Weak pound could give property market a welcome boost
PUBLISHED: 10:02 05 September 2019 | UPDATED: 10:12 05 September 2019
People hoping to sell their home in Norfolk could get moving thanks to the falling pound as foreign buyers snap up properties in London for less.
Estate agents reckon the weak pound may give a strong boost to the market as foreign buyers snap up homes in London for less - freeing up buyers for mansions in Norfolk.
The top end has seen some high value homes, which traditionally take longer to sell, stick because buyers looking to move from London and the Home Counties have been unable to sell. A number of expensive homes in Norfolk have been for sale for more than a year and one in Burgh Castle, near Yarmouth, priced £1m, was listed as long ago as November, 2017.
Louis de Soissons, head of the residential team at Savills Norwich, said: "Norfolk has always attracted buyers from London and this year has been no different. Despite all the doom and gloom the first half of the year has been surprisingly strong and ahead of the same period last year. With some areas of the London market strong because of overseas buyers, it will enable people who want a life in the country to move away and many will choose Norfolk as their destination. There may be some uncertainty in the weeks and months ahead, particularly with a potential general election on the horizon, but we remain cautiously optimistic."
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Jo Pennells, branch partner at Chewton Rose in Norwich, said: "I'm sure this will assist to ensure the market stays strong . It means foreign buyers can get more for their money. We sell a considerable amount of prestige homes to clients looking to move out of London."
Tom Goodley, a director at Strutt & Parker in Norwich, said: "The cheap pound may help with 'trophy' homes, people looking to buy something up on the coast in Norfolk. Foreign buyers tend to go for the really big stuff, the homes in Knightsbridge, Kensington and Chelsea whereas it tends to be people moving from places like Wandsworth or Fulham out to Hertfordshire and Essex and those then move to Cambridgeshire, Suffolk and Norfolk.
"But the top end in Norfolk is not dead. Over the last three-four weeks we have done four deals over £2m. But there are more private sales, people are nervous about the market, some want to try it out. We have three in Norwich and three in north Norfolk and other areas ranging from houses for sale for £1m-£3-£4m."
Expensive homes sticking on the market
Homes which have been for sale for more than a year include the Ringland estate for £9.75m, an impressive house and three further dwellings in more than 1,000 acres in the Wensum valley, Twyford Hall, near Dereham, for sale for offers in the region of £1.65m and Octagon Park, Little Plumstead, for sale for £1.35m. One house in Burgh Castle near Yarmouth, a six bedroom detached residence in several acres, has been listed for sale since November 2017.