House prices shoot up in the north and south of the county
PUBLISHED: 09:36 22 August 2018 | UPDATED: 16:05 22 August 2018
The latest house price data shows homes rose in value by 4.5 per cent and 4.4 per cent in South and North Norfolk respectively - the highest rise by far across the whole of the county.
If you live in the north or south of the county, your house went up in value more than anywhere else in Norfolk in June, new figures show.
House prices shot up by 4.5 per cent in South Norfolk and 4.4 per cent in North Norfolk in June, contributing to a 10 per cent overall rise and an 11.3 per cent rise over the last year, respectively.
Overall, house prices went up in Norfolk by just 0.9 per cent in June, contributing to a 5.4 rise over the last 12 months.
The latest data from the Office of National Statistics shows that the average property in Norfolk sold for £224,841 - slightly under the UK average of £228,384. However, homeowners will have seen their properties go up in value by around £62,000 over the past five years.
In Suffolk, house prices went up slightly more, by 1.1 per cent in June, contributing to a 4 per cent rise over the last 12 months. The average property in the area sold for £241,982 - above the UK average with houses worth around £69,000 more over the past five years.
Between May last year and April this year, the most recent 12 months for which sales volume data is available, 16,265 homes were sold in Norfolk, 1 per cent fewer than in the previous year compared with 12,698 homes sold in Suffolk, equating to 2 per cent fewer than in the previous year.
In London house prices fell at their fastest pace since 2009, but the capital still had the highest values in the country in June where, in Kensington and Chelsea properties sold for an average of £1.15 million - 14 times the cost of a home in Burnley, where the average property cost £81,352.
The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.