South Norfolk Breaks House Price Record
- House prices in the Norfolk are 3.8% higher than one year before.
- House prices in the South Norfolk district are at their highest ever.
- New builds are up 18% and pre-existing homes are up 3% YoY.
- Land Registry data shows sales volume is still well below normal levels.
- Property prices in Norfolk peaked in the winter of '22/'23 and will likely break records this spring/summer.
- South Norfolk is now the most expensive district to buy a home in Norfolk. Great Yarmouth remains the cheapest.
- Broadland has the lowest crime rate.
- South Norfolk has the greatest 10-year property price growth. Year-on-year, it's South Norfolk and Broadlands.
- Across the East of England, house prices are expected to increase 11% over the 5 years to 2029 (Savills).
Are house prices going up in Norfolk?
Average house prices across Norfolk have risen 3.8% since the same time last year, falling behind England and Wales, at 6.6% house price growth in the same period.
Average house prices in Norfolk peaked in September 2022 at £280,227 and are now just 2% under that peak. We expect homes in Norfolk to reach their most expensive prices yet, later this year.
Slowest January for Norfolk property sales since 2010
January saw just 724 property sales across the region; 11% down on 2024 and 40% down on 2014. Monthly property sales in Norfolk haven't been this low since Lockdown, and the two winters following the 2008 credit crunch.
We expect spring data to show the market picking up again since the base rate falls in February and May, but rising inflation and changes to Stamp Duty Land Tax will continue to affect affordability and limit movement in the property market.
Will there be a UK recession in 2025?
The Quarterly Economic Forecast (QEF) predicts the UK economy will grow by 1.3% in 2025 and 1.5% in 2026. Source: British Chambers of Commerce (BCC).
This, however, is well below the pre-pandemic average. NEISR estimate that Britain's poorest households will not recover fully until 2027.
How does the Bank of England affect the Norfolk Housing Market?
Borrowing has been returning to a more affordable level, albeit slowly. The May cut to 4.25% means that Mortgage rates are lower already, and the base rate is likely to fall further in August following our predicted energy price drops.
As the market picks up momentum, prices will be driven gently upward, particularly in more affordable areas such as Great Yarmouth and Norwich. Oxford Economics predict the base rate will eventually fall to 2.5% in 2027.
Are you thinking of buying or selling a property in Norfolk?
King's Lynn and West Norfolk has the most active property market YoY
Sales volume across Norfolk is -11% year-on-year (YoY), but the borough of King's Lynn and West Norfolk is going strong, just -1% on the same month last year.
King's Lynn is a market town, once England's most important port. House prices stand at £267,209.
The 11% drop across Norfolk is less extreme than the national average, down by 13% overall.
Broadland is doing the best for sales activity, long-term, only 26% down on 2020. In contrast, Norwich is 47% behind 2020, reflecting the general migration out of all major cities since the pandemic.
Are houses in Norfolk Expensive?
Average property prices in Norfolk vary by district from £210,501 to £321,236.
Average house prices in South Norfolk are highest at £321,236; 17% more expensive than the average for Norfolk (£274,471), and 11% higher than the average for England and Wales (£289,817).
Diss is a market town in South Norfolk, near the border with Suffolk, in the valley of the River Waveney.
Where is the cheapest place to buy in Norfolk?
The most affordable average homes, of every type, are in Great Yarmouth, at £210,501; 23% less expensive than the average home in Norfolk and 27% less than the average across England and Wales.
Great Yarmouth is famous for its sandy beaches, traditional pleasure beach attractions, as well as a rich maritime heritage and historic significance with Roman ruins and well-preserved Victorian herring works. Locals appreciate the low crime rate and the proximity to the Broads National Park, offering opportunities for sailing, canoeing, birdwatching, and walking.
Record high for property prices in South Norfolk
While national average house prices have recovered from their latest dip and are setting new record highs this spring, Norfolk and every district in it are yet to beat their peaks set between September 2022 and January 2023; every district, that is, except South Norfolk.
South Norfolk has the second most expensive detached and semi-detached houses in the county, the third most expensive terraced houses and the fourth most expensive flats and maisonettes.
The rural district has a thriving tourist economy, inviting market towns, historic charm, beautiful walks, and sunny vineyards.
Long-term Norfolk property market investment
South Norfolk also has the strongest 10-year price growth at 57%, followed by Breckland and Great Yarmouth, both at 56%.
Breckland is centred around the five market towns of Attleborough, Dereham, Swaffham, Thetford and Watton. It has pristine rivers with migrating trout, beautiful gorse heath bursting with diverse wildlife, and hosts the Brecks Outdoor Festival in August.
King's Lynn and West Norfolk, and North Norfolk are bang on the average for the county at 52%, just behind the national average of 54%
New homes in Norfolk are now 54% more expensive than existing properties
New houses cost. However, the difference in Norfolk hung around 25-35% for the last ten years, until it hit 39% for the first time in November, followed by 47% in December, and 54% in January, the latest data published by the Land Registry. New homes are now worth half as much as pre-existing homes in Norfolk.
Interestingly, other regions are being affected even harder, with new builds in the North East an eye-watering 118% dearer than existing homes.
The average cost of a new build in Norfolk soared by 18% in 12 months.
This unprecedented increase is likely caused by increased building costs, developers building larger homes for greater profit margins, and the cost premium on new builds.
If you exclude newly-built properties, you can see that price growth on existing properties in Norfolk has been more modest and sustainable. This is great news for hopeful first-time buyers looking to buy a pre-existing home and are still saving for a deposit, as existing property in Norfolk is only 3% higher than 12 months prior, almost in line with general inflation.
What is the safest borough in Norfolk?
Broadland, North Norfolk, and South Norfolk are the safest parts of Norfolk. Norwich has a higher crime rate than the national average, which is typical of a city.
Norwich is the 22nd safest city in the whole of England, Wales, and Northern Ireland, and the city's crime rate has been trending down by 16 points per year over 5 years.
Should I buy a house in Norfolk?
Norfolk is an excellent location to buy a home:
- Unspoiled coastline and sandy beaches.
- Strong sense of community.
- Booming property market.
- Excellent transport links.
- Employment opportunities in the advanced manufacturing and engineering sector.
- The Broads National Park.
- Holkham National Nature Reserve.
- Norfolk Coast National Landscape.
- High-quality local produce and 'foodie' scene.
House prices are ever rising, and the cost of borrowing is likely to fall further in July, as long as energy prices fall this summer. If you can afford to buy before house prices increase further, you'll likely be able to switch to an even more affordable mortgage rate in 2027; by which point the value should have risen a few per cent, and you'll have built equity by making your mortgage payments.
Across the East of England, house prices are expected to increase 11% over the 5 years to 2029 (Savills).
If you are renting and can afford to buy at the current rate of interest, this may be a much more desirable option than saving for a bigger deposit, as rents are still rising, whereas mortgage rates are likely to fall.
However, if you are stretching your budget to buy, consider saving for a bit longer or opting for a more affordable borough. If the base rate rises again, you may be unable to keep up with your monthly repayments when your fixed rate ends.
Worse yet, if prices fall, you could end up in negative equity, owing more money than your home is worth. Buying a home with a mortgage always comes with risks. Your home may be repossessed if you do not keep up repayments on your mortgage.
If you are ready to buy a house in Norfolk or the surrounding area, we can handle your purchase with a dedicated SAM Conveyancing Consultant to manage your transaction alongside one of our hand-selected panel solicitors.
"We're set for a buoyant summer with more homes for sale and more Affordable Mortgages."
- Andrew Boast FMAAT MIC
CEO and Author | SAM Conveyancing
Sources: Latest data from - Gov.UK, Bank of England, UK House Price Index, Savills.
Caragh is an excellent writer and copy editor of books, news articles and editorials. She has written extensively for SAM for a variety of conveyancing, survey, property law and mortgage-related articles.
Andrew started his career in 2000 working within conveyancing solicitor firms and grew hands-on knowledge of a wide variety of conveyancing challenges and solutions. After helping in excess of 50,000 clients in his career, he uses all this experience within his article writing for SAM, mainstream media and his self published book How to Buy a House Without Killing Anyone.
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