We usually associate property hotspots with bustling city communities where both population and development is high, but a sleepy market town in Suffolk proved that this assumption isn’t right all the time in last year’s top 10 new millionaire hotspots list.
If you still don’t know it by now, the list is made up of places where more than 5 houses for sale went for over £1 Million every year.
So which town in Suffolk produced record-breaking property transactions in 2014? It’s Sudbury people!
What’s more attention grabbing in this property news is not just the abundance of million pound property deals in this “sleepy town.” Out of the 10 places mentioned, Sudbury is the only postcode in the list not within the capital or the London commuter belt.
Subdbury ranked 6th overall in the list which included Stoneleigh and Headley in Epsom, and New Cross, Bethnal Green, Harrow, Edgware, Brentford, and Berrylands in Kingston-upon-Thames all locatied in London.
According to international estate agent, Hamptons, house prices in Sudbury jumped 12 per cent in 2014. This rate is 3.3 per cent higher than the 7.8 per cent average price increase across Britain.
So how did a sleepy market town turn into a property hotspot in just a short amount of time?
By now, everybody knows that it would literally cost an arm and a leg to buy a house in London. Property prices in the area posted all-time record bests almost every week due to high demand from foreign investors, first time buyers getting help from their parents, and the natural spike of prices after the recession.
At the moment, an average property in London stands at around £ 500,000. This is why London residents are exploring alternative locations such as the commuter belt, home counties, and even the bottom of Suffolk where they can find a house with the best bang for buck.
Tom Orford, a director from Savills, said in an interview that this spike in Sudbury’s property market is a result of the “Cambridge effect.” According to Orford, as properties in Cambridge become more expensive, people are turning to Suffolk to find houses.
In my opinion, if you are an office worker trying to get a place near the capital, Sudbury is an alright choice, since it’s the market town in Stour Valley and has great commuter links to London.
Caroline Edwards of Carter Jonas in Long Melford added that more buyers from London are choosing properties in West Suffolk not just because they’re cheaper but also for their beautiful architecture and interiors.
Aside from Sudbury, 2 other postcodes outside the M25 area made it to the top 16: Royal Tunbridge Wells and Oundle in East Northamptonshire.