Revealed: the local authorities in Norfolk where property sales have increased
- Credit: Copyright: Archant 2018
Last month all seven local authorities in Norfolk saw an increase in the number of house sales – but where took the top spot?
North Norfolk, Broadland and Breckland saw the biggest increases in house sales in Norfolk this summer, according to new data released by Savills.
The figures showed that sales agreed in the four weeks to August 16 had increased by 85pc in north Norfolk, 83pc in Broadland and 74pc in Breckland, compared to figures for the same period last year.
And while all authorities saw an increase in the number of sales agreed, Norwich and Great Yarmouth were two of Norfolk’s least popular locations.
Norwich saw a 54pc increase with 344 sales this year, compared to 224 in 2019, and Great Yarmouth saw an increase of just 50pc, with 308 sales agreed this year compared to 206 over the same period last year.
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One of the reasons for this may be that, after lockdown, more people are looking for extra space and are therefore drawn to the local authorities that are closer to the countryside.
There was also an increase of sales agreed in King’s Lynn and West Norfolk (72pc) and South Norfolk (65pc), where villages and towns offer strong transport links for commuters, as well as good schools.
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“Since the housing market reopened, and despite the uncertain economic backdrop, we have seen a surge in the number of sales being agreed,” says Ben Rivett, from the residential team at Savills Norwich. “The prime regional and country house markets in particular have been especially busy.
“Many predicted that the immediate shift in priorities seen in April was just a response to lockdown, and would be short-lived, but there now appears to be longer-term commitment from buyers. Those with the financial security to be able to move are acting on their changing priorities, their requirement for more space and, in many cases, a reassessment of their work-life balance. The stamp duty holiday is also providing additional impetus and, when combined with the experience of lockdown, is bringing forward purchases that may otherwise have happened in two or more years’ time.
“This desire for more space has boosted the appeal of a more rural lifestyle and we have certainly seen that reflected here in Norfolk, with villages and towns that combine commutability, good schools and high-quality housing stock in particular demand.
“That said, while we have seen some level of competitive bidding, buyers are keeping their feet on the ground when it comes to what they’re willing to pay. The finishing of the furlough scheme at the end of October means short-term price expectations remain cautious and keeping buyer and seller expectations on pricing aligned will be key to maintaining the summer momentum through the autumn and beyond.”