House prices crept up in Norfolk over the summer - but not as much as in Suffolk
PUBLISHED: 14:12 19 September 2018 | UPDATED: 15:03 20 September 2018
The housing market may be showing signs of a pre-Brexit slowdown but your home still went up in value in Norfolk, and even more so in Suffolk, over the summer, new figures show.
House prices in Norfolk crept up by 0.4 per cent in July, contributing to a 3.4 per cent rise over the last 12 months.
The latest data from the Office of National Statistics shows that the average property in the area sold for £223,611 - slightly under the UK average of £231,422.
And Norfolk fared less favourably than in Suffolk where prices went up by 1.65 per cent in the same period, contributing to a 4.7 per cent rise over the last 12 months.
These figures mean the average homeowner in Norfolk will have seen their house increase in value by around £59,000 and in Suffolk, by around £72,000 over the past five years.
The latest data from the Office of National Statistics shows that the average property in Norfolk sold for £246,256 - above the UK average of £231,422. Across the East of England, property prices have risen by a total of 2.4 per cent in the last year, to £294,603 but the region underperformed compared to the UK as whole which saw the average property value increase by 3.1 per cent.
Between May last year and April this year, the most recent 12 months for which sales volume data is available, 16,414 homes were sold in Norfolk, 1 per cent fewer than in the previous year.
The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry.
The figures also showed that buyers who made their first step onto the property ladder in Norfolk in July spent an average of £185,327 - around £48,000 more than it would have cost them five years ago. First time buyers in Suffolk in July spent an average of £197,516 - around £57,000 more than five years ago.
Lawrence Bowles, associate director of the research team at estate agents Savills, said Brexit was having an impact on the market.
“People are waiting until we have got a clear idea on what Brexit means, before they make a big financial decision like buying a house,” he explained.
“We are also starting to see a reverse ripple effect, which originally only hit London but now house prices in the South East and East of England are slowing as well.
“As house prices in London rose out of reach of many buyers, they looked out to the South East and East where they could get more house for their money.
“Now, house price affordability in those regions has also become stretched.”
Mr Bowles said this had caused buyers to stop commuting to London, and look further afield.
The highest house prices in the country in July were found in Kensington and Chelsea, London, where properties sold for an average of £1.42 million - 17 times the cost of a home in Blaenau Gwent, where the average property cost just £82,298.