As estate agents in Bury St Edmunds, at April Homes we regularly review house price data on the Rightmove website to ensure we have our finger on the pulse of the local property market.
The most recent review made for interesting reading as, according to Rightmove’s research, in the last 12 months ‘the majority of sales in Bury St Edmunds were terraced properties, selling for an average price of £275,296’. Rightmove goes on to highlight that semi-detached properties sold for an average of £294,070, with detached properties selling for around £408,264 on average.
Overall, the town had an average property price of £297,853, making it cheaper to buy here than to purchase in the neighbouring villages of Great Barton (£444,519), Thurston (£326,013) and Ixworth (£343,766).
This appears logical as, in general, home hunters – and indeed homeowners – will tend to prize a village dwelling over a town-centre property, bringing as it does the likelihood of peace, tranquillity, less traffic, reduced levels of pollution and a slower pace of life. In concluding its notes on the Bury St Edmunds property market, Rightmove states that sale prices in the town during 2017 were 5% higher than in 2016 and, impressively, 14% up on the 2015 level of £261,632.
As an independent estate agent who stays abreast of the town’s property market, Gareth Scourfield-Thomas, founder of April Homes, has watched property prices in Bury St Edmunds continue to rise. ‘I can confirm that we’ve seen a consistent increase in property prices over the last three years,’ says Gareth. ‘The issue on the minds of most people we talk to now, however, is where the market is actually heading. We don’t have a crystal ball and can’t accurately predict the future of course.
‘What I would say, though, is that there are indications that something of a slow-down might be around the corner, especially in London and satellite areas. That said, we still believe that if sellers set a realistic asking price, present their property well and make sure that it is professionally marketed, there is no reason why they can’t achieve the asking price, or an offer very close to it.’
April Homes are independent estate agents in Bury St Edmunds, Newmarket and Cambridge. To find out how much your property may be worth in the current market why not contact us today to book your free, no-obligation market appraisal meeting?