House Prices starting to slump in Norfolk

January 31, 2019

Slump is quite an aggressive word to describe house prices as it will bring fear to many and joy for others – downward trends though seem to be now hitting Norfolk following a recent report shared on the Eastern Daily Press Property website reported today. The figures over the last six months have caused these headlines.

Zoopla is referred to in the report in that there has been a 1% drop in values of property over the last six months within the county of Norfolk in East Anglia. A bull market run saw prices rise 28% over the last five years on somewhat no foundations many will say so a fall and a continued fall of values is in no way a surprise is it?

“This comes as no surprise as the shock-wave of London price falls will continue to ripple across the country and those regions which had a never ending price hike of recent years will see that the foundations in place are non-existent and they can easily fall back what they have gained. If we add the uncertainly of Brexit which will continue after any kind of deal or no deal come March 29th 2019 and increasing landlords ditching / reducing their property portfolios along with negative property news and increasing listings per estate agent will mean one thing for sure, a bull run will change to a bear one and drops could be steep. Buyers are now in control, a position they have not been in for years, they can afford to wait, they will be looked after by the estate agent as they wish to claim sales, they can tempt sellers with offers and they know that if an offer is not accepted, there is likely a long list of sellers waiting to say yes.” Christopher Walkey – Founder of Estate Agent Networking

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

You May Also Enjoy

Breaking News

Mortgage completions surged 50 per cent in March amid race to avoid higher stamp duty

March saw highest volume of mortgage completions recorded since September 2021 Homebuyers report now needing an additional £13,530 on top of the property price to cover taxes and fees Three in four have seen housing costs rise, up £126 on average per month Renters’ confidence in their ability to purchase a property within five years…
Read More →
Estate Agent Talk

How Technology is Changing the Prime Property Viewing Experience

The world of luxury real estate has always been about delivering a premium, personal experience. But in today’s rapidly evolving digital landscape, even the most traditional sectors are being reshaped by technology—and prime property viewings are no exception. From augmented reality to AI-driven virtual tours, the way buyers interact with high-end properties has changed dramatically.…
Read More →
Love or Hate Rightmove
Breaking News

Average two-year fixed mortgage rate for 60% LTV now cheaper than five-year rate

The average two-year fixed mortgage rate for those with a 40% deposit (60% LTV) is now cheaper than the average five-year fixed equivalent, the first time this has happened since the mini-Budget The average two-year fixed, 60% LTV mortgage rate is now 4.18%, while the five-year equivalent is 4.19% The gap between average two-year fixed…
Read More →
Overseas Property

How UK Property Investors Can Manage Exchange Rate Risk When Buying Off-Plan Overseas

Off-plan purchases are especially common in developing overseas property markets with a high proportion of international investors. In these less mature markets, a significant share of stock is sold directly by developers, making off-plan transactions a natural sales model. These opportunities appeal to international buyers because they typically require less upfront cash due to extended…
Read More →
Breaking News

Foxtons Lettings Market Index – March 2025

London rental market gains momentum as new rental listings surge, Foxtons data shows   March saw a 14% increase in new rental listings across London compared to February Applicant registrations rose by 11% month-on-month in March. Year on year, demand was stable, tracking just 2% below March 2024 levels The average rent in March stood…
Read More →
Breaking News

UK’s mid-market firms show improved business growth in March but economic uncertainty continues

Key findings: NatWest’s Mid-market Growth Tracker shows improved business growth in March, led by a strong service sector performance SMEs register a softer decline in output levels during March Market conditions remain challenging and we could see continued challenges in the coming months   Mid-market businesses continued to outperform the wider UK economy in March,…
Read More →