New figures from the Office of National Statistics (ONS) have highlighted the areas of the UK where house price growth has been the biggest over the past year. Out of the ten fastest rising districts, North Norfolk came seventh.
This ranking was based on prices rising by more than 13% between 2016 and 2017. This meant that the average price of a house rose from £227,473 to £259,580.
Other locations on the list included the Orkney Islands, which came top of the list. Average house prices in the islands went up by an incredible 18.2%. Second place was Cambridge, where house prices rose by 15.7%.
Of course, there were losers as well as winners. In Kensington and Chelsea prices dropped by more than 10%. Guildford also saw house prices drop too.
In general, house prices across the UK increased by 5.2% on average, so it was another good year for the property market in the country.
Also placing in the top 10 of the largest annual growth was Kettering, Forest Heath, Eden and West Dumbartonshire. In the bottom 10 was Wandsworth, Doncaster and Southwark.
But what does this mean for North Norfolk and property investment here? Well, first off, it’s not news to anyone who has been keeping an eye on the property market in the area over the last few years. North Norfolk has been steadily growing, with more and more investors recognising its potential.
The area has a lot to recommend it, most notably areas of outstanding natural beauty. The Norfolk Broads are just on the doorstep and these kinds of attractions can help boost prices. Likewise, the improved transport links have also proved to be a bonus for people commuting to London. The London in 90 rail link and Northern Distributor Road have helped to improve transport links in the area.
Here at Agile, we have been following the market increases with interest. And we think that it is still a great place to put your money. In fact, take a look at this case study of our Walsingham property investment project. There are still plenty of great opportunities for investment in the area. Get in touch with our team to find out more about what options you have and to discover more reasons why North Norfolk is such an exciting place to invest.
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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