Search

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

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

Other news

11:36

A Member of the European Parliament was in Fakenham on Friday to warn of the impact that leaving the European Union could have on jobs related to horse racing.

11:03

Ten schools in Norfolk accounted for more than a third of all permanent exclusions made in the county last year.

Yesterday, 15:02

It is tough, it is muddy, and it is designed for only the brave to take on.

Yesterday, 13:57

Police are investigating reports of ill treatment or neglect of residents at a mid Norfolk care home, which announced its closure on Thursday.

Most Read

11:36

A Member of the European Parliament was in Fakenham on Friday to warn of the impact that leaving the European Union could have on jobs related to horse racing.

Read more
European Union
Yesterday, 13:57

Police are investigating reports of ill treatment or neglect of residents at a mid Norfolk care home, which announced its closure on Thursday.

Read more
Care Quality Commission
11:03

Ten schools in Norfolk accounted for more than a third of all permanent exclusions made in the county last year.

Read more
Thu, 18:12

A mid-Norfolk care home has announced its closure ahead of the publication of a damning report into its failing standards of care.

Read more
Care Quality Commission
Fri, 15:06

Public outcry over plans to sell a popular car park has convinced at least one councillor that the proposal may be misguided.

Read more
Judy Oliver

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 11°C

min temp: 9°C

Show Job Lists

Digital Edition

Image
Read the Fakenham and Wells Times e-edition today E-edition

Newsletter Sign Up

Sign up to receive our regular email newsletter