Your home is worth on average £15,000 more if you live in Broadland
PUBLISHED: 10:49 17 January 2019
House prices rose across Norfolk over 2018 - going up by as much as 5.8% in Broadland despite fears of a Brexit slow-down
People selling in Broadland will have seen their home go up in value by an average of £15,000 in a year according to new figures which shows the county is holding firm against political uncertainty.
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Broadland beat all other areas with the highest rise of 5.8% followed by North Norfolk, South Norfolk, Great Yarmouth and Norwich where homes went up in price by 4.6%, 4%, 3.7% and 3.6% respectively. The lowest area was King’s Lynn and West Norfolk but prices still rose, by 2.1%, new data shows.
It comes as the latest RICS Royal Institution of Chartered Surveyors out today, report titled ‘cold snap freezes housing market’ pinpointed East Anglia as one of only three areas to see a ‘more positive trend.’
Today’s RICS report for December gave a gloomy outlook, stating the market “ended on a weak note with uncertainty still biting.”
It states agents now have, on average just 42 properties per branch and sales expectations are “now either flat aor negative across the whole of the UK.”
However, local agents said they were still busy. Steve Pymm, of Pymm & Co, with an office in Broadland, said: “People still want to move so our Brundall office is busy but investors are waiting to see what happens with Brexit, so our Norwich office is quieter.”
Peter Hornor, from Brown & Co, said in the first eight days of returning to work after Christmas, the Norwich residential department had listed 11 new properties for sale.
New figures shows the value of housing stock in Norfolk and Suffolk also out-performed the national average, growing by 5.1% and 3.8% in 2018.
This equates to a rise of £4.5billion and £3.1billion respectively. In Norfolk the total value of housing stock now stands at £93.4billion and in Suffolk, £86.5billion.
North Norfolk saw the highest percentage increase, followed by Broadland, South Norfolk and Great Yarmouth.