Ipswich house prices drop 7.1% in a year, the biggest fall in East of England

The big picture: While house prices across the East of England and UK rose slightly in June, Ipswich bucked the trend with a 0.8% monthly decrease.

By the numbers: Data from the UK House Price Index shows:

• The average Ipswich house price in June was £218,253
• The average sale price has dropped by £17,000 over the past year
• £192,000: The average spent by first-time buyers, £15,000 less than a year ago

Zoom in: Property types seeing the biggest falls:

• Detached houses: down 1.2% monthly, down 7.8% annually (average £376,112)
• Semi-detached: down 0.9% monthly, down 6.5% annually (average £248,590)
• Flats: down 0.9% monthly, down 8.8% annually (average £143,461)

Zoom out: Ipswich property prices are now 35.7% below the East of England average of £339,000.

• England house prices rose 0.6% from May to June 2024 (non-seasonally adjusted)
• This is down from 0.7% growth in the same period last year
• Seasonally adjusted prices increased 0.1% month-on-month

These figures show a slight cooling in the England housing market compared to last year, but prices are still rising nationally.

Why it matters: For most homeowners, their home is their biggest asset, and for first-time buyers, house prices dictate affordability. House prices also have a huge influence on our local economy, impacting multiple sectors, and often acting as an indicator of the desirability and demography of an area.

Yes, but: Price drops aren't universally negative. Lower house prices can attract new residents and get people onto the property ladder.

What they're saying: Farida Rouane is an Ipswich-based financial advisor and mortgage advisor at Upside Finance who's been helping Ipswich residents get on the property ladder for more than a decade. She said:

The bottom line: Ipswich house prices will be cause for concern for some but an opportunity for others.