Revealed: Norfolk districts where your house may have earned more than you

House for sale and letting signs, blank for your design

Has your house made more money than you in the past 12 months? New data suggests that in four districts of Norfolk, they have - Credit: Getty Images/iStockphoto

House prices in four Norfolk districts have soared so much over the past 12 months that homes in those areas may have earned more than their owners. 

Data from estate agent comparison site GetAgent has revealed that in North Norfolk, Breckland, South Norfolk and Broadland, house prices have increased more than the average annual net earnings in the same area.  

GetAgent analysed the latest house price data from the Land Registry between February 2020-February 2021 and employment earnings published by the Office for National Statistics in 2020.  

According to the figures, the average house price in North Norfolk has increased by £24,753, making the equivalent of 127pc of the area’s average salary, which stands at £19,468. 

A view of promenade, town centrem, and pier, Cromer, seaside town in Norfolk, England

According to new data, the average house price in North Norfolk, which includes towns such as Cromer, Sheringham and Holt, has increased by £24,753 - Credit: Getty Images/iStockphoto

In Breckland, house prices shot up by £20,896 - the equivalent of 113pc of the area’s average salary - while South Norfolk saw an increase of £22,594, 109pc of the average yearly income in the district.  

Many properties in Broadland also made more than their owners, where the average income is £21,754 and where prices rose by £22,133. 

GetAgent reported 92 areas across the country where, in 2020, the average house price increased at the same amount, or higher, when to compared to the same area’s average annual net earnings. This was no doubt influenced by the Covid-19 pandemic, which has both affected people's personal finances and pushed house prices up, as people have looked to relocate. 

Diss Mere. Picture: DENISE BRADLEY

In South Norfolk, which includes towns such as Wymondham and Diss, pictured here, property prices saw an increase of £22,594, 109pc of the average yearly income in the district. - Credit: Denise Bradley

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Despite the figures, properties in the East of England saw fairly average price growth when compared to other areas of the country.

The average house price across the region grew by £17,327 – around 66pc of the region’s average net salary – compared to £26,893 in the South East, £23,033 in the South West, and £19,591 in the North West. 

Bath and North East Somerset were home to some of the highest earning properties, with the average house seeing a price increase of £61,931 – that's 260pc of the average net earnings in the area.