House prices in Norfolk increase by up to 70pc

The Office for National Statistics has revealed which parts of Norfolk are the most- and the least- affordable

ABOVE: Matt Jones

[This article was originally written for and published by the Eastern Daily Press.]

New data has revealed that Norfolk house prices have increased by as much as 70pc in some areas since the start of the pandemic.

North Norfolk saw the largest increase in property prices, rising from an average of £259,950 to £285,000 (10pc).

Meanwhile Norfolk as a whole had an increase of 9pc across the county, according to latest figures from the Office of National Statistics. 

At the other end of the scale, South Norfolk and Great Yarmouth’s property prices rose by only 6pc. This is lower than the average rate of price inflation across all of England and Wales, which clocks in at 11pc.

Great Yarmouth’s average house prices rose by only 6pc [credit: Eastern Daily Press © 2014]

Victoria Reek, Haart area partner representing Greater Norwich, said the majority of offers for properties they were dealing with were coming in above the asking price.

The estate agent recalled one open event for a property on Coronation Close in Happisburgh to which 12 potential buyers turned up – and eight of them were from outside of the area.

Ms Reek says this is due to “not enough supply to meet the demand.”

She said it’s not uncommon for people to make offers prior to viewing properties, adding: “There’s not enough property coming to the market. We’ve got three launch days this Saturday and we’ve got 12 viewings and a reserve list for each of those.”

Though the cost of a home is increasing, the number of actual house sales has decreased in all areas of the country.

The average decrease for England and Wales since March 2020 is at 15pc. Regionally, South Norfolk has seen the most change, with a fall of 20pc in the number of property sales.

Of the 10 most affordable neighbourhoods in the county, nine were in Great Yarmouth, including in areas such as Nelson, Central and Northgate, and Claydon. The cheapest house prices are found in Nelson, where the average is just £81,000.

Some of the most expensive areas to live in Norfolk include Burnham Market & Docking with an average house price of £586,025, and Brancaster, £542,500. However, the neighbourhood which comes out on top is Great Witchingham, where the price is a whopping £600,000.

Peter Bulman, the Broadland District councillor for Great Witchingham, was shocked to hear the new figure, saying he “would not have expected” for the average house price to be so high.

When asked why Great Witchingham is so appealing to buyers, Mr Bulman said: “It’s got reasonable transport links to Norwich, it’s not too far from the coast, and it has a lovely countryside. There are also attractions like the Dinosaur Park.”

The councillor also noted that the villages around the area are highly attractive and named Weston Longville as a particularly ‘lovely’ place.

The other neighbourhoods topping the list are the University area in Norwich and St. Margaret’s with St. Nicholas in King’s Lynn, both with a 68pc increase over the last 18 months. Elsewhere, Acle has decreased in price by 30pc, and Walsingham has had a drop of 28pc.

Coming out on top is Dereham Neatherd, which has had the largest increase in property prices with a 74pc increase since March 2020.

Alison Webb, executive member for housing for Dereham Central East and Dereham Neatherd [credit: Keith Mindham Photography]

Alison Webb, executive member for housing for Dereham Central East and Dereham Neatherd, said she was surprised to hear how much the area’s value has gone up, and thinks that the pandemic has had a direct impact.

She added: “It’s more than I would have thought, however, with Covid there were quite a few people looking at the way they live their life.”

Mrs Webb said working from home was also a factor with people choosing to live in more remote places.

Among Dereham Neatherd’s attractions, the councillor lists “good links to Norwich, family friendly activities such as the sports centre, the swimming pools” as well as good schools as reasons why interest in the area has increased.

[This article was originally written for and published by the Eastern Daily Press.]

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s