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Norfolk property market unusually strong for August

Properties sold with Sowerbys continue to achieve an average £10,000 above asking price.

Norfolk continues to experience a buoyant property market despite the end of the stamp duty holiday and the beginning of traditionally ‘quiet’ period.

Properties sold with Sowerbys continue to achieve an average £10,000 above asking price.

It comes at a time of year when the market historically slows down.

Nationally the market experienced its first drop in average house price this year in August (0.3%), according to property website Rightmove.

However, Will Lightfoot, Sowerbys Sales Director, said Norfolk has continued to witness demand outweighing supply and properties selling for above average prices.

Will said: "In August to date Sowerbys has continued to witness a buoyant market.

"We have seen a slight drop compared to figures for the previous months, however, properties sold with Sowerbys have still achieved on average ten thousand pounds above asking price.

"When you consider August is typically a quieter month for the market, due to school holidays and vacations, it paints an exceptional picture of how the Norfolk market compares to other parts of the country.”

According to UK Gov house price index for June 2021 (released this week) property prices in the East of England increased 4.5% from May to June.
The average house price in this region in June 2021 was recorded as £327,017 – a 12.1% increase compared to June of the previous year.

Alongside factors such as school holidays slowing the market in August, this year the end of the stamp duty holiday which phased out on June 30, led many to predict the market would be much quieter.

Will added: “People see Norfolk as a great place to live, offering a rural lifestyle close to the fantastic Norfolk coast, while still providing excellent commuter links to cities including a direct train to London.

"This all adds to the appetite many have to live in our wonderful county – something which, with the increase in those working from home, will be as strong as ever moving forward."

Will added: "Looking ahead I don't predict a huge drop in prices over the latter half of the year either; we are still experiencing a great shortage of supply against high levels of interest and fast turn-around when a property comes to market.

"This alludes to strong prospects going into September - a period where we historically see a market which has dropped off, pick up again.

"That being said, I would warn it is important for vendors to consider that where buyers were perhaps more willing to meet extremely inflated prices earlier in the year, the end of the stamp duty holiday will likely have a slight impact on offers received moving forwards.”