Lowestoft bucks the trend with top 10 figures for rise in house sales
PUBLISHED: 11:51 23 June 2017 | UPDATED: 11:51 23 June 2017
Lowestoft has been named among the top 10 towns in England and Wales bucking the for trend with a rise in house sales.
The town had a 10pc year-on-year increase in sales in 2016, according to research from Lloyds Bank.
The Land Registry figures put the town in joint seventh place, sharing the position with Thornton Cleveleys and Burnley, both in the north West.
Paul Hubbard, owner of Paul Hubbard Estate Agents, London Road South, Lowestoft, said they had noticed a rise.
“More people are getting to know about Lowestoft. It’s a great place to live,” he said.
“The proximity of the town with London and Essex has helped but it has been an underrated location for quite a while.
“Interest rates being so low across the country has helped first-time buyers get on the market, in a place like Lowestoft they can buy a house for £100,00 and get on the property ladder.”
The increase in sales comes at a time when the majority of towns - 82pc - included in the research saw sales fall between the same period.
Danny Steel, chairman of Lowestoft Vision and managing director of Steel and Co Commercial Property Services, said he was “not surprised” by Lowestoft’s house sales.
He said: “In this part of the UK you get good value for money. Investors are coming in and buying properties and getting a better yield than had they invested in London. Here they will get a yield of 6pc instead of 2pc in London.”
Mr Steel added: “House sales within the town help fund the local economy so obviously it’s a good thing.
“There is a feeling of optimism surrounding Lowestoft at the moment, a sense that things are looking up. We have a lot of projects in the area like the off-shore wind-farming that help.
“Prices are set to rise with other parts of the country so any first-time buyers should get in there now.”
Wisbech was the only other town in East Anglia to feature among the top 10, with the market town seeing a 11pc rise.
The figures were headed by Retford in the East Midlands, which saw a 15pc rise.