Seaside town housing survey shows price of homes rising rapidly
PUBLISHED: 15:16 20 April 2018 | UPDATED: 12:05 21 April 2018
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The results of a housing survey have revealed that there has been a significant increase in property prices in one of Norfolk’s most popular seaside towns while wages have stagnated.
The research was conducted by the community-led housing provider Homes for Wells, which distributed a survey to every household and business in Wells.
The results found that in the period between December 2017 and February 2018, the average house price in the town was £456,071, nearly double the average cost of a property in North Norfolk where the average price was £287,081 in the same period.
The figure is more than double the average house price in the county of Norfolk, where properties sell for an average of £216,174.
A previous survey by Homes for Wells was conducted in 2011 and the results showed that in the first three months of that year the average price was £294,568. This means that prices have increased by 54.8pc in just five years.
In the previous five year period, ranging between 2006 and 2011, there was an increase of just 15pc.
A spokesperson for Wells Town Council said the results of the survey illustrate just how difficult it is for local families and individuals to continue living in the town and called it “a situation that is repeated all along the coast”.
The difficulty in meeting demand for homes in Wells is often blamed on the number of properties being purchased as second homes or holiday homes and the council tax register shows that the percentage of these homes has increased from 22.1pc to 31pc. A figure that Homes for Wells says potentially jeopardises the town’s ability to sustain local services.
The results of the survey also show that there is an “immediate need for 33 more dwellings”, particularly for three bedroom family homes.
Homes for Wells say that they aim to meet these needs by developing sites over the next five years.
The town council spokesperson added: “The town council fully supports the work of Homes for Wells and has offered to help them secure their objectives in any way they can.
“However, ultimately, it is only central government that make any significant impact by limiting the number of second homes in any community to a sustainable level.”