13 July 2022
Latest news on the local property market with Jim Pallister
By Jim Pallister, Property Director, Hayes + Storr.
Increased demand for properties in Norfolk since the 2020 pandemic year has led to a shortage of properties. There are simply not enough properties to meet demand and this trend continues to drive house prices up across the county.
Remote working during the pandemic created a surge of demand for rural, coastal properties. The lockdown changed the way some people work and made them re-consider their lifestyle and where they wanted live. Flexible working provided a new opportunity for people all over the UK to swap the commute for the countryside.
Most residential sales in Norfolk last year were detached properties, selling for an average price of £407,469. Semi-detached properties averaged at £259,063 and terraced properties sold for an average price of £221,234.
Given low levels of stock, buyers are being more flexible about the type of property they will consider. Bungalows and modern houses are being purchased by people who were originally looking for old cottages. Diversification is key, and can even be less problematic and more beneficial in the long-term.
With demand for property so far in excess of supply in the area, we predict that property prices across the county will continue to remain strong.
For further information, please contact Jim Pallister in the residential property team on 01263 712835 or email firstname.lastname@example.org.
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.