Ipswich Building Society
Background Notes
- The Ipswich & Suffolk Freehold Land Society (FLS) was part of a national movement to create what were known as 'forty shilling freeholders' -giving the ordinary man the chance to buy enough land to give him the right to vote.
- In the early days the Society purchased large parcels of land, built roads across the land and divided it into allotments that were offered to senior members of the Society.
- A balloting system was introduced in 1858. This gave all members a chance to purchase regardless of seniority and continued until the early 1930's. Any member interested in entering the ballot, completed a 'Ballot Paper' with name, address and passbook number and returned it to the Secretary a few days before the Ballot. The polished mahogany ballot box and numbered balls originally used on these exciting occasions still has pride of place at Ipswich Building Society offices.
- The first stretch of land purchased by the FLS was just over 98 acres of the Cauldwell hall estate, eastwards between the Woodbridge and Foxhall Roads. This became known as 'The California Estate', and was allocated to members as land only.
- The Society was interested in spreading its influence to other parts of the county. Parcels of land were purchased in Beccles, Hadleigh, Diss, Stowmarket, Wickham Market, Woodbridge Framlingham, and Lowestoft. The FLS divided these into plots, which were allocated to members.
- In 1866 land was bought, again on the eastern side of Ipswich, but nearer to the town centre, in St Helen's parish. For this reason the Society's directors thought the demand for plots would be higher and that for the first time the Society could go in for building houses. On the new estate, two roads, Palmerston Road and Lancaster Road were laid out, and twenty-eight houses were built and sold by ballot for £145, each substantial six-room cottage having a sizeable garden
- The houses built by the Society were well constructed, of good size and proportions, had an identifiable style and showed attention to detail. Many bore, and still bear, the initials F.L.S. on the stone nameplate at first floor level.
- In 1884 the Freehold Land Society began to take a hand in Felixstowe's growth. Not only would the rich be able to buy a seaside houses, but people of more modest mean too. The Society bought land next to grounds of the Bath Hotel, a site enjoying "on the land side, scenes of considerable beauty, and marine views unsurpassed". The houses built on this land were designed to be suitable both as homes and lodging houses.
- 1904 saw the introduction of a scheme, which made home ownership even cheaper. Houses were offered for sale on mortgage repayment terms, which were so low, the Society claimed it would be cheaper than the rent people were paying in many parts of town. Houses built in the Broom Hill Road area Ipswich were offered for fortnightly repayments as little as 5 shillings and sixpence.
