Despite whether you voted Leave or Remain, 2016 was a politically tumultuous year for the UK and globally.
Many parts of Norfolk opted to ‘Leave’ the EU, that’s a fact, with Norwich Central voting ‘Remain’.
Everyone has a view on Brexit but instead of politicising the referendum outcome to leave the EU and the subsequent ramifications of Article 50, we thought we’d look at its impact on the property scene in Norwich and around.
You probably love statistics, as do we, so we wanted to share some with you.
These are average property selling prices across Norwich and their annual percentage increases from 2014 to 2016.
Pull up a chair and see what is happening locally.
2014 - the average selling price across our Fine City stood at £192,643, with the majority of sales being terraced properties.
2015 - saw a 7% Norwich leap to £206,128 on average.
2016 - the year of political and economic earthquakes — saw another 7% rise to an average of £220,557.
Now holding a crystal ball up to look at 2017 is not as easy as looking at historical price trends from Land Registry data. There's also the interesting road developments and housing projects with the new NDR, which we refer to here.
But Pure Estate Agency are never one to shirk a challenge so we’ve looked at what has happened to property in the three months since Christmas.
Sellers have very good news, we can report: property prices are still steadily rising and demand for both properties for sale and to let across Norwich remains robust.
Let’s give some firm examples.
A 3 bedroomed semi detached in Thorpe End was added to our site, portals and social media sites on 10.2.17 and sold immediately.
What’s interesting though about this example, picked for this blog post, as it sits round the Norwich average property price, is not only that it sold quickly in post-Brexit times, but its price history.
This property sold last for £172,000 in September 2012.
If we assume an annual price growth of 7% over 4 years that equates to an expected price growth to £220,000.
It sold for more which could signify that the effects of Brexit on the early part of 2017 are having no impact on property prices in Norwich.
If you're curious too about where's best to invest in Norwich, check out our blog post by clicking here.
If you’d like to know how much your Norwich property could yield for sale or to let, contact us now on 01603 618618.