House Prices starting to slump in Norfolk
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