House prices in Norfolk take a slight dip but your home is still worth more than a year ago
PUBLISHED: 11:27 23 July 2018
House prices in Norfolk fell by 0.5 per cent in May compared to April but property value went up in Suffolk and overall, your house is still worth more than it was a year ago across the region, new data reveals.
House prices in Norfolk took a slight dip of 0.5 per cent in May with the average house price being just under the national figure but your home is worth on average 2.4 per cent more than it was a year ago.
The latest data from the Office of National Statistics shows that the average property in the county sold for £221,789 - slightly under the UK average of £226,351.
Prices increased in the county by 2.4 per cent on the year. but were down compared to the rest of the UK which saw an average rise of 3 per cent.
However, the average homeowner in Norfolk will have seen their property jump in value by around £59,000 in the last five years, according to the data which comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry.
The figures also showed that buyers who made their first step onto the property ladder in Norfolk in May spent an average of £184,096 - around £49,000 more than it would have cost them five years ago.
And between April last year and March this year, the most recent 12 months for which sales volume data is available, 16,460 homes were sold in Norfolk, 2 per cent more than in the previous year.
In Suffolk, it was a slightly different picture. House prices increased by 1.5 per cent in May, with the average property in the area selling for £240,324 - above the UK average.
The average homeowner in Suffolk will have seen their property jump in value by around £68,000 in the last five years, according to the figures, which also showed that first-time buyers spent an average of £193,177 in May - around £54,000 more than it would have cost them five years ago.
Nationally, the biggest increases, on average, were seen in the East and West Midlands and the worst increase was in London, however Kensington and Chelsea saw the highest house prices in the country. Properties sold there for an average of £1.32million - 17 times the cost of a home in Burnley, where the average property cost just £79,119.
Nick Taylor, chairman of the NDAEA, Norwich & District Association of Estate Agents and managing director of Hadley Taylor estate agency, said: “This data confirms our view that although property prices in Norfolk are holding up very well compared to most other parts of the country, price inflation has slowed considerably during the past couple of years.
“This is good news for younger people trying to get on the housing ladder and for those aspiring to move up to a bigger property. It’s hard to predict where prices will go moving forward but with demand for housing being so strong we’re not likely to see big falls any time soon.”