Search

Average house in Norfolk now worth £143,867 as property transactions triple

10:13 17 April 2012

The average home in Norfolk is now worth £143,867, according to latest figures from the Land Registry.

The average home in Norfolk is now worth £143,867, according to latest figures from the Land Registry.

Archant

Almost three times as many properties are changing hands in Norfolk as at the height of the recession, boosting hopes the market is coming back to life – but house prices have risen by barely £100 over the last year.

The average property in the county is now worth £143,867, according to the Land Registry – the second highest figure since March 2011. Last month, the average was £150 higher, at £144,017.

In December – the last month for which figures are available – there were 1,180 property transactions in Norfolk.

In January 2009, as the slump put the brakes on markets with a double whammy of falling prices and harder to obtain mortgages, there were just 451 transactions, a 10-year low for Norfolk.

Government figures set to be released later today are expected to show a fragile recovery in the market nationally.

An EDP straw poll of estate agents across the county last night confirmed that the housing market is beginning to move again – even if values have increased by barely £100 over the course of a year. Clive Hedges, partner at Keys estate agents, which has branches across north Norfolk, said: “There is a noticeable increase in people wanting to view properties in north Norfolk and an increase in actual sales compared to this time last year. The signs are in place of a recovery in the market, but we remain cautious.”

Paul Richardson, valuer at the Fakenham office of Belton Duffey, said: “We have definitely seen a significant improvement since the start of the new year.

“There has been a real upsurge in offers and interest in viewings. Most enquiries are for properties under £250,000, but they are also starting to trickle through to the higher end as well.”

Mr Hedges added: “New houses coming to the market always attract interest and the demand is strong across the sectors. However, the retirement and second-home sectors are prominent again.

“Getting mortgages is still an area of difficulty. There are good mortgage products out there and a good broker can source them, but the lending criteria is strict and a number of young people in this area do not earn sufficient income to satisfy these criteria.”

Neil Parsons, managing director of Dereham-based Parsons Estate Agents, said: “I think it’s the more expensive end of the market that’s recovered more, but the end of the market that normally sells to first-time buyers is more difficult.

“It’s still difficult for first-time buyers to save enough money for a deposit because of the banks’ unwillingness to lend unless they have substantial deposits.”

Aidan Branch, director of South Norfolk and North Suffolk-based agents Durrants, added: “As a company Durrants have had their best January in terms of property sales for four years.

“We are not getting carried away with this, but it is encouraging that sellers and buyers are once again showing confidence in the market.”

Nick Eley, chairman of the Norwich and District Association of estate agents, said: “The market is more buoyant and more competitive, but it’s not necessarily pushing asking prices up.”

While average property prices in Norfolk have reached £143,8677 – against a national average of £161,558 – the average detached property is worth £213,327, the average semi £135,685, the average terrace £108,313 and the average flat or maisonette £85,881.

Last April, prices stood at £213,223, £135,619, £108,260 and £85,139 respectively. That means properties have some way to climb before they reach the record highs of November 2007 – £244,688, £155,633, £124,236 and £97,703, with an average of £165,017.

But over the last 10 years, bricks and mortar have been a good investment despite the slump. For 10 years ago, prices stood at £137,069, £87,182, £69,594 and £54,731, with an average of £92,439.

Related articles

2 comments

  • What is a property defined as in this article? Are we talking about an average 3-bed house because if this takes into account any habitable building, which I assume it does, then of course the figures will appear low. I just bought an ex-council semi in Poringland for £157,000 and it was marketed at £169,000. Everyone knows that living in Great Yarmouth is ridiculously cheaper than living in or near to Norwich, so average figures are not really of much use to people.

    Report this comment

    Eye of Providence

    Tuesday, April 17, 2012

  • If you haven't over-borrowed to buy a house now not worth what you paid, then rising house prices are bad news and a blight on the country. The free-for-all and borrowing encouraged by Gordon Brown has raised personal debt to staggering levels, and in many ways has reduced the amount of housing available to "ordinary people". There is not really a great advantage, except to a few people, in having house prices ramp up again. Over-valued house bubbles are as bad and dangerous as share bubbles ( a la 1929).

    Report this comment

    T Doff

    Tuesday, April 17, 2012

The views expressed in the above comments do not necessarily reflect the views of this site

Other News

Yesterday, 16:44
Norwich Crown Court. Photo: Adrian Judd.

The jury hearing the trial of two men accused of being involved in an attack on another man, who was slashed in the face and neck, have been sent home for the night and are due to continue with their deliberations tomorrow.

Yesterday, 14:13
Connor Barrett.

A woman told a jury how she desperately tried to help a young man she found lying in a pool a blood, after being stabbed at her son’s 21st birthday party.

Yesterday, 16:40
Grey Seals on the beach at Horsey.
October 2014

Picture: James Bass

Happily basking on Horsey beach, some seal pups will be growing fast over the coming months.

Yesterday, 13:37
(L TO R) Rachel De Souza, Bill Holledge - Headteacher, Dr Liz Sidwell  - Schools Commissioner and Theodoe Agnew - Academy Sponsor.

 Picture: James Bass

The chief executive of a Norfolk academy chain at the centre of allegations about school inspection tip-offs has broken her silence in a letter to staff that strongly denies the claims.

Most read

Yesterday, 14:13
Connor Barrett.

A woman told a jury how she desperately tried to help a young man she found lying in a pool a blood, after being stabbed at her son’s 21st birthday party.

Read more
Yesterday, 13:05
Police were called to Arundel Road in Great Yarmouth.

Police and fire crews were called after car crashed into two parked vehicles in Great Yarmouth.

Read more
Yesterday, 09:53
Perenco's current offices in Thamesfield Way, Great Yarmouth.

 Picture: James Bass

A major offshore firm is moving its UK headquarters out of Great Yarmouth relocating to Norwich.

Read more
Tue, 16:49
Connor Barrett.

Two teenagers carried out a “fatal joint attack with knives on an unarmed young man”, a court heard.

Read more
Yesterday, 16:44
Norwich Crown Court. Photo: Adrian Judd.

The jury hearing the trial of two men accused of being involved in an attack on another man, who was slashed in the face and neck, have been sent home for the night and are due to continue with their deliberations tomorrow.

Read more

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 14°C

min temp: 13°C

Digital Edition

Image
Read the Great Yarmouth Mercury e-edition today E-edition