Million pound 'mania' as price tags peak on Norfolk mansions for sale
PUBLISHED: 17:28 12 May 2018 | UPDATED: 08:56 14 May 2018
Nearly 90 homes are currently on the market in Norfolk for £1 million or more as research shows sales on properties with this price tag have reached a record high.
More than 85 homes are currently for sale in Norfolk for more than £1 million, with nine for sale for over £2 million and 12 sales have already completed this year alone on properties with that ultimate price tag.
It comes as sales nationally of million pound homes rose by 5 per cent last year compared to the previous year, and by 73 per cent in the last decade, according to new research.
In Norfolk, the trend is certainly reflected with the number of houses which saw sales completed in the last five months - ranging in price from Field Gates, Town Close Road, Norwich, which completed in February for £1 million to Thursford Old Hall which completed in March for £2.35 million.
Out of the 12 million pound plus residential sales which went through this year, three were for more than £2 million. These figures, from the Land Registry, are the dates for actual completions not when the offers were accepted.
Jonathan Wood, head of residential at Sowerbys in Norwich, which has sold Keswick Cottage for offers in excess of £1million, said: “It is quite astounding to see just how many properties are currently for sale and which have sold for a million or more. It shows the increase in value in property and also the number of millionaire buyers whose wealth has increased.
“All kinds of factors from location, to the quality of the property to how much land it has and its architectural history is reflected in the price tag but Norfolk, with its rural setting and historic abundance of halls and farmhouses, does lend itself to properties of high value. However, compared to other parts of the country such as the Home Counties, £1million represents good value for properties which would fetch two or three times as much if they were in that location.”
Land Registry data shows, among the most expensive houses to complete in Norfolk this year were; Guist Hall, which sold for £2.25 million and Hautbois Hall, which sold with Savills for £2.2 million.
Nine other homes sold for over a million and completed this year including Wood Norton Hall, near Dereham, which sold for £1.65 million, Cley House, Holt, which sold for £1.5 million and the Old Vicarage, Hoveton, which sold for £1.125 million.
Currently on the market is St Mary’s House, Brancaster, for sale for a guide price of £2.95 million with Jackson-Stops.
This elegant Georgian house with a two bedroom cottage is situated in the centre of Brancaster.
Holly Grove House, Honing Road, Worstead, a five bedroom Georgian house in four acres of grounds, is for sale for offers in excess of £1million with Sowerbys.
Hartwell House, Wroxham, is for sale for a guide price of £1.25 million with Jackson-Stops, a residence dating to the 19th century with elevated views out towards the River Bure.
The research into the million pound house growth by Lloyds Bank Private Banking showed a strong performance in the last six months of 2017 meant that sales increased by 5 per cent overall and in total 14,474 homes worth more than a million pounds were sold nationwide, up from 13,748 in 2016.