The east is where it is all happening property-wise, according to an independent chain of estate agents, and East Anglia is tipped to be one of the best performing areas in the UK for them this year.

Regeneration, good transport links and the emergence of prestigious developments are set to boost house prices further, by as much as 10% in 2007, reveals haart estate agents.

Haart is part of an independent network of estate agents, Spicerhaart and reports that the average house price in East Anglia increased by 9% in 2006, putting it in first place, compared to all other areas where Spicerhaart has branches.

With property prices in the South East and London continuing to soar, many budding investors and first-time buyers are looking to East Anglia, which offers excellent investment prospects. Despite the property price rises last year, the region continues to be one of the most affordable areas within commuting distance to London, with average house prices at £169,510 in December 2006. In fact, it is still possible to find a property below the stamp duty threshold at £125,000.

Russell Jervis, managing director of haart commented: “In spite of the price increases, many areas in East Anglia still offer buyers homes at some of the lowest prices in England and Wales. East Anglia has benefited from the ripple effect from London and the South East, as well as from the North as it is seen by many as an affordable half-way compromise.”

“The potential of the region is now being realised and it is set to continue to see some of the highest house prices rises in the next few years.  The area is within good commuting distance from the capital as well as offering excellent employment opportunities locally. The gap between the South East and East Anglia is closing quickly.”

Hotspot areas within East Anglia, which are set to benefit from regeneration initiatives, include the following:

Norwich

Norwich is an historic city with a thriving economy and is one of the top ten retail centres in the UK. House prices increased by 10% over 2006, with a large percentage of first-time buyers and buy to let investors purchasing properties.

The city has an extensive billion pound programme of investment and development, and is currently building new houses and leisure facilities along the river front and developing the old Norfolk and Norwich hospital site for further housing and healthcare facilities. Large brownfield sites in the east of Norwich have also been earmarked for regeneration.

The average price of a two-bedroom flat is approximately £140,000 - £185,000 a modern three bedroom semi approximately £180,000 and a four bedroom detached house is approximately £210,000 – 325,000.

Colchester

Colchester, Britain’s first Roman City, has seen property prices increase by 8% last year. Over the next 15 years, Colchester has been earmarked to accommodate 17,000 new homes and 14,000 new jobs.

The average price of a two-bedroom flat is approximately £120,000 - £165,000, a three bedroom semi approximately £170,000 - £250,000 and a four bedroom detached is approximately £240,000 - £450,000.

Colchester is becoming increasingly popular with commuters and investors, as house prices are more affordable in comparison to London and the South East. Commuting time to London is only 45 minutes.

Peterborough

Peterborough, home to a community of diverse cultures is already a regional centre for commerce, industry, transport and leisure. The city is rapidly expanding to meet the demand for new houses. Property prices in the town have increased by 7% in 2006. The greatest demand has come from families moving further south to be within commuting distance of London and investors looking for two bedroom properties to let.

Peterborough itself is undergoing a billion pound transformation. Projects include a £350 million retail-led, mixed use scheme and a £500 million development for the construction of up to 100,000 sq m of offices and 1,200 homes creating 5,000 jobs.

The average price of a two-bedroom flat is approximately £100,000 - £150,000, a three bedroom semi approximately £150,000 - £180,000 and a four bedroom detached house is approximately upwards of £220,000. Commuting time to London is just under an hour.

Ipswich

Ipswich, one of the largest towns in East Anglia, has seen property prices increase by 4% over 2006. Ipswich is benefiting from an impressive regeneration project, which includes the rejuvenated docklands with 3,000 new luxury apartments scheduled to be built over the next four years.  The town will also benefit from a new University campus scheduled to open in September 2007.

Alongside competitively priced property, (the average property valued at £150,000) Ipswich has the fastest growing airport and largest container seaport in the UK, and also offers good transports links to the rest of the country. Commuting time to London is just over an hour.

The average price of a two-bedroom flat is approximately £110,000, a three bedroom semi approximately £155,000 and a four bedroom detached house is approximately £225,000.