. The average price increased by £22.4k (6%) over the last twelve months. The price of an established property is £397k. The price of a newly built property is £426k. There were 68.1k property sales and sales dropped by 25.1% (-25.4k transactions). Most properties were sold in the £300k-£400k price range…”

What about house prices in East Anglia?

Further research found that the average property prices in East Anglia were significantly higher than those seen in the wider region. Rightmove recently reported that properties in East Anglia had an overall average price of £537,206 during the past 12 months.

The cities, towns and villages of East Anglia are always featured on the lists of best places to live in the UK, with Bury St Edmunds taking the top spot as the best place to live in the East of England.

Despite property prices in East Anglia being higher than UK house prices, there are several places to live that are more affordable than the region’s average. Wisbech in Cambridgeshire was recently revealed as the second cheapest place to live in the East of England for instance.

Looking to buy a property in East Anglia?

Whatever your house buying budget, obtaining independent mortgage advice is recommended. For those looking to purchase property in East Anglia, our local mortgage advisors are here to support you. Contact us today to speak to our experts.