'Power buyers' help pump up north Norfolk housing market to new heights
- Credit: Samantha Withers
House prices in north Norfolk have risen faster than anywhere else in the East of England as 'power buyers' are contributing to an increasingly competitive market.
Although new figures show prices across north Norfolk dropped by 3.4pc in July, the area achieved 15.5pc annual growth - more than the other 49 local authority areas in the east.
Adrian Pointen, director of Holt-based Pointens estate agents, said 'power buyers' - those with cash ready to buy straight away rather than needing to wait on another sale to go through - had been a factor in the strong growth.
Mr Pointen said: "It has helped fuel the market to a level that was unprecedented up until the stamp duty break. There is such a lack of properties coming onto the market in north Norfolk, the demand has been astonishing."
Samantha Withers, director of Coast and Country Estate Agents in Mundesley and Sheringham, said there were people in north Norfolk who sold their homes in 2020, hoping they had found the top of the market, and began renting.
She said: "We've seen an influx of buyers who have sold their property for a very good price last year, have no chain and can complete as soon as the solicitors can get it done.
"We have a few buyers who have been registered for quite a while, who were hoping prices would stabilise, but now they've realised that probably isn't going to happen any time soon, so they're having to bite the bullet and just buy."
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Mr Pointen said the whole of north Norfolk - not just the coast - had seen strong demand.
Mrs Withers added: "People have been looking at areas they wouldn't have considered in the past, including Mundesley and Happisburgh, where you can get a bit more house for your money than elsewhere on the coast."
Although the stamp duty holiday has now come to an end, Mrs Withers said demand was expected to continue from people who wanted to be settled into a new home by Christmas.
North Norfolk's housing price rise is well above the national average of 8pc in the year to July. Norwich saw lowest rise in the East of England over the same period, with just 1.3pc.