The start of 2017 saw record activity in the London property market, with uncertainty surrounding Brexit, the election and the economy not seeming to deter investors.
In total, according to the Telegraph, there were around £4.9 billion worth of transactions over the course of the first quarter which is the highest since 2014. So the London property boom appears to be far from over. This is despite a slump in the last quarter of 2016 to just £3.2 billion. The market is proving to be very resilient and investment looks set to continue as we go through the year. But for us here in Norwich and the rest of the UK, what does this news mean?
In recent years, there has been an 8% increase year on year in property prices in the area. In large part this has been fuelled by the increasing numbers of young people being forced out of the capital by rising prices.
Getting on the housing ladder in the capital requires a huge deposit and large salary and sees little change from half a million for anything more than a studio flat. For young people with families, this is proving increasingly difficult. So more and more are looking further afield to find a home or a good investment.
This has led to huge surges in towns like Brighton, Oxford and even overlooked seaside resorts such as Margate. The same thing is happening in Norwich. A good housing stock, charming city and improving road and rail links make this an attractive proposition for young buyers. Add in green spaces, good schools and countryside and it’s a big draw.
Fears that a slow down in the London market would be echoed elsewhere around the country appear to have been unfounded and although prices in the capital have levelled off, this increased investment can only be good news for investors in Norwich and the east of England.
Whether this investment will continue to grow in the wake of Article 50 and Brexit is unclear but it seems it is having less of an effect than many predicted.
If you would like to know more about how this news affects investing in Norwich or how the market is likely to move over the coming months and years, get in touch with our experts at Agile. We are more than happy to have a chat about the future of investing in Norwich, after all, it’s what we do.
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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