Property boom in East Anglia
Buyers moving away from London spark sales growth
East Anglia is the latest part of the country to experience a licensed property boom, according to agent Christie & Co.
Bill Colquhoun of the firm's Ipswich office said June, July and August were extremely successful months for pub sales in the region and the trend is showing no signs of slowing down.
Pubs such as Livingstone's in Kessingland, Suffolk, the Black Lion in Fakenham (pictured above), Norfolk and the Green Man in Thriplow near Cambridge, have been bought by private buyers, disappointing two or three other potential buyers.
"It's interesting that the prices are ranging from £275,000 to £700,000 because traditionally there's been very little property in that price range in this area," Mr Colquhoun said. "This shows there's a very good market out there at the moment."
He said part of the reason for the boom could be attributed to low interest rates. "It's making money a lot easier to borrow and means now is as good a time as any to buy."
He also said there had been an upturn in the number of people moving away from London and the home counties.
"I've been surprised at the number of people I've sold to who have been from the London area," he said adding that the property being sold in East Anglia simply would not be on the market in the South East.
"Take Livingstone's as an example. It's a large pub and you would not get that in London or areas such as Berkshire or Surrey," he said.
"It is also interesting that a vast majority of the buyers we have had have been private buyers. In London properties like Livingstone's would have been bought by a company."
Livingstone's was sold off an asking price of £575,000 while the 14th century Black Lion was sold off an asking price of £275,000. A similar price was asked for the Green Man.
One of the most expensive properties was the Sanctuary Bar and Club M, on the beach at Walton-on-the-Naze, Essex. The large building was sold off an asking price of £680,000. When it was last on the market, just three years ago, it was sold off an asking price of £195,000.
"I have been in the business for more than 13 years and June was my best month ever," Mr Colquhoun said. "There's no reason to suppose it won't carry on this way."
