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Norfolk buyers & sellers spring to action early in 2022

Is this the beginning of a better supply and demand balance for Norfolk property in 2022?

It’s not just the weather warming up unseasonably early in 2022, as Sowerbys Estate Agents witnesses a surge in activity for Norfolk property.

The number of requests for a property valuation in January doubled compared to the same month last year.

The Norfolk Property specialist says the hive of activity has come unseasonably early and could mean a more balanced market for the year ahead.

It comes as the demand for property nationwide soared by 49% in January; the biggest new year bounce for five years according to the latest market report from Zoopla.

The report also found a 7.3% price increase in the East of England.

Will Lightfoot, Sowerbys Sales Director said: “The surge in activity this January has been substantial. Usually we see an increase in property coming to market in Spring – this year that spike has come sooner.

“Those looking to sell in 2022 are keen to get in early. The number of homes coming to market with Sowerbys in January is 55% up on January last year – and 2021 was a record year.”

At the same time viewings with Sowerbys were up 35% in January 2022 compared to the same period in 2021.

Will added: “We talked a lot about demand outweighing supply over the past year to 18 months. That certainly is still an issue, as reflected in national market reports for the beginning of the year.

“But the rise in requests for valuations early in 2022 is a strong indication of a better balance of stock to come as we head into Spring.

“Smart vendors are looking to beat the rush, maximising their chance of a quick sale, securing a desirable sale price, and putting themselves in the best possible position when they find a property; to  already be ‘sale agreed’ is a strong position when bidding in the current market.

“There is no denying it has been an extremely fast-paced world for anyone involved in buying and selling over the past year or two and I understand that can be unnerving looking in.

“But be reassured, anyone thinking of selling should not hesitate to reach out to one of our nine branches across the county. We have a team of property specialists who are not only knowledgeable and passionate in their field, but understand how stressful moving home can be. We will work at your pace.”

Will said those trading up the ladder, particularly selling three-bedroom homes, are in a strong position.

Demand for three bedroom properties outside of London is four times higher than the five-year average, according to the Zoopla report.

The increase in the number of homes coming to market is also good news for first-time buyers who will have more choice as stock grows.

Will concluded: “This puts Norfolk home-owners in an enviable position; many people continue to search for space in the countryside following the pandemic, while the easing of restrictions and need for an easy commute back to cities including the capital bolsters our county as a desirable place to live.”