King's Lynn & West Norfolk house prices increased slightly in December
That's according to latest figures
Last updated 28th Feb 2021
House prices increased slightly, by 0.8%, in King's Lynn and West Norfolk in December, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.4% annual growth.
The average King's Lynn and West Norfolk house price in December was £237,037, Land Registry figures show - a 0.8% increase on November.
Over the month, the picture was less good than that across the East of England, where prices increased 2.4%, and King's Lynn and West Norfolk underperformed compared to the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in King's Lynn and West Norfolk rose by £18,000 - putting the area sixth among the East of England’s 50 local authorities for annual growth.
The best annual growth in the region was in Breckland, where property prices increased on average by 10.1%, to £246,000. At the other end of the scale, properties in Harlow lost 1.3% of their value, giving an average price of £271,000.
Winners and Losers
Owners of flats saw the biggest improvement in property prices in King's Lynn and West Norfolk in December - they increased 1%, to £116,202 on average. Over the last year, prices rose by 3.6%.
Among other types of property:
Detached: up 0.9% monthly; up 9.4% annually; £321,147 average
Semi-detached: up 0.6% monthly; up 7.9% annually; £214,890 average
Terraced: up 0.9% monthly; up 8.5% annually; £177,875 average
First steps on the property ladder
First-time buyers in King's Lynn and West Norfolk spent an average of £199,000 on their property - £14,000 more than a year ago, and £43,000 more than in November 2015.
By comparison, former owner-occupiers paid £260,000 on average in December - 30.7% more than first-time buyers.
How do property prices in King's Lynn and West Norfolk compare?
Buyers paid 23.8% less than the average price in the East of England (£311,000) in December for a property in King's Lynn and West Norfolk. Across the East of England, property prices are lower than those across the UK, where the average cost £252,000.
The most expensive properties in the East of England were in St Albans - £530,000 on average, and 2.2 times as much as in King's Lynn and West Norfolk. St Albans properties cost 2.8 times as much as homes in Great Yarmouth (£186,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average December sale price of £1.3 million could buy 13 properties in Burnley (average £98,000).