House Prices For A New Home In Norfolk
If you are a buyer and looking for a new home, Norfolk has seen property prices fluctuate over the past year since February 2010.
Depending upon the type of new home in Norfolk people are looking for, the biggest price decrease in the area are detached homes with a drop of 5% over the past year. Semi-detached new homes for sale in Norfolk have seen a very slight decrease of 1% while terraced houses have seen no change in price at all.
The decreases would indicate that there are fewer buyers on the market than previously and sellers are having to drop their prices slightly to sell, and also combined with the longer time that it is taking for these types of properties to sell.
Terraced properties have always been a popular choice and suit both families and single or two people households. The fact that prices have remained stagnant for terraced housing indicates that buyers are willing to pay the asking prices and prices have not decreased overall. It could also indicate that people, where they can, are selling up and downsizing their house as they are worried about the current economy. The largest increase is flats, with an increase of a huge 25% in price. It is interesting to see that there is an increase in the volume of flats on the market by approximately 45%. This would indicate that there is still a very high demand for flats over the last year and therefore sellers can take advantage of this by maintaining price levels or increasing prices to willing buyers.
Four and five bedroom new homes in Norfolk have decreased in value, and this is worsened by the fact that there were 43% more four bedroom homes on the market than a year ago, and 31% more properties with five bedrooms than a year ago. Sellers may be doing either of two things, staying put until the property market picks up or reducing the asking price slightly so that they can move.
The property market in Norfolk is not a bright one at the moment. With the average time of a property on the market being nearly a year, things are moving very slowly. Although the property market has slowed in this area, if you are searching for a new home in Norfolk you can still get a bargain.
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