House prices in Norfolk
New figures for April 2018 show how much house prices have changed in Norfolk over the last 12 months. By using the information taken for this one sample month, it can be compared to the same period last year to see what has changed in the housing market.
This year, the cheapest house was sold for £6,000 in the Norfolk area in April. The most expensive was sold for £810,000, and was a 17th century farm house with five acres of land. In all, 350 houses were sold in the county in the month of April. And according to data from the National Office of Statistics (ONS), this showed a 5% increase on house prices last year.
This put the average house price in the county at £222,610, which is just under the national average of £225,047. Which means that investing in the Norfolk area is still great value for money.
Across the UK, the average increase in house prices was 4.7%, which also means that Norfolk is performing better than the national average. In the east of England as a whole, the rise was just 4%, so Norfolk is also doing better than many of its neighbours.
The figures also mean that the average home owner has seen their property increase in value by about £63,000 over the last five years, which is not bad by anyone’s standards. In addition, buyers who made their first steps onto the property ladder will have had to spend an average of around £184,929, more than £50,000 than it would have cost five years ago. And although growth has slowed, there are still signs that the market is growing. If prices continue to grow at the same rate, property in the area could catch and exceed the national average in a matter of years, so now could be the best time to invest. A return of investment of nearly five percent a year is very good in the current climate, significantly better than you would get in the bank.
If you would like to know more about property in the Norfolk area or are considering an investment, then get in touch with our team here at Agile Property Partners. We’ll be happy to talk through the ins and outs of the local area, and give you our forecasts for how the market will behave in the coming months and years.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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