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How property prices have changed in your part of Norfolk

PUBLISHED: 10:35 03 November 2020 | UPDATED: 11:16 03 November 2020

The North Norfolk coast where house prices have surged since the market re-opened in May.  Picture: Chris Bishop

The North Norfolk coast where house prices have surged since the market re-opened in May. Picture: Chris Bishop

Archant

A summer boom sent house prices soaring by up to 20pc in some rural areas of Norfolk.

Land Registry data from January to August this year shows a 1pc increase in average house prices in Norfolk compared to the same eight months in 2019.

But in north Norfolk, once the market reopened in May, prices shot up by 23pc. Average property prices in the area stood at £321,278 in August.

Melton Constable and Fakenham saw increases of 15pc and 7pc.

Across South Norfolk there was a rise of 25pc in average house prices between May and August.

A view of Cromer. There has been strong demand for property along the north Norfolk coast. Picture: Stuart AndersonA view of Cromer. There has been strong demand for property along the north Norfolk coast. Picture: Stuart Anderson

Estate agents are also reporting a huge increase in sales locally, with some seeing double the amount of work they usually would at this time of year.

Jan Hytch, chairwoman of the Norwich and District Association of Estate Agents, said: “People decided they never wanted to spend another lockdown in new developments somewhere in commuter land when, for the same amount of money, they could get something lifestyle-sustainable in the country.”

Broadland and King’s Lynn also saw big rises in average values, of 20pc and 28pc respectively, while Breckland saw a rise of 6pc since the housing market reopened.

There were only small increases in Norwich and Great Yarmouth.

Ms Hytch added: “The hot property type has been older properties, detached properties with land or big gardens and properties within 20 minutes of the beach.

“People are doing now what their careers wouldn’t have allowed them to do in normal times.”

While the average prices are rising in many areas, the number of sales registered is still not at the same levels of last summer.

But with estate agents reporting a massive increase in sales since the end of the first lockdown, the disparity in registered sales is seen as proof of a growing backlog in the industry, with solicitors, mortgage advisors and local authorities all struggling to work through the increase in sales.

Ms Hytch added a summer of ‘staycations’ had also fuelled the number of people buying up holiday homes, to use as country retreats or as an investment.


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