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How much have house prices risen in Norfolk over the last year?

PUBLISHED: 11:42 30 April 2018 | UPDATED: 11:48 11 May 2018

An estate agent's 'Sold' sign outside a property.  Photo: Chris Ison/PA Wire

An estate agent's 'Sold' sign outside a property. Photo: Chris Ison/PA Wire

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House prices in Norfolk stayed level in February, despite a 5.7pc rise over the last year.

According to the latest figures from the Office for National Statistics (ONS), the average property in the county sold for £222,610, which was just under the UK average of £225,047.

Across the East of England, house prices rose by 4pc in the last 12 months, meaning the region under performed in comparison to the national average, where the increase in house prices was 4.4pc.

This data comes from the ONS House Price Index, which gathers house sale information from the Land Registry and its equivalent bodies in Scotland and Northern Ireland.

The figures found that the average home owner in Norfolk has seen their property increase in value by about £63,000 over the last five years.

Additionally, they also show that buyers who made their first step onto the property ladder in Norfolk in February will have spent an average of £184,929 - around £52,000 more than it would have cost five years ago.

Lawrence Bowles, the associate director of the research team at Savills estate agents, said: “Generally, we are seeing somewhat slower growth than we have been previously.

“Despite much stronger consumer confidence in the spending power of the pound, last month we saw the 12th consecutive month of lower buyer enquiries, and seventh of sales enquiries.

“The ongoing Brexit negotiations form a big part of that, but it is also related to the signs from the Bank of England that we are likely to see the base rates increase, and the knock-on effect that will have on the mortgage rates.”

A total of 16,358 homes were sold in Norfolk between January and December 2017, this was 6pc fewer than in the year before.

The highest house prices seen in the UK in February were found in Kensington and Chelsea, where properties sold for an average of £1,409,606.

Breakdown of price increases across Norfolk:

Waveney prices increased by 1.1pc in February, with a 5.6pc rise over the last year.

• Prices in Breckland declined by 0.5pc in February, despite a 8.4pc increase over the last year.

Broadland homes decreased by 1pc in February, with a 3pc rise over the last 12 months.

• Houses in Great Yarmouth saw an average price increase of 0.7pc in February, with a 7.1pc rise over the last year.

• Prices in King’s Lynn and West Norfolk were down by 0.2pc in February, despite a 6.2pc rise over the previous 12 months.

• In north Norfolk, average cost rose by 0.5pc in February, contributing to a 5.8pc rise in the last year.

Norwich saw a 1.7pc price rise in February with a 5.4pc increase over the last year.

South Norfolk house prices wnt down in February by 0.5pc but witnessed a rise of 4.1pc over the last 12 months.

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