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House prices continue to rise in south Norfolk

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House prices in South Norfolk crept up by 0.7% in May, contributing to a 4.4% 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 £265,358 – significantly higher than the UK average of £229,431.

Across the East of England, property prices have risen by 1.0% in the last year, to £291,239. The region underperformed compared to the UK as a whole, which saw the average property value increase by 1.2%.

House prices have continued to rise in South Norfolk
House prices have continued to rise in South Norfolk

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

The average home-owner in South Norfolk will have seen their property jump in value by around £68,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in South Norfolk in May spent an average of £218,687 – around £55,000 more than it would have cost them five years ago.

Residential research analyst at estate agent Savills, Lawrence Bowles, said: "The average UK house price rose by 1.2% in the year to May 2019, down from 1.5% in the year to April.

"London stands out this month as the nation’s worst performing region: prices there fell 4.4% compared to this time last year. The North East also saw prices fall 0.7% year-on-year, a reversal from annual growth last year of 1.4%.

"In every other region prices increased. The North West saw the strongest annual growth, followed by Wales and Scotland at 2.8%.

"With house prices lower relative to earnings, lower deposit requirements, and strong economic growth prospects, we would expect to see stronger growth in the North, particularly the North West, over the next few years."

Between April last year and March this year, the most recent 12 months for which sales volume data is available, 2,700 homes were sold in South Norfolk , 9.8% fewer than in the previous year.

The highest house prices in the country in May were found in London's Kensington and Chelsea, where properties sold for an average of £1.25 million – 15 times the cost of a home in Burnley, where the average property cost just £86,000.

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