House prices lower than they were in 2007 - but not in parts of Norfolk
PUBLISHED: 10:56 17 October 2017 | UPDATED: 10:56 17 October 2017
House prices in parts of North Norfolk have risen by as much as 50 per cent over the last 10 years, bucking the national trend, states a new report today.
House prices in more than half of the neighbourhoods in England and Wales are lower now than they were a decade ago, a new BBC report revealed today.
In 58% of wards, residential properties are selling for less now, after accounting for inflation, than they were in 2007.
But along with only London and the south-east are parts of Norfolk, particularly second home destinations such as Brancaster and Burnham, which show a house price rise.
The report shows that house prices in Brancaster, north Norfolk, have risen by an astonishing 50 per cent since 2007 - with the average house price there now being £615,000. This is closely followed by Burnham, North Norfolk where prices have gone up by 35 per cent, bringing the average house price to £520,000. Other areas in Norfolk also show a much smaller price rise - Sprowston, Norwich which has seen a 3.8 per cent rise, with the average house there now costing £228,995 and Coltishall, which has seen prices go up by 1.6 per cent, with the average house price now being £250,000.
But in some areas such as Thorpe Hamlet, Norwich the decline has been as much as 11 per cent down, with the average house price now being £187,250. Aylsham was 5.9 per cent down with the average house price being £234,995 and in King’s Lynn and West Norfolk, house prices have dropped by 2.8 per cent, with the average house now costing £225,000.
The BBC report shows a real North-South divide; average house prices in Wales, Yorkshire and the Humber have declined by more than 10% whereas in some parts of London, the average house price has more than doubled.
Housing market analyst Neal Hudson said the income squeeze in many parts of the country had constrained house price growth.
“Some people are trapped in their current homes as they have seen no increase in their income and cannot afford to borrow more,” he said.
The BBC data team and the Open Data Institute (ODI) Leeds analysed more than eight million residential property transactions in England and Wales from the Land Registry database for the period from 2007 to July this year. These exclude mortgaged buy-to-let properties. All of these transactions were then mapped to government wards. To calculate the percentage change from 2007 to 2017 in real terms, the 2007 price paid figures were first adjusted for inflation using the Consumer Prices Index (CPI) figures for July 2017 and the month in 2007 that the house was sold.