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Diss house prices hit the headlines

13th February 2019

Mark Mugliston from our Diss branch looks at some interesting reading from new house price surveys.

Diss experienced one of the largest house price increases of any town in the country during 2018, according to figures complied by the property portal, Zoopla.

Their research crunches the average values per postcode area compared to the same periods in 2017 and their findings show a gain of almost 8% in Diss, making it the third largest increase for a town in the UK.  This is in comparison to a much more lukewarm increase of just 1% overall across the country.

On Zoopla’s estimate, it makes the current average house in Diss worth £311,486.  Sounds nice!  However, before you crack open the champagne not everyone agrees that things are quite that healthy. 

Rightmove calculates that the average house price in the IP22 postcode actually dropped from £315,763 to £304,850 during 2018, that’s a fall of 3.5%.  I’ve also looked at the Land Registry data on the YouGov UK Price Index site and they calculate that, year on year, Suffolk property values have increased by 2.1% and Norfolk by 4%.

So who is right? Clearly the stats are all from slightly different sources – the YouGov numbers are based on actual sold house prices at the Land Registry so they are likely to be the most accurate and tend to be the ones that the industry and wider media look to for trends.

Whilst I was researching this I looked at some of the other data provided and some interesting stats jumped out at me.

Across the Eastern Region, the number of people buying a new home has literally halved in the last year, but new build prices have risen by 8.5%.  If developers are overpricing their properties, is that why demand for their homes has fallen?

The numbers of first time buyers has, broadly, remained stable – we want that to increase if the housing market generally is to get more lively.

Another interesting stat is that 88% of all houses sold achieved less than their original asking price.  That’s an increase on the previous year and could reflect agents and vendors being more realistic and how they feel about testing the market.

I’m certainly of the view that if we price a property accurately, almost conservatively, we immediately get more interest and as a result find it easier to get close to that asking price. It will also probably be a better price than if we had tested it higher but had taken longer to find a buyer.

Whatever the numbers, the good news is that Diss is being publicised as a popular place to live and that should drive demand for property in the area.  That’s got to be a good thing for all of us - agents and residents alike.

Looking across the UK, the total value of Britain’s homes has grown by an estimated £83 billion across 2018 to reach £8.29 trillion, adding around £2,860 to the average price of a home.

The general uplift has happened despite uncertainty over Brexit and stretched affordability when comparing house prices with incomes - although some parts of Britain have seen values fall.

Here are those top ten towns for the biggest property price growth in 2018 with the current average value and the percentage increase, according to Zoopla:

1. Ryde, Isle Of Wight, £242,016, up 10.24pc

2. Smethwick, West Midlands, £163,627, up 9.67pc

3. Diss, Norfolk, £311,486, up 7.89pc

4. Broadstairs, Kent, £333,212, up 7.63pc

5. Pontypool, Torfaen, £162,319, up 7.52pc

6. Crook, County Durham, £120,792, up 7.13pc

7. Torquay, Devon, £244,414, up 7.05pc

8. Driffield, East Riding of Yorkshire, £209,406, up 6.93pc

9. Brighouse, West Yorkshire, £180,739, up 6.75pc

10. Motherwell, North Lanarkshire, £146,307, up 6.74pc