A new study of the house prices for all properties sold in the Norfolk area in November 2017 has been released. And, as you might expect, the results are very interesting.
The figures provide an invaluable snapshot of the property market in the region, highlighting the cheapest and most expensive properties on sale. The cheapest sold in the month of November went for £13,400, which was a property in the Sundowner Holiday Park in Hemsby. By contrast, the most expensive property was Ivy Farmhouse in Stanhoe. This three-bedroom barn conversion with original beams and spacious grounds sold for £1.8 million.
The figures were collated by edp24, who have also composed an interactive map of all property sales so that you can get an idea of what has been selling and where. The feature divides property into several price categories, with the bottom being £0 to £100,000 and the top being £500,000 plus.
House prices in both urban and rural areas in the Norfolk region have been increasing year on year now for some time. Despite a downturn in London prices and the insecurity of Brexit, property prices have shown themselves to be pretty resilient. Commercial property continues to thrive, and as we reported recently, this has been in large part due to foreign investment of around £400 million each year.
The scrapping of stamp duty for properties up to £300,000 for first time buyers has also helped to continue the upward curve of property prices in the area. This has saved many first time buyers thousands and forms part of a concerted effort by the government to help first timers get on the property ladder.
Norfolk is also benefiting from the exodus from London, where the extremely high prices of property has forced many young buyers to look elsewhere. Norfolk, with its supply of quality housing stock, urban centre of Norwich, lower prices and good transport links to London, has proved to be a popular destination. With average property prices in the area of £244,363 it is easy to see why this can appeal to Londoners who are paying double that amount for similar properties.
If you would like to know more about the property prices in the area, or would simply like to discuss investment opportunities, then get in touch with a member of our Agile team. As experts in the Norwich and Norfolk property markets, we’re always happy to share knowledge and ideas.
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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