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How much has your home gone up in price over the past year?

PUBLISHED: 08:00 16 June 2018

Properties have gone up dramatically in price in places like Burnham Overy Staithe. Photo: John Knights

Properties have gone up dramatically in price in places like Burnham Overy Staithe. Photo: John Knights

Your home has gone up by, on average, £62,000 in Norfolk and £64,000 in Suffolk over the past five years according to new data just published.

Take a look to see if your area is showing a yearly increase and also see how much more it costs to rent a home where you live compared with a year ago.

Homeowners in East Anglia have seen the average price of their properties go up by just over £60,000 in the last five years.

In Norfolk, overall, house prices have gone up by 5.7 per cent over the past year, more than the average national rise of 3.9 per cent, new figures show.

In Suffolk the average property price has actually gone down since April by 1.5 per cent, but went up overall over the past year by 2 per cent.

The Office of National Statistics data drills down the figures to local authority areas.

It shows North Norfolk, unsurprisingly with its amount of second homes, seeing the biggest price rise in the county over the past year of 7.9 per cent with the average house now worth £250,519, well over the national average of £226,906.

In Suffolk, the average house is now worth £235,254 – also above the national average.

Meanwhile, the cost of renting in Norfolk has increased by 4 per cent over the last year with the average rental between April 2016 and March 2017 for all houses in the county being £600, according to the figures. By 2017-18 this had risen to £625.

Suffolk also saw a big rise in the cost of renting a home, up by a dramatic 21 per cent over the last four years, rising from £550 between April 2013 and March 2014 to £665 by 2017-18.

South Norfolk saw one of the biggest rises in the amount to rent a home, rising as much as 21 per cent over the past four years. Broadland was the only area in Norfolk where rents have decreased in the past year by 1.2 per cent. Suffolk coastal has some of the highest average monthly rents of £775, whereas Waveney has the lowest rents in the whole of the East of England, compared to the national average of £675.

The figures also showed that buyers who made their first step onto the property ladder in Norfolk in April spent an average of £185,640 - around £51,000 more than it would have cost them five years ago.

The highest house prices in the UK in April were found in Kensington and Chelsea, where properties sold for an average of £1,350,179 - 17 times the cost of a home in Burnley, where the average property cost just £78,204.

So has your home gone up or down in value? And how about rent in your area?

KING’S LYNN AND WEST NORFOLK:

House prices rose by 0.9 per cent since April, 5.8 per cent rise since last year. Average property price - £212,517

Rents - rose by 5 per cent since last year with the average rent being £595 between 2016-17 and £625 between 2017-18.

NORTH NORFOLK – House prices down by 0.4 per cent since April, 7.9 per cent rise since last year. Average – £250,519.

Rents rose by 1.7 per cent with the average rent being £590 in 2016-2017 and £600 in 2017-18.

SOUTH NORFOLK – up by 2 per cent since April, up 6.7 per cent since last year. Average £258,369.

Rents - risen by 21 per cent over the last four years, rents being £575 on average between 2013-2014 and £695 between 2017-18.

BROADLAND – up 1.6 per cent since April, 6.3 per cent since last year. Average - £260,132.

Rents - decreased in price by 1.2 per cent with rentals being £663 between 20116-17 and £655 between 2017-18.

BRECKLAND – down by 1.6 per cent but rise of 6 per cent in last year. Average - £222,090.

Rents – rise by 2.4 per cent with rents being £625 in 2016-17 and £640 2017-18.

GREAT YARMOUTH – down by 2.5 per cent since April but up by 2.7 per cent since last year. Average - £161,395.

Rents – rose by 2.9 per cent from £525 in 2016-17 to £540 in 2017-18.

NORWICH – up by 1.6 per cent since April, up 3.4 per cent in a year, average £202,920.

Rents – rose by 2.6 per cent from £604 in 2016-17 to 620 in 2017-18.

WAVENEY – unchanged since April but up by 1 per cent in a year. Average £186,155.

Rents – lowest rents in East of England with rents being £525 in 2017-18.

SUFFOLK COASTAL – up 2.3 per cent, since April, up 5 per cent in last year. Average - £287,482.

Rents – up 20 per cent over four years – from £640 2013-14 to £770 in 2017-18.

For more information see www.ons.gov.uk

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