How much have house prices risen in Norwich over the last year?
PUBLISHED: 11:48 30 April 2018 | UPDATED: 19:52 30 April 2018
House prices in Norwich have risen by 1.7pc in February according to the latest data from the Office for National Statistics.
February’s price rise contributed to an increase of 5.4pc in Norwich over the last year, with the average home in the city selling for £203,146.
Across the East of England, property prices rose by 4pc in the last 12 months, while the rest of the UK saw the average property value increase by 4.4pc.
Taken from the ONS House Price Index, the data is compiled using house sale information from the Land Registry and the equivalent bodies in Scotland and Northern Ireland.
The figures showed that Norwich’s average homeowner will have seen their property value increase by around £60,000 in the last five years.
Also that buyers who made their first step onto the property ladder in Norwich in February spent an average of £183,872 - about £54,000 more than it would have cost them five years ago.
Lawrence Bowles, associate director of the research team at Savills estate agents, said: “Generally, we are seeing somewhat slower growth than we have been previously.
“Despite much stronger consumer confidence in the spending power of the pound, last month we saw the 12th consecutive month of lower buyer enquiries, and seventh of sales enquiries.”
He added: “The ongoing Brexit negotiations form a big part of that, but it is also related to the signs from the Bank of England that we are likely to see base rates increase, and the knock-on effect that will have on the mortgage rates.”
Between January and December 2017, a total of 2,177 homes were sold in Norwich, which was 3pc fewer than in the previous year.
The highest house prices in the country in February were found in Kensington and Chelsea, where properties sold for an average of £1,209,606 - almost six times the price in Norwich.