Search

Average house in Norfolk now worth £143,867 as property transactions triple

10:13 17 April 2012

The average home in Norfolk is now worth £143,867, according to latest figures from the Land Registry.

The average home in Norfolk is now worth £143,867, according to latest figures from the Land Registry.

Archant

Almost three times as many properties are changing hands in Norfolk as at the height of the recession, boosting hopes the market is coming back to life – but house prices have risen by barely £100 over the last year.

The average property in the county is now worth £143,867, according to the Land Registry – the second highest figure since March 2011. Last month, the average was £150 higher, at £144,017.

In December – the last month for which figures are available – there were 1,180 property transactions in Norfolk.

In January 2009, as the slump put the brakes on markets with a double whammy of falling prices and harder to obtain mortgages, there were just 451 transactions, a 10-year low for Norfolk.

Government figures set to be released later today are expected to show a fragile recovery in the market nationally.

An EDP straw poll of estate agents across the county last night confirmed that the housing market is beginning to move again – even if values have increased by barely £100 over the course of a year. Clive Hedges, partner at Keys estate agents, which has branches across north Norfolk, said: “There is a noticeable increase in people wanting to view properties in north Norfolk and an increase in actual sales compared to this time last year. The signs are in place of a recovery in the market, but we remain cautious.”

Paul Richardson, valuer at the Fakenham office of Belton Duffey, said: “We have definitely seen a significant improvement since the start of the new year.

“There has been a real upsurge in offers and interest in viewings. Most enquiries are for properties under £250,000, but they are also starting to trickle through to the higher end as well.”

Mr Hedges added: “New houses coming to the market always attract interest and the demand is strong across the sectors. However, the retirement and second-home sectors are prominent again.

“Getting mortgages is still an area of difficulty. There are good mortgage products out there and a good broker can source them, but the lending criteria is strict and a number of young people in this area do not earn sufficient income to satisfy these criteria.”

Neil Parsons, managing director of Dereham-based Parsons Estate Agents, said: “I think it’s the more expensive end of the market that’s recovered more, but the end of the market that normally sells to first-time buyers is more difficult.

“It’s still difficult for first-time buyers to save enough money for a deposit because of the banks’ unwillingness to lend unless they have substantial deposits.”

Aidan Branch, director of South Norfolk and North Suffolk-based agents Durrants, added: “As a company Durrants have had their best January in terms of property sales for four years.

“We are not getting carried away with this, but it is encouraging that sellers and buyers are once again showing confidence in the market.”

Nick Eley, chairman of the Norwich and District Association of estate agents, said: “The market is more buoyant and more competitive, but it’s not necessarily pushing asking prices up.”

While average property prices in Norfolk have reached £143,8677 – against a national average of £161,558 – the average detached property is worth £213,327, the average semi £135,685, the average terrace £108,313 and the average flat or maisonette £85,881.

Last April, prices stood at £213,223, £135,619, £108,260 and £85,139 respectively. That means properties have some way to climb before they reach the record highs of November 2007 – £244,688, £155,633, £124,236 and £97,703, with an average of £165,017.

But over the last 10 years, bricks and mortar have been a good investment despite the slump. For 10 years ago, prices stood at £137,069, £87,182, £69,594 and £54,731, with an average of £92,439.

Related articles

2 comments

  • What is a property defined as in this article? Are we talking about an average 3-bed house because if this takes into account any habitable building, which I assume it does, then of course the figures will appear low. I just bought an ex-council semi in Poringland for £157,000 and it was marketed at £169,000. Everyone knows that living in Great Yarmouth is ridiculously cheaper than living in or near to Norwich, so average figures are not really of much use to people.

    Report this comment

    Eye of Providence

    Tuesday, April 17, 2012

  • If you haven't over-borrowed to buy a house now not worth what you paid, then rising house prices are bad news and a blight on the country. The free-for-all and borrowing encouraged by Gordon Brown has raised personal debt to staggering levels, and in many ways has reduced the amount of housing available to "ordinary people". There is not really a great advantage, except to a few people, in having house prices ramp up again. Over-valued house bubbles are as bad and dangerous as share bubbles ( a la 1929).

    Report this comment

    T Doff

    Tuesday, April 17, 2012

The views expressed in the above comments do not necessarily reflect the views of this site

Other news

Yesterday, 22:30
Firefighters have begun four days of strike action in a dispute over changes to their pension scheme. Photo: Tim Goode/PA Wire

Fire and rescue services across the region were called out a number of times tonight, with a 999 service continuing to operate as four days of strike action got underway.

Yesterday, 17:51
Villagers, parish councillors and the North Pickenham Community Project LTD members outside the old Blue Lion pub in the village which they want to buy after it's closure.
 Picture by: Sonya Duncan

A determined band of villagers who want to reopen their rural pub as a community centre need to raise quarter of a million pounds in their quest to buy the venue.

Yesterday, 15:43
Southwold beach on another warm sunny day in October.
Iona (left) and Isobel Jenkins enjoying the beach.

It has felt more like the height of summer than the end of October today, as unseasonably high temperatures smashed the record for the warmest Halloween in Britain.

Thu, 17:28
The family of Hanna Bowman have paid tribute to her after she died in a crash at Weeting.

A “bubbly and vivacious” woman died after her car crashed into a tree, an inquest has heard.

Most Read

Thu, 17:28
The family of Hanna Bowman have paid tribute to her after she died in a crash at Weeting.

A “bubbly and vivacious” woman died after her car crashed into a tree, an inquest has heard.

Read more
Wednesday, October 1, 2008

An award-winning bakery in Watton has been saved from closure thanks to a last minute takeover.

Christine's Country Bakery in the High Street was named Baker of the Year in the EDP Norfolk Food Awards but owners Christine and Roger Yexley had already decided to shut at the end of last week.

Read more
Yesterday, 17:51
Villagers, parish councillors and the North Pickenham Community Project LTD members outside the old Blue Lion pub in the village which they want to buy after it's closure.
 Picture by: Sonya Duncan

A determined band of villagers who want to reopen their rural pub as a community centre need to raise quarter of a million pounds in their quest to buy the venue.

Read more
Yesterday, 15:43
Southwold beach on another warm sunny day in October.
Iona (left) and Isobel Jenkins enjoying the beach.

It has felt more like the height of summer than the end of October today, as unseasonably high temperatures smashed the record for the warmest Halloween in Britain.

Read more
Mon, 09:19
The steam engine, Queen Mary, breaks down on the A11 at the Brandon roundabout after spending the day at teh Charles Burrell Museum.

Drivers witnessed a roadside recovery more suited to 1914 than 2014 after a historic steam engine broke down on the side of the A11.

Read more

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 14°C

min temp: 12°C

Digital Edition

Image
Read the Watton and Swaffham Times e-edition today E-edition