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Norfolk property market feels the impact of national demand

The likelihood of securing a buyer is at its highest in a decade...

The time to sell with Sowerbys Norfolk Property Specialist is now – as new data reveals the likelihood of securing a buyer is at its highest point in a decade.

Almost seven in ten homes (68%) across Great Britain have found a buyer in the current market according to new data from Rightmove today (July 30).

It announced its unaudited results for the six months to 30 June 2021.

On average just over half (53%) of properties up for sale nationwide successfully found a buyer between 2012 and early 2020, highlighting the strength of the market over the past 12 months.

The findings are reflective in Norfolk too, with Sowerbys continuing to sell properties for more than expected due to demand outweighing supply.

In July to date 74% of homes sold with Sowerbys achieved the asking price or higher.

This saw clients who sold with Sowerbys benefit from achieving on average £13,000 more than initial asking price.  

Will Lightfoot, Sowerbys’ Group Sales Director, said: “We have 68% less houses for sale now than we did at the same time last year.
“Demand for property in Norfolk has never been higher, the desire and trend to live in a more rural setting and purchasing a property that offers more space is making this Summer Market the most buoyant we have probably ever seen.

“Lack of supply of properties and huge demand makes this the perfect storm for sellers, if you are looking to sell you can expect to achieve a fantastic price for your property.”

According to data from NAEA Propertymark there’s an average of 19 buyers chasing every property on the market in Britain.

Interest for homes for sale with Sowerbys 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.”