Norfolk’s property values on the rise as prices return to pre-slump levels
12:03 20 September 2014
The average house in King’s Lynn is worth £10,000 more than a year ago, as prices across the region return to pre-slump levels.
Ten years of ups and downs of house prices
Ten years ago, the average price for a house in East Anglia was £156,000 compared to the national average of £138,000.
Come 2007, prices rose to around £235,00 in the region - more than the national average of £218,000.
However, when the recession peaked in 2008 it saw house prices drop into the following year.
In the East Anglia, the average price went down £25,000 to £210,000 and the national prices plummeted to £196,000.
But this year there has been a significant rise with a house in the region costing £282,000 - which is up £72,000 in the past five years.
Nationally, the average price of a house is now £272,000.
A report from the Office for National Statistics has revealed that house prices in some areas of the country have leapt by as much as 10.7pc in the last year - the strongest rise of seven years.
And the report added they have found that east has seen strong growth since early 2014.
Chris Jenkins, head of housing market indices for the Office for National Statistics said: “The east has passed its pre-financial crisis level by almost 10%. The crisis peak for the east was in January 2008 and the east actually passed this in October last year.”
Dale Newson, senior negotiator with King’s Lynn-based estate agents Millsopps, said: “Prices are definitely up, in an area like Kings Lynn you can put another £10,000 on a house that came on the market last year.”
Mr Newson said that there is a shortage for houses in some areas of Lynn.
“There’s a lot of demand for certain things on the market,” he said. “In Reffley and areas like that, a family home, for investors or first time buyers will go very quickly.”
Brittons Estate Agents in Lynn said that they have noticed a “slight increase” in house prices but they agreed they that there is more confidence in the housing market.
And they revealed that sellers are now returning to getting the full asking price.
Melanie Britton, director, said: “For people to get the full asking price, or near to it, was unheard of in 2007. But in the past 18 months things have improved dramatically.”
The duelling of the A11 from Fiveways to Thetford has helped house prices in Thetford recover at an above average rate, said Steve Molyneux, area director for William H Brown estate agents.
He said a two-bed semi-detached home which may have fetched £110,000 in 2008 would now sell for nearer £125,000.
At Dereham, Simon Arnes, managing director of William H Brown, said prices were back to pre-slump levels but they had stabilised since the beginning of the year.
“Generally the average price around here dropped 15 percent following the slump of 2008 and a lot have returned to those previous levels,” he said.
We have seen some strong interest for auction properties and some have made well above what they would have been worth pre-slump. We have had a shortage of these types of properties but they are still in the minority.”
But according to North Walsham estate agents Acorn Properties, they have noticed not all properties have done quite so well.
Gary Cushion, senior valuer and marketing manager said: “The ones which may not have are the leasehold one/two bedroom flats type of properties, but again they are very close to pre-slump levels.”
A spokeman for Aldreds based in Great Yarmouth said that since their peak in 2007 the property values have stayed low and they are still down by an average of 5-10% compared to the peak in 2007.
But he said a few affluent houses were well above peak, such as executive 4 bed house.
Owen Darby of Gorleston-based Darby Liffen said the average house was £120/£125,000 pre-slump to now £110,00 per house.
“A slow increase in the last year since the slump in 2008 but no where near peak pre-slump. However, he believes house prices are climbing.