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

Estate Agent Talk

Buying Alone? What Solo Buyers Need to Know Before Making an Offer on a House

Figures show that solo buyers accounted for 36.9% of Barclays’ mortgage completions in June 2026, as more people chose to step onto the property ladder without a partner beside them. Choosing independence over waiting for a joint purchase has doubled over the last 50+ years, with solo first-time buyers doubling from 15% before 1980 to…
Read More →
Estate Agent Talk

How to Make a New-Build Living Room Feel Less Like a Show Home

An empty new-build living room can be surprisingly difficult to furnish. The walls are freshly painted, the sockets are in place, and there is nothing to remove before decorating begins. Yet once the sofa arrives, the room can still feel unsettled: too bare in some places, awkwardly crowded in others. The answer rarely involves buying…
Read More →
Breaking News

Mortgage Borrowing Dip

Key points: Net borrowing of mortgage debt by individuals decreased to £3.9 billion in September, from £4.2 billion in August, below the previous 6-month average of £4.9 billion. Net mortgage approvals for house purchases decreased to 53,400 in September, below an average of around 58,800 over the previous 6-months. Approvals for remortgaging increased to 42,600…
Read More →
Breaking News

Autumn Budget 2026: Property industry reaction

Following today’s Autumn Budget, reaction from property industry experts on six key areas for the property market. First-time buyer support: The £4.7bn Your First Home equity loan scheme, supporting 70,000 buyers, alongside the introduction of a new First Time Buyer ISA. Inflation and borrowing costs: The extension of the fuel duty freeze, household energy support…
Read More →
Breaking News

Can you legally BAN Halloween Trick or Treaters?

People who dread the annual knock of trick-or-treaters may have more power to keep Halloween callers away than they realise. As millions of children prepare to take to the streets on October 31, a property law expert has explained what homeowners can do if they do not want strangers walking up their path or knocking…
Read More →
Estate Agent Talk

What the sector need to do differently to give first time buyers a chance

By Peter Hawley, Director, SOWN (part of LRG) The mortgage and property sector needs to stop assuming that younger buyers are either ready to buy outright or not ready at all. For many, the reality is somewhere in between. They may have stable employment, a deposit and a strong desire to own, but still find…
Read More →