Property News for Norfolk
One of the areas in the UK that has benefitted from the pandemic in terms of property is Norfolk. The county is experiencing soaring house sales and prices.
Biggest Norfolk house price rise in two decades
To the extent, that the rise in the cost of property is the biggest in almost two decades. Figures from the Office of National Statistics (ONS) this summer showed that in Norfolk, the average home cost £258,288 in June. That’s 13.4% higher than in June 2020 at £227,819. The average home in the UK as a whole was £266,000 – an increase of £31,000 year-on-year and the biggest annual jump since December 2004.
Rightmove see 12% increase year-on-year
As of October this year, property portal Rightmove put the average price of a property in Norfolk at £295,611. That was a 12% increase on the previous year.
And, in keeping with buyers’ desire for more space, the biggest seller was detached homes. These had an average selling price of £375,696. Semi-detached properties were the next most popular type, selling for around £250,579. Terraced properties were selling for £217,135.
Of course, it’s no surprise Norfolk is attracting house buyers. The rural nature of the area provides more space, while the coastal resorts also mean more freedom to move around. The shift to working from home has made an impact. It has meant that it’s no longer a necessity to be close to work so people are moving to places they love – such as by the coast – now, rather than when they retire.
Great Yarmouth popular with Londoners
And this is why Great Yarmouth, in particular, has benefitted from a huge upsurge in interest from city dwellers. A recent report from upmarket estate agents and property researchers Hamptons found that 20% of property bought in Great Yarmouth was actually purchased by former London residents.
Norfolk has three villages in Rightmove Top 10 list
Slightly further out from the traditional seaside resort, the village of Hemsby was the village in England with the biggest house price increase this summer, as reported in the Mail Online. The average property there increased by 22%, from
£221,533 to £270,144, thanks to its green views. Second highest was Heacham in King’s Lynn with an increase of 20% (£267,983 to £322,836), while Calster-on-Sea was fifth, with a 12% increase in house prices (£215,521 to £240,909). All three villages are also close to large towns for when residents feel in need of a little ‘hustle and bustle, together with entertainment and amenities.
Of course, it’s not just because of the freedom to move around and better air quality that city dwellers move to quieter areas such as Norfolk. They also get so much more property for their money.
Finding suitable investment opportunities can be tough at these times – especially when many homes remain selling within a week of being listed. Here at Agile Property Partners, we’re happy to help create those opportunities for our investors.
Get in touch with Richard on 01603 329099.