Norfolk homes in British boom towns
Despite gloom and warnings to the contrary, house prices in some areas of the country have exploded in recent times, with values going up by as much as 9% in some places over the last 12 months.
In central England for example, prices have gone up by as much as 9.1% in Northampton and 7.9% in Derby. However, great news for Norwich and Norfolk investors is that we are in the mix too. With a 7.9% rise on last year, property pricing experts Rightmove have identified the region as one of the UK’s hottest markets. In fact, the increase represented more than double the average UK house price rise of just 3.1%.
Miles Shipside, director of Rightmove, said:
“Here, year-on-year rises at more than twice the pace of the national average are widespread, in contrast to southern and northern counties where none have approached these heady heights.”
“With a shortage of suitable choice in many parts of the country, buyers are becoming increasingly adept at hunting down property that fits their budget, ticks the boxes on their checklist and stirs their emotions.’
Although the markets are going through their customary summer slump as the country heads off on its summer holidays, these results are great news for investors in the Norwich area. High demand and low supply – the building blocks of economics – are driving the price boom and seemingly overriding other factors such as Brexit uncertainty.
Rightmove also found that the average cost of a house in the UK has gone up by a massive £85k over the last few years. The average cost of property in the UK is now £290k (in large part driven by the colossal £600k+ prices in the capital), up on just over £200k five years ago.
So, if you’ve been thinking about investing in Norwich or Norfolk but have been holding on to see what happens with the market, this latest round of news should be enough to convince you of the suitability of the regional market. With local high demand and limited stock, combined with a booming job market and improved transport links, the region offers a promising investment opportunity.
If you’d like to know more about investing in Norwich or Norfolk, get in touch with one of our property experts here at Agile. We’ll be more than happy to talk through your investment opportunities and discuss any local variations in the property market. Just give us a call to find out more.