The average house price in Norfolk is up 10.28% on last year despite inhibiting factors such as Brexit and Stamp Duty, according to the UK House Price Index for July 2016.
This week, the Office for National Statistics released their UK House Price Index for July 2016 which calculates monthly house price inflation using data from the Land Registry.
The latest figures show that average house prices in Norfolk have increased by 3.57% over the last two months, which has taken prices from £200,818 in May this year to £207,988 in July, which is just £9,012 below the UK average figure of £217,000.
Similarly, in North Norfolk average prices were seen to grow by 3.84% between May and July of this year, while in Norwich they changed by 2.88%.
The continued growth into July suggests that the Norfolk housing market has shown some signs of resilience after April’s Stamp Duty increase and June’s EU referendum, despite experts thinking that the market would crash.
Lois de Soissons, Head of Residential at Savills Norwich, commented: “Where there has been growth in Norfolk it has been in lower value properties, particularly in urban markets, however this has not been reflective in higher value properties and country markets where prices are much more subdued.
“Realistic pricing is what is needed in order to sell properties across the county.”
Over the last year, average prices in Norfolk have increased by 10.28%, 7.73% in Norwich and 11.09% in North Norfolk.
East England was found to have the strongest annual growth with average prices in the region rising by 13.2% in the year to July this year, taking them from £160,000 in January 2004 to £274,000 in July 2016.
By contrast, the region with the lowest average house price is the North East, where the cost is £130,000, which is nearly half the average house price in the East.