North Norfolk house prices continue upward surge despite Brexit uncertainty
- Credit: Joshua Gardner
House prices in North Norfolk leapt by 3.8pc in October, contributing to an 11.2pc rise over the last 12 months - the fifth largest in the country.
The latest data from the Office of National Statistics shows that the average property in the area sold for £274,213 – significantly higher than the UK average of £231,095.
Across the East of England, property prices have risen by 2.1pc in the last year, to £294,548. The region underperformed compared to the UK as whole, which saw the average property value increase by 2.7pc.
The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.
The figures show north Norfolk had the fifth-largest average price increase of any authority in the UK over the past year, and the average homeowner will have seen their property jump in value by around £93,000 in the last five years.
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The report also showed that buyers who made their first step onto the property ladder in North Norfolk in October spent an average of £220,458 – around £74,000 more than it would have cost them five years ago.
Frances Clacy, research analyst at estate agents Savills, said: 'House prices across the UK increased by an average of 2.7pc in the 12 months to October 2018, according to the latest ONS house price index.
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'This annual growth figure represents a slow down when compared to last month.
'We are continuing to see house price growth slow because of the uncertainty surrounding the UK's negotiations for leaving the EU, as well as tighter lending criteria and increases to mortgage regulation which mean it's harder for buyers to borrow against their incomes.'
Between September last year and August this year, the most recent 12 months for which sales volume data is available, 2,204 homes were sold in North Norfolk, 3pc more than in the previous year.
The highest house prices in the country in October were found in London's Kensington and Chelsea, where properties sold for an average of £1.24 million – 15 times the cost of a home in Burnley, where the average property cost just £83,500.