Suffolk: BREXIT-resistant

Following the Referendum I expected to see a negative reaction in our local property market but, thankfully, I was wrong. This can’t be said for all areas across the UK but Suffolk has, fortunately, proved Brexit-resistant.

Sixty percent of Suffolk’s electorate voted to leave Europe and Brexit has made us take stock. We face a different kind of future and times are changing but we are optimistic about the property market for the year ahead.

In July I tweeted about our all-time record selling month including sales agreed, exchanges and completions; the Autumn market looks very promising too. 

Interestingly, in the past four weeks, a few Australian buyers have registered with us in their search for property. One such couple explained to me that the exchange rate was fuelling their decision to buy now and they had chosen Suffolk specifically for the vibrancy and friendliness of our well-served villages. 

They appreciate the rusticity of our countryside and coastal regions and also the general lack of one-upmanship - they like our relaxed vibe. They had carried out due diligence on where best to buy in the UK which had led them to fall for Suffolk’s rosy glow and its comparative good value for money.

Lavenham and Long Melford have been top of their search list which brings me on to the changing face of our high streets in our market towns and larger villages. Walk along either of these high streets now and you get a sense of new, sophisticated café societies emerging.  Suffolk has grown up and this changing face is one of the most obvious indicators as consumer trends change. The growing café and gallery culture combines with stylish boutiques stocking high-end, trendy brands.

Coastal regions like Aldeburgh and Southwold are akin to Chelsea-on-Sea these days but, in my mind, the town that stands out for the most significant transformation in recent years has to be Hadleigh. 

Few high streets offer as much as Hadleigh’s does. A new and excellent selection of shops, boutiques, restaurants & pubs, everyday amenities, doctors’ surgery, schools, sports facilities and clubs and all within walking distance of the other.

The town has a beautiful selection of colourful houses and is surrounded by stunning countryside with riverside walks. It hosts the annual, agricultural Hadleigh Show and also benefits from good access for both Manningtree and Colchester stations; add to this, the success of industries on its outskirts such as Celotex and Jim Lawrence. 

Hadleigh is a perfect Suffolk example of how country living, commerce, agriculture and tourism can co-exist in a comfortable and natural way.

Maybe this charming self-sufficiency is another reason why Suffolk is, so far, proving to be Brexit-resistant.

Caroline Edwards
Partner
Residential Sales, Long Melford
T: 01787 888622
E: caroline.edwards@carterjonas.co.uk

Super Suffolk – in a class of its own

Every year Carter Jonas takes part in the Hadleigh Show; we run the “Guess the Weight of the Bullock” competition with the bullock always provided by the lovely farmer, Bob Mannings - it’s a great fun event and good to see so many people taking part, with the farmers and their children taking their guesses more seriously then most!  We love the day and I believe the show encapsulates Suffolk at its best with such a mix of people, animals and events all blending perfectly in the melting pot.

This is one of the earlier country shows of the year in our region and held at, what I believe to be, the most beautiful time of year.  I think it’s hard to beat Suffolk in May and June.

A question I am frequently asked by national journalists, as well as by those in the early stages of considering a move here, is “Why Suffolk?”. It’s easy to know where to start, and difficult to know where to stop, but here goes:

Suffolk is the secret jewel of East Anglia.  It’s the seventh biggest county in England sandwiched between Essex, Norfolk and Cambridgeshire while stretching out to 45 miles of National Heritage Coastline.  Our rivers are muddy and rugged and utterly charming as they flow down to our colourful coastal towns and villages.  The rich farmland and gently rolling countryside is not infrequently described as voluptuous and a journalist, who once described Suffolk as having “roses in her cheeks” got it pretty bang-on I’d say!

It’s no surprise that artists, actors and the media are drawn in by the bucolic scenery, rural tranquility, laid-back lifestyle and discreetness of Secret Suffolk.  Just to name a few: Griff Rhys-Jones, Clive Owen, Bill Nighy, Ralph & Joseph Fiennes, Twiggy, Judi Dench, Nick Robinson, Anthony Horowitz, Stephen Fry, Ed Sheeran and Claudia Schiffer. The vibrancy of our arts and entertainment can also be enjoyed in highly popular venues such as Snape Maltings and at the Aldeburgh Festival.

What more?  We have excellent private and state education; we’re one of the safest and greenest counties in the UK; no motorway crosses our county; Stansted Airport is conveniently close without the noise impact; sell-out musical festival of Latitude; about 20 golf courses; brilliant sailing; horse racing at Newmarket; superb farm shops; food and drink festivals; excellent restaurants and pubs; picture book villages and stunning historic towns.

Our architecture varies from the traditional medieval timber framed houses, to brick and flint Victorian houses, to thatched cottages, to the rarer Georgian gems as well as stunning and daring contemporary designs.  The village of Lavenham has at least 340 listed buildings and Nikolaus Pevsner had two architectural volumes dedicated entirely to our county.

Suffolk has been voted for its best quality of life of any rural area in Great Britain; for its longest life expectancy and we’re the driest county with two more hours of sunshine each week than the national average.

It’s not just about community and culture though - we’re highly commutable too, especially along the Essex/Suffolk borders.  Manningtree Station was nominated as one of the most popular and friendliest commuter stations in the UK last year.

The prosperity of Cambridge ripples out to us and we have the lowest house prices within a 60 mile radius of London. Londoners often start off with a second home in our region, spend more time here, are seduced and change to a London bolthole instead.  We’re quite an addictive cocktail!

Caroline Edwards
Partner
Residential Sales, Long Melford
T: 01787 888622
E: caroline.edwards@carterjonas.co.uk

Pulse & plus points of the early 2015 market

Once again, early year market activity has not disappointed. This is the fifth January in-a-row where the residential sales market has hit the ground running as soon as we returned to our desks.

To recap, 2014 was a year of two halves.The first six months saw strong activity right across price ranges – quite frankly, the starting gates flew open. But just as we were about to loosen the reins and push on into a full gallop, the Bank of England halted the momentum with its cautionary suggestion of an earlier increase in interest rates than predicted. Greater mortgage regulation helped slow the pace even more.

A long-term comfort to our market, however, is that Mark Carney so clearly adapts to market reactions. Latest predictions now expect the ‘new normal’ level for rates to sit at around 2-3% and, also, that the incremental increases may not start until Q4 2015 but, in all likelihood, in 2016. With low inflation, the crude oil price meltdown and weak wage growth, it looks like 0.5% may be banked upon for this present year.

The 2014 Autumn Statement announcement of stamp duty reforms was a surprise but it’s proving a good thing for the greater bulk of the market in that house purchases less than £937,500 will now face lower stamp duty charges. Above this threshold, the market is already beginning to absorb the changes and the higher cost of moving is now being consistently raised in our sales negotiations between purchasers and vendors.

The Christmas holidays are always an important decision-making time for both buyers and sellers. And, such is the pace of modern consumer demand, people seek immediacy as soon as the decision has been made to move. Hence we now advise vendors to launch to market as early as possible in the new year to, quite frankly, embrace and satisfy the “I want it now” mentality.

Marketing in the first three months of 2015 is more important than ever this year with the General Election bearing down on us on 7 May, as we anticipate a nervous pre-election lull in April. The mansion tax, or variations of it, favoured by both the Labour Party and Liberal Democrats is already having an unsettling impact on the prime markets both in and outside London. Should I put my money on it, I cannot visualise these pre-election manifesto proposals becoming post-election policies but who’s to say?...

So, the year has started with strong apres-Christmas pent-up demand, a renewed confidence in interest rates staying at 0.5% and continuing confidence in property as a non-volatile asset (unlike the recent performances of the stock market, currencies and commodities, not to mention oil). Average UK house prices are anticipated to rise by 3.5% in 2015 with ‘steady-as-she-goes’ growth over the next 5 years – some suggesting by 18%.

With the coalition government ‘consciously uncoupling’ itself into distinct blue and yellow rosette stances when it comes to views on housing market intervention, it is unlikely that the Spring Budget will see any significant policy initiatives which will have a direct impact on the housing market, such as Help to Buy or further SDLT reforms.

The only certainty about the General Election when it comes to the housing market is the date itself. So if you’re in the market for a move, we’re saying best make it now.

Caroline Edwards
Partner
Residential Sales, Long Melford
T: 01787 888622
E: caroline.edwards@carterjonas.co.uk