Happy New Year to you all! We hope you enjoyed some treasured time with family and friends. January is custom to a surge of new property coming to the market with some home sellers holding out until after Christmas. That was no different this year with the phone ringing throughout our first day back and customers visiting us in our Drayton office.
We have conducted a record number of valuations in January, as we have visited our customers we are being asked if Brexit is having an effect on the housing marking. We thought we’d take this opportunity to let you know how the local housing market is doing. There is no doubt some people have held off moving home waiting to see what happens at the Houses of Parliament. However, the market remains strong and buoyant with people wanting to get on the property ladder for the first time, families upsizing and probate properties coming to the market. Certainly in our local area last year we were very busy week to week and we didn’t feel it slow until just a few days before we closed for Christmas.
What about the house prices? We keep reading about the housing market being slow...but let me tell you this; if you’re a homeowner in Norfolk house prices have increased significantly. According to the Office of National Statistics on average house prices in Norfolk have risen by just over £60,000 in the last 5 years. Now if this were a slow market I’d love to know what a boom would look like! I hear what you’re saying...that’s the last 5 years, what about now? So here it is; last year Norfolk house prices rose by 5.7%. Those are good numbers and there is a good reason the house prices are remaining strong; that is the simple economic theory of supply and demand. We are currently experiencing a housing shortage and whilst there is little supply the demand and prices will remain strong even in this uncertain time.
Here are some of our highlights from 2018; we registered 990 house hunters, conducted 1093 viewings, valued 265 properties, listed 100 homes, sold a lot of property, appeared on BBC 1, did a silly little Christmas jingle, and made a lot of friends! From the bottom of our hearts we thank you for supporting William’s Way a local family run Estate Agent! In 2019 we look forward to making more friends and bringing you much of the same.