(1888PressRelease)
June 13, 2007 - With rising property prices and a relatively high number of available properties on the market Suffolk remains a popular location for property investment in the UK, continuing to attract buyers looking for lucrative, long-term investment opportunities as well as urban dwellers seeking some country refuge.
As a growing number of Brits decide to put their money into bricks and mortar as opposed to pension schemes, many UK regions are seeing an increase in property investment activity: buyers setting their sights on areas with a good supply of affordable homes that are likely to go up in value in the future. Suffolk exemplifies this type of region, currently undergoing something of a property boom.
The East Anglian Daily Times reports that house prices in Suffolk are edging towards the £200,000 mark, indicative of a buoyant local market and apparently signalling the potential for continued growth in the future.
As such, savvy buyers are looking to Suffolk for properties that are affordable at present but are on track to rise in value in the coming years, making them appealing long-term investment prospects.
Commenting on these developments, Sean Humphrey, chairman of the Suffolk branch of the National Association of Estate Agents, stressed that many individuals are considering property a wiser investment than pensions, with considerable interest in buy-to-let opportunities. Suffolk's proximity to London makes it an appealing location for those looking for a second out-of-town home or new landlords hoping to make steady rental income.
"Suffolk is accessible and it has become increasingly a hotspot for people," Mr Humphries explained to the paper. "As a result the county is much more affluent than it was ten or 20 years ago.
He added that this trend is unsurprising. "As long as we continue to have high employment, more people moving to Suffolk and demand outstrips supply then we will continue to see a rise in prices."
Explaining the appeal of property over pensions, he added: "[Many investors] want something that they can also enjoy at weekends so decide to buy a second property because they can get a rent when they are not there, which in many cases will be greater than a pension fund."
Historically, much of the appeal of the region has been linked to its reputation as a quaint, quiet slice of English culture, an idea supported by the fact that areas such as Babergh and the heritage coast have the highest prices. Though this may be pricing locals and first-time buyers out of the market, experts are confident that strong demand from elsewhere will fuel further growth and ultimately keep Suffolk's property market buoyant.
Meanwhile figures from the Department for Communities and Local Government (DCLG) show that property prices in London, the south-east and south-west are currently above average, forecasted to continue in the these trends for the foreseeable future.
According to the DCLG the average UK property cost almost £210,000 in April.
