King's Lynn and West Norfolk house prices rise by over £20,000 since first lockdown
Four areas of the county recorded higher rates of increase than the national average
Last updated 13th May 2021
Since the first lockdown, the average house price King's Lynn and West Norfolk has risen by over £20,000.
According to research by Ascend Properties, costs in the area climbed 9.3% from £216,162 to £236,251 between February 2020 and February 2021, higher than England's average of 8.7%.
The data from HM Land Registry also shows prices in North Norfolk jumped to £282,123 (up by 9.6%), with Great Yarmouth experiencing the same rate of increase to £188,096.
Property prices in South of the county climbed by 9.2%, with the average price tag reaching £290,292.
Average house prices across the rest of the county are as follows:
- Broadland: £284,946 (+8.4%)
- Norwich: £210,793 (+2.8%)
The hike in prices is being put down to the pent-up demand caused by the pandemic and not enough properties being on the market, as well as the stamp duty holiday.
Ged McPartlin, Managing Director of Ascend Properties, said:
"People have been sitting at home thinking 'now is the time for me to look to move' but then you have a wave of people wanting to move and no stock. That naturally pushes prices up.
"It's a tough market out there and people are going to find it difficult. I think you need to decide whether it's your long-term home which you're willing to pay a little bit more for, or if it's a short-term gap then don't look to overpay in this competitive market. "
Today (13 May) marks a year since the property market reopened after grinding to a halt due to the first lockdown, and it has experienced strength after strength ever since.
Mr McPartlin said the market's return to health wasn't expected by many in the industry:
"We're in really good shape, it's recovered incredibly well. A lot of people are really surprised how well it has recovered and the shape it's in currently. It would have taken a very optimistic person, when we went into our first lockdown, to say we would be in the position that we're in now.
"We've got a lot of second-movers but a fair chunk of first-time buyers as well. We're not seeing the affordability issues that we may have thought might be the case for first-time buyers, so it's good to see them still in the market place. It's a full spectrum of people."
Overall, the East of England recorded the second smallest rate of increase in prices across the country (5.5%), with the North West experiencing the highest (12.4%).