House prices across the UK have been on the up for the last several years. Following the market crash in 2008-09 there has been a sustained period of growth across the board. However, it’s also true that some areas have seen bigger rises than others.
So the question for anyone thinking of investing in the Norfolk and Norwich area is, how does it compare to other destinations across the country?
Average house prices in the UK
The overall average house price in Norfolk is £231,887 according to Rightmove.co.uk. There are some slight fluctuations according to the type of property on offer. For example, a terraced house will set you back an average of £177,730 whereas a semi-detached is £202,459.
Compared to our nearest neighbours we are slightly lower. In Suffolk the overall average was £250,527 and Cambridgeshire was £282,517. So, it would seem that Norfolk offers good value for money.
The area as a whole is slightly more expensive than Norwich, which comes in at an overall average of £224,290. This is largely due to the more upmarket property on offer in North Norfolk, which drags up the averages in the region.
In London, the prices are astronomical, with the overall average being around £585,516, with even a flat pushing an average of half a million.
Returns on investment
However, these numbers don’t tell the whole story. House prices in London are stabilising and even falling over the last six months. But those in other areas, including Norwich and Norfolk are continuing to rise. The last two years have both seen 8% rises. This is in large part due to the surrounding areas catching up as many London buyers are forced to look elsewhere.
Getting a mortgage
In North Norfolk, the average household income needed in order to snap up an averagely priced house is around £54,000. While this is higher than the rest of the UK at £26,444, it is significantly less than in London, where you’ll need around twice that and a bit more for an average flat.
What this means for investors is that prices are low and mortgages more attainable in Norfolk than in London. And while cheaper property might be available elsewhere, the return on your investment in the area is hard to rival across the UK.
If you’d like to know more about investing in the Norfolk and Norwich area, then please get in touch with a member of the Agile team. We’re more than happy to provide more information about investing in the area.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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