Norwich is a property area that’s very much on the up. As hordes of young Londoners find themselves priced out the market, many of them are heading out to our beautiful part of the world to get on the ladder. This is driving up prices in general and making cheaper property harder to come by. However, it’s also making it a great place to invest.
It’s not just first time buyers who are interested though. You get a lot more for your money here in Norfolk. A million pounds might get you a nice town house in London but here you’d be looking at something a little more spacious.
With that in mind, we thought we’d look into what were the most expensive properties bought in the area in 2016?
The top three
The third most expensive was Pophams Farm on Hindolveston Road, Thurning. It sold in December for a whopping £1.5 million. Second, which was also on the Hindolveston Road, was The Old Rectory. The price agreed was £1.76 million and the new owners will hopefully enjoy their new lives in Foulsham.
Top of the list was Saxfield House. Located on Blakeney Short Lane in Saxingham, the home was finally sold in December for £1.8 million. This beautiful stone and red brick house comes with four bedrooms, a drawing room, dining room, kitchen, garden room, utility, two cloakrooms, storage rooms and an attached annexe. As if that wasn’t enough, it also has its own pond if you fancy a paddle.
The best month to sell
December was a good month, with five of the 12 selling then. But perhaps this is an indicator that prices were rising steadily throughout the year. It looks like this trend has continued into 2017, with further increases being encouraging for investors and landlords in the area.
The cheapest property in the city
On the flip side, we don’t know the cost of the cheapest house in the city but the average sale price for 2016 was £223,000. The cheapest part of the city was Old Catton, with an average sale price of around £206,000. Overall, house prices were up 8% on 2015 and 16% on 2014. Proving that it’s not just at the top end where conditions for investing are good.
Here at Agile Property, we know the Norwich property market inside out. So if you have any questions or are considering an investment, then please just get in touch and we’d be more than happy to help.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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