What’s happening in property this summer in Norwich, Norfolk and nationwide
We like to keep you up to date with what’s going on in the property market in the local area, using our expertise and contact base to keep an ear to the ground. But it all ties in with what’s happening at a regional and national scale too.
Across the UK there has been a general slow down in the market, with experts warning of stagnating prices and even a possible crash. But while it’s inevitable that the market has to slow down, there is plenty of evidence that it’s still in good shape.
Only a few days ago, the BBC published an article that a shortage of new homes was keeping prices high. And no matter what else is going on in the economy, the basic principles of supply and demand still hold true.
People still want to get on the housing ladder but with population growth outstripping build rates, new developments are still selling quickly and for good prices. Nationwide said that overall house prices have gone up nationally around 2.9%. This is lower than last year’s 3.1% but still way in advance of interest rates.
The Royal Institute of Chartered Surveyors says that agents have fewer properties on their books than any time over the last 40 years.
These rises are small however, compared to those in Norwich, which have grown around 5.73% in the last year, according to report in the Express. This combined with vast new job creation projects of 5,000 and 12,000 at the Norwich Research Park, leaves the market in the area in good shape.
Add to that the fact the University of East Anglia is growing and student demand is also increasing means the city and region is in good shape. Even if there is a national downturn, Norwich looks set to remain relatively unaffected.
Further benefits such as the improved transport infrastructure including road and rail links is also boosting the region’s appeal to Londoners priced out of the market.
Although interest rates are expected to rise in the coming year, the Bank of England is showing no signs of a hike just yet. So this is still a great time to invest in property in Norwich. If you’d like more information about the area or to see what kind of potential investments are available, then get in touch with a member of the Agile team. We’re more than happy to help.
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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