It’s a buyer’s market, as house prices in King’s Lynn and West Norfolk fall
11:19 03 October 2012
House prices in King’s Lynn and West Norfolk remain among the lowest in the county, as the market shows signs of breaking out of the doldrums.
Quarterly data from the Land Registry reveals 473 properties sold in West Norfolk between April and June of this year.
That compares with 462 in South Norfolk, 421 in North Norfolk, 398 in Norwich, 378 in Breckland and 278 in Great Yarmouth.
Prices in the west remained among the lowest in the county, with the average detached house priced at £204,170 - compared with £268,718 in Norwich, £238, 572 in South Norfolk, £221,048 in Yarmouth and £218,536 in Breckland.
Only North Norfolk, where prices saw an annual fall of 35pc, 30pc of it between April and June, were values lower, with the average detached property priced at £183,917.
Prices for all types of property in West Norfolk fell by 0.5pc over the same quarter, 6.7pc over the year to June, with South Norfolk seeing an 11.5pc fall over the year, Breckland seeing a 4.2pc fall and Norwich a 3.2pc fall. Prices rose by 9.7pc in Yarmouth and 4.1pc in Breckland.
Nationally, prices rose by 5.2pc over the same quarter, by 4.6pc in the year to June, with the average UK house priced £238,638.
Suzy Martin, residential manager at Brown & Co’s Lynn office said: “We’re having the best year we’ve ever had. people are being a bit more realistic, they’re getting the view, we’re getting the properties sold.
“You’ve got to be realistically-priced. If you go higher, you won’t get the views.”
Gary Davison, manager of Lynn-based Millsopps, said: “It’s very good value for money here, you’ve got a main line rail link to London and Cambridge.
“We’ve had our best year for five years between February and August and we’re not through the year yet.”
Rob Stevens, valuer with Lynn and Hunstanton-based agents Brittons, said: “More houses are coming onto the market and things are picking up, but prices are still falling.
“Just how far they’ll go, no-one knows, but properties are coming onto the market and people are buying them.”
Chris Roberts, of Downham Market-based Ashton Roberts, said: “Prices haven’t dropped but they haven’t gone up. The market’s tending to lean more towards buyers than sellers at the moment.”
In West Norfolk, the average semi-detached property cost £149,116, the average terraced property £135,409 and the average flat £109,383. prices of flats increased by 18pc, but just 31 were sold during the second quarter of 2012.
The land Registry said its second quarter figures were the most recent guide to how the market was performing at district council level. Detailed third quarter figures are expected later this month.
Nationally, house prices fell by 0.4pc in September, the Nationwide said last night, although the market remained stable.
Its chief economist Robert Gardner said: “We expect the UK economy to see a gradual recovery over the next 12 months, with house prices remaining relatively flat or declining only modestly over the same period.”“House prices are still fairly high relative to people’s incomes, at least by historic standards.”
Nationwide said the Bank of England’s £80bn Funding For Lending scheme should support the sector and ensure the availability of credit.
Another study said house prices fell for the third month in a row in September as the summer slowdown drifted into autumn and demand from potential buyers weakened further, with prices in East Anglia dropping by 0.2pc.
Hometrack predicted prices nationally would remain under a “slow, downward pressure”, against shrinking demand.