Suffolk's house price growth outpaced by rest of country but East of England remains one of most expensive places to buy property
House prices in and around Suffolk are not increasing at the same pace as in the rest of the country as the property market booms - but the East still remains one of the most expensive places in the UK to buy in.
The average cost of homes in the East of England have gone up by just under seven per cent in the year up to May, according to latest data from the Office of National Statistics, and is being outpaced by the rest of the country which has seen prices soar by 10 per cent.
And average property prices in the East dropped slightly between April and May this year, falling by one percent month on month, despite a 0.9 per cent rise in the same month for the rest of the country.
But the average price for a property in the East of England is still much higher than the UK average, and is the third most expensive region to buy new homes in. In the East it would cost £310,200, on average, to snap up a property but the UK average was £254,624.
In London prospective homebuyers would have to fork out almost £500,000 to get on the ladder, and in the South East you would have to spend around £350,000 to buy a new home.
In 2005 the average price of a home in and around Suffolk was around £175,000, meaning they have almost doubled over the past 16 years.
Across the country the highest increase was in the North West, with a properties skyrocketing by just over 15 per cent compared to May last year, bringing the average price of a home to £189,245. In Yorkshire a 10 per cent rise brought average prices to £181,856.
HM Land Registry, which compiles the data every month, said on basis the number of transactions was 138.2 per cent higher than a year ago, at around 115,000 sales.
And according to the Bank of England part of the rise can be explained because of the high demand and shortage of houses.