Prices in Norfolk’s prime property market rise 15%

2:17 PM May 6, 2022

Major UK residential markets have seen further growth over the past year, with prices in Norfolk rising nearly 15% in the 12 months to the end of March.

The latest research was released by Savills, and agents say the rises continue to be supported by high levels of buyer demand coupled with low levels of properties for sale.

Analysis shows that in Norfolk, prices at the upper end of the market (defined as the top 5-10% in value) rose 14.5% in the 12 months to the end of March this year . In the first three months of this year, meanwhile, prices rose by 1.7 percent.

The former vicarage, North Runcton, is on the market with Savills for £1.85m
– Credit: Savills

Nationally, prime residential markets recorded 9% annual price growth on the back of 2% quarterly growth.

In the £2m+ market, prices rose 6.7% year-on-year in the East of England, with quarterly growth of 3.6%. Nationally, there were increases of 10.3% and 2% respectively.

Ben Rivett, co-head of residential sales at Savills Norfolk, said: “With the ‘space race’ not yet fully running its course, demand for homes outside of London remains.

Ben Rivett, Co-Head of Residential Sales at Savills in Norfolk, pictured in North Norfolk, UK

Ben Rivett, co-head of residential sales in Savills, Norfolk, has been saving hard for his first home with his wife, Becky
– Credit: Ben Rivett

“The need for greenery clearly continues to be a factor – as evidenced by price increases in the £2m+ market, where best-in-class country homes remain highly sought after.

“There is still a solid core of unmet demand at the high end of the market which, for now, is undeterred by the rising cost of debt, rising cost of living and uncertainty geopolitics triggered by the war in Ukraine.

“Here, equity trumps debt as a source of finance and much higher levels of disposable income mean buyers have been better shielded from macro pressures.”

Natalie Howlett-Clarke, Co-Head of Residential at Savills in Norfolk

Natalie Howlett-Clarke, Co-Head of Residential at Savills in Norfolk
– Credit: Savills

Elsewhere, central London recorded its strongest quarterly price growth in eight years as international shoppers began to re-enter a stock-constrained market that has been largely dominated by domestic shoppers for the past two years.

Prices rose 1.1% in the quarter, leaving them 2.8% higher than a year ago. Although still overtaken by the country, this is the strongest performance since the 2014 stamp duty changes.

Natalie Howlett-Clarke, co-head of residential sales at Savills in Norfolk, added: “With hybrid working models now on board, a dream move into the country is always on the minds of many buyers.

Aerial view of The Old Rectory, North Runcton, which is on sale for £1.85m with Savills

The Old Rectory, North Runcton, is one of Savills’ main residential properties for sale
– Credit: Savills

“However, we are also seeing that many regional cities and towns are showing stronger quarterly price growth, suggesting that proximity to local amenities is becoming a more pressing consideration.

“Looking forward, while the imbalance between supply and demand remains a feature of the market, the lack of suitable inventory should support further price increases. However, this rate of growth is expected to slow as the year progresses. advance given economic concerns.

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