As house prices in Norfolk return to pre-slump levels, how much has your home gone up in value?
- Credit: PA
The average house across the region is worth £15,000 more than a year ago, as prices return to pre-slump levels.
A new report from the Office for National Statistics reveals that house prices in some areas of the country have leapt by as much as 10.7pc in the last year - the strongest rise in seven years.
Chris Jenkins, head of housing market indices for the Office for National Statistics said: 'The east has passed its pre-financial crisis level by almost 10pc. The crisis peak for the east was in January 2008 and the east actually passed this in October last year.'
Dale Newson, the senior negotiator with King's Lynn-based estate agents Millsopps, said: 'Prices are definitely up, in an area like Kings Lynn you can put another £10,000 on a house that came on the market last year.'
Mr Newson said that there was a shortage of houses in some areas of Lynn.
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'There's a lot of demand for certain things on the market,' he said. 'In Reffley and areas like that, a family home, for investors or first time buyers will go very quickly.'
Brittons Estate Agents in Lynn said that they have noticed a 'slight increase' in house prices but they agreed they that there is more confidence in the housing market. Sellers are now returning to getting the full asking price.
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Melanie Britton, director, said: 'For people to get the full asking price, or near to it, was unheard of in 2007. But in the past 18 months things have improved dramatically.'
The duelling of the A11 from Fiveways to Thetford has helped house prices in Thetford recover at an above average rate, said Steve Molyneux, the area director for estate agents William H Brown.
He said a two-bed semi-detached home which may have fetched £110,000 in 2008 would now sell for nearer to £125,000.
At Dereham, Simon Arnes, managing director of William H Brown, said prices were back to pre-slump levels but they had stabilised since the beginning of the year.
'Generally the average price around here dropped 15pc following the slump of 2008 and a lot have returned to those previous levels,' he said.
'We have seen some strong interest for auction properties and some have made well above what they would have been worth pre-slump. We have had a shortage of these types of properties but they are still in the minority.'
North Walsham- based Acorn Properties said not all properties have done quite so well. Gary Cushion, the firm's senior valuer and marketing manager said: 'The ones which may not have are the leasehold one/two bedroom flats type of properties, but again they are very close to pre-slump levels.'
A spokeman for Great Yarmouth-based Aldreds said since their peak in 2007 the property values have stayed low and they are still down by an average of 5-10pc compared to the peak in 2007.
But he said a few affluent houses were well above peak, such as executive four bed homes.
Owen Darby of Gorleston-based Darby Liffen said the average house was £120/£125,000 pre-slump to now £110,00 per house.
'A slow increase in the last year since the slump in 2008 but no where near peak pre-slump.'
Ben Rivett, from Savills Norwich residential team, which handles the sale of prime property in Norfolk, said: 'Norfolk is a diverse county with a number of localised micro markets.
'Demand for coastal hotspots in north-west Norfolk is strong and is spreading eastwards, while pretty inland villages within easy reach of the seaside are also sought after.
'On average values for prime, period country houses are in the region of 10pc below peak. In Norwich, however, house prices in prime city pockets such as the Golden Triangle are now on a par with the height of the market.'