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Are homes in the area where YOU live selling and are prices going up or down?

PUBLISHED: 10:49 04 October 2018 | UPDATED: 11:36 04 October 2018

Victorian terraced houses at dusk, Great Yarmouth. Pic; www.gettyimages.co.uk

Victorian terraced houses at dusk, Great Yarmouth. Pic; www.gettyimages.co.uk

See how your postcode area fared in terms of the number of houses sold from February-July and whether they went for more or less money than a year ago in a new report which gives a new picture of the local housing market.

The postcodes according to house prices on houses sold between February-July, 2018. Pic: www.Propdex.co.ukThe postcodes according to house prices on houses sold between February-July, 2018. Pic: www.Propdex.co.uk

Houses are selling for more than a year ago but the number of transactions are down by up to 30 per cent - but not in ‘rising’ areas on the region’s east coast in places like Yarmouth, Gorleston, Lowestoft and Kessingland.

That was the picture of the local housing market from a new report which states the top postcode area in Norfolk for the number of house sales was NR31, which covers areas like Yarmouth, Gorleston and Bradwell.

There were 390 homes sold in this postcode in the period from last February to July.

As with most areas of the county, this was still down on last year - by almost 10 per cent - but prices achieved were almost 2 per cent up compared with the same period in 2017, with the average sale price being £166,384.

Based on price, the neighbouring NR33 postcode area covering places like Lowestoft, Kessingland and Carlton Colville was also considered a ‘notable riser’ in the report with the average price achieved being £180,982, almost six per cent higher than last year.

But the NR1 postcode covering the centre of Norwich and Trowse fared less favourably and was a ‘notable faller’ because house prices were 9.2 down on last year, achieving on average £187,541, states the report by analytics consultancy Propdex.co.uk

That was the worst postcode for house prices in the whole of the eastern region, beaten only by the CO6 postcode covering areas like Colchester in Essex. However, for sales, with 275 homes sold, NR1 was among the best performers in the county.

Drilling down the figures for Norfolk and north Suffolk shows the areas around Lowestoft, Kessingland and Oulton Broad, in the postcodes NR31, NR33 and NR32 being where the most homes sold.

This was followed by NR7, covering Thorpe, Norwich which saw 282 homes sold, however this amount was just over 19 per cent lower than last year.

The worst area for the amount of homes sold in Norfolk was NR22, covering Walsingham, with only seven homes sold but this was only one less than the same period last year.

The report The State of the Market was compiled by Propdex.co.uk based on an analysis of over 890,000 housing transactions using the latest data from the Land Registry.

It states: “In London, of its 231 postcodes,74 are dragging down the entire city’s price index, particularly (but not exclusively) in West London. More postcodes are still rising in London than falling.

“Across the land, property prices in the fastest falling postcodes are 35 per cent higher than in the fastest rising. It’s the top end of the market that is suffering as buyers hunt for affordability.”

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Caroline Culot

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I am the property editor in charge of delivering some exciting and informative content within Archant’s varied titles. We have 16-17 pages of stories, features and columns in the EDP Property supplement out every Friday free in your EDP so please don’t miss it.

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