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Have property prices reached their peak in Norfolk?

Homes have sold for £13k above asking price on average in July. 

Homes on the market with Sowerbys Norfolk Property Specialists are continuing to sell for more than expected as demand continues to outweigh supply.
In July to date 74% of Sowerbys’ properties sold achieved the asking price or higher.

It comes as the national percentage of properties sold above asking price hit an all-time high in June for the third consecutive month, at 40%.
That’s according to data from NAEA Propertymark and was a significant increase from 33% in May – also a record high month.

This is despite the phasing out of the stamp duty holiday announced by the Government last year in a bid to boost the housing market because of the pandemic.
While some predictions pointed to house prices falling with the end of the freeze, Norfolk continues to see competitive demand.

So far in July, clients who have sold with Sowerbys have benefitted from achieving on average £13,000 more than people’s initial asking price.

Will Lightfoot, Sowerbys’ Sales Director, said: “With the key incentive and drive to buy from the stamp duty holiday which was phased out on June 30, many people predicted the market would be much quieter.

“However, sales are still as buoyant as ever and the race for space is still very much in play.
“Here in Norfolk we are still experiencing huge demand for properties and unfortunately very little supply to feed it – meaning this is a fantastic time to sell.”

According to Propertymark there’s an average of 19 buyers chasing every property on the market.

The interest is being received for an array of property types with new homes also selling for 2% more than the asking price on average.
Richard Cheal, Sowerbys’ Land and New Homes Manager, said: “We have already seen a 9.9% increase in the average £ per square foot achieved compared to 2020.

“It is staggering to see the demand for new homes continue yet again this month.
“With demand still far outweighing supply, developers building new homes are able to achieve excellent levels of return.

“In a market where there is such a shortage in supply, buying a new home is more attractive than ever for buyers; and, with no upward chain, choosing a new home provides security and removes the stress which chain collapses inevitably create.”