March 4 2015 Latest news:
Thursday, April 3, 2014
Average East Anglian house prices have soared by 9.5pc in the past year, according to new figures.
The latest property report reveals dramatic rises in particular parts of the region – including a terraced house in the north of Norwich jumping from £110,000 to £145,000 in just six months.
According to the Nationwide house price index, in East Anglia, the average house price was £179,718, a 2.9pc rise over the quarter and a 9.5pc rise on the same time last year.
The figures mean that the region is now less than five per cent below its 2007 high.
Within the last quarter the price growth has slowed, the survey reveals.
It was 0.4pc in March, down from 0.7pc in February and 0.8pc in January. Stephen Pymm, director of Pymm and Co estate agents in Norwich and London, said that they had seen no evidence of house price growth slowing down.
He said: “Locally in Norwich and in the surrounding villages we have seen absolutely no slowdown whatsoever.
“We have seen growth since September to December last year.
“In fact, all we can see is a lack of good stock.”
House prices have grown consistently around East Anglia. In Norfolk, the average house price for the quarter was £187,218, a rise of 6pc over the three months.
Peterborough saw the biggest growth in house prices, at 12pc, with Cambridgeshire and Suffolk average prices rising by 8pc.
Figures released by national estate agency William H Brown last week revealed that Norwich experienced a deluge of new buyers in March, up 32pc on the year before.
According to the agency, eight people chase every new property instruction across Norfolk.
Mr Pymm puts an increase in buying down to low interest rates and people shaking off the effects of the recession.
“It has been six years since the market crash. People want to live their lives and move on,” he said.
Antony Bromley-Martin, manager at Bedford’s Estate Agents in Suffolk and Norfolk, has also seen an improvement in the market.
He said: “What we have found is that activity has, without question, increased.”
However, he believes that the steep levels of growth are not consistent around the county.
He added: “If you look at the Norwich and Cambridge market, prices are going to be higher. There is a distinct lack of houses at the minute, so areas like the Golden Triangle will be the first to rise.
“Normal properties in a rural area are definitely not in a property boom like the figures suggest.” The Nationwide survey revealed that Cambridgeshire was the most expensive place to live in East Anglia in the first quarter of 2014, with the average house price at £229,719.
The average cost of buying a home in Suffolk came in at £199,018.
Peterborough was the most affordable area to set up home in, with an average house price of £172,218
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