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