Is the Norfolk housing market experiencing a ‘Brexit bounce’?
House prices have risen by an average of nearly £3,500 this month but Norfolk estate agents remain gloomy – blaming Brexit for low activity.
The average price of new instructions increased by an average of 1.1% or £3,447 in April – the biggest month on month uplift in more than a year, according to property portal Rightmove.
Some homes are for sale in Norfolk for more than a few months ago but agents predict a 'Brexit bounce' in the market is still some way off.
Nick Taylor, chairman of the NDAEA, Norwich & District Association of Estate Agents, said: 'There is no doubt that activity in the property sector is very low and three years of uncertainty over Brexit is solely responsible for this lack of confidence. If property portals are reporting a rise in asking prices this has no bearing on activity and no bearing on actual selling prices.
'However, if we take Brexit out of the equation altogether, all the signs are very good for the property market. Interest rates are historically low, employment is very strong, wages are rising faster than price inflation and house prices are stable. If it wasn't for the utter incompetence of Parliament, the property market would be roaring away.
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'If we ever do get a Brexit, and this is still not a given, we will certainly get a Brexit bounce.'
Nick Leeming, chairman of Jackson-Stops, said: 'Buyers, particularly those in the family homes market, have become frustrated at the lack of new homes coming to market.
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'This greater competition has resulted in upward pressure on prices, so it is perhaps not surprising to see the data showing a greater monthly price increase.'
A recent RICS survey said demand was falling but 15% more respondents forecasted a rise in house prices over the next year, the strongest reading since August 2018.
The average asking price on a home is now £305,449, still 0.1% lower than a year ago and in Norfolk, £252,192.
A Rightmove report stated family homes with three and four bedroom properties, but excluding four bedroom detached homes, are currently holding their value particularly well. These properties are coming to the market at asking prices 0.7% on average higher than a year ago.