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

Mon, 08:00
Rio and Zeus after being rescued by the RSPCA.  Photo: Redwings Animal Sanctuary

More than 1,000 calls were made to the RSPCA over concerns for the welfare of horses in Norfolk, Suffolk and Cambridgeshire last year, figures from the animal charity reveal.

Saturday, March 28, 2015

Firefighters cut a person free from a car after it overturned this morning.

Thursday, March 26, 2015
PA NEWS PHOTO 14/8/92; THE SCALES OF JUSTICE ON TOP OF THE OLD BAILEY IN LONDON

A woman walking in woods in Swaffham was left traumatised after she was approached by a drunken man in a car who attempted to sexually assault her, a court heard.

Thursday, March 26, 2015
The existing Sheringham Shoal Offshore Wind Farm off north Norfolk. Work has started on the nearby Dudgeon windfarm off Cromer -  but on land to begin with.  Picture: Ian Burt

Work has begun on the onshore cabling which will connect a new Norfolk offshore wind farm to the National Grid.

Most Read

Mon, 08:00
Rio and Zeus after being rescued by the RSPCA.  Photo: Redwings Animal Sanctuary

More than 1,000 calls were made to the RSPCA over concerns for the welfare of horses in Norfolk, Suffolk and Cambridgeshire last year, figures from the animal charity reveal.

Read more
Thursday, February 6, 2014
Polly Grieff and her husband Eric.  Their house Old Manor, in Saham Toney, will be on Restoration Home - one year on.  Picture: Ian Burt

It was its down-at-heel aura that first attracted Polly Grieff to the crumbling Old Manor at Saham Toney.

Read more
Wednesday, January 12, 2011
Gangmaster Peter Wing

A rogue Norfolk gangmaster yesterday claimed he had frittered away the fortune amassed from his crime - as prosecutors sought to reclaim a share of his £1.3m in ill-gotten gains.

Read more
Wednesday, March 11, 2015
Breckland council leader Michael Wassell

The public have demanded answers on the state of development in their market town at a meeting.

Read more
Watton
Sunday, March 9, 2014

Firefighters helped free one person from a vehicle following a crash at Swaffham Raceway today.

Read more

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 8°C

min temp: 4°C

Digital Edition

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