History of The Property Market in Norfolk – From Recession Ripple Effect to Bouncing Back
Thanks to its natural beauty, rich history, and vibrant culture, Norfolk has always been a popular choice for families, retirees, and homeowners looking for a better quality of life. As a result, the county’s property market has always been strong, with the local market buoyed up by buyers moving into the county from other parts of the UK.
Over the years, the market has experienced a number of fluctuations, with even this picturesque corner of the UK not immune to the recessions, booms and busts of the past few decades. So just how has the Norfolk property market changed over the years and what does the future hold for one of Britain’s favourite counties?
A county of renters
In the early 20th century, like the rest of the UK, most of the residents in Norfolk’s towns, villages and country estates, rented their homes from their landlord, with 80% of people living in rented accommodation at the end of the First World War.
Increase in ownership
Thanks to large scale home building programmes in the 1930s and 1950s, the number of owner-occupiers in Norfolk gradually increased. This lead to the start of the modern property market and brought development to the county.
Boom and bust
By the 1970s, the first nationwide housing bubble was beginning to develop. The average house price in the UK doubled between 1970 and 1973, with houses in desirable parts of Norfolk experiencing significant price increases.
Though prices stagnated at the end of the 1970s, a further boom followed a decade later. Norfolk, like the rest of the UK, saw huge increases in the value of its homes, with prices rising by as much as 25% every year. The 1990s, however, saw the bubble burst. Interest rates were put up to 15%, making mortgage repayments a challenge for many.
Prices rose once more in the late 90s before the 2008 financial crisis wiped a fortune off of the value of the UK property market.
Slow but steady recovery
As Norfolk is an incredibly desirable place to live, house prices began to recover more quickly here than other parts of the UK. North Norfolk, with its picturesque coastline and picture-postcard towns, has done especially well in recent years, with buyers from outside of the county keen to move to this charming area.
An influx of celebrities has further increased the profile of the county, with the Duke and Duchess of Cambridge, Bill Bryson, Stephen Fry and John Hurt all property owners in the area.
With more and more interest in Norfolk’s property stock, the future of the local market is bright. Investors, developers, and homeowners are flocking to the county, looking to get their very own slice of the Norfolk pie.
To find out more about investing in Norfolk property, give us a ring on 01603 567804 or send us a message.