How Norfolk is Set to Fair In Post Brexit Britain
Since Britain voted to leave the EU at the end of June, all eyes have been on the UK’s property market. Before the referendum, experts predicted property prices could plummet in the wake of a vote to leave. And though some prices did dip in the days following the result, on the whole, the market shows no signs of slowing and buyers across the country are still keen to grab themselves a great property deal.
The story in the UK’s regions is even brighter, with many buyers looking outside the capital when investing their cash in bricks and mortar. The East of England in particular is set to benefit from a strong increase in property prices, with people looking further afield to get more for their money. So how exactly will Norfolk fair in post Brexit Britain, and what could the evolving market mean for your next home purchase?
Growth of the regions
London has dominated the UK’s property market for years. Prices in the capital have been going up at an incredible rate and investors from around the world have been piling their money into London’s properties. However, in the wake of the Brexit vote, London was one of the first places to experience a property slow down. In August, The Independent was reporting that London properties were taking an average of five days longer to sell and many experts are predicting house prices in the capital could begin to level out in 2017.
This uncertainty, combined with the high cost of London property, has prompted hundreds of buyers to look beyond the capital. As a result, house prices in the East of England have grown faster than almost anywhere else in the country, with the average up 13.3% in just a year according to the Telegraph.
As well as offering more affordable properties, Norfolk is home to a fantastic choice of vibrant towns and cities and countless picturesque villages and coastal communities. Families are drawn to the area by its great schools and open countryside, retirees love Norfolk for the peace and quiet it offers and young people are finding the county offers more and more exciting work opportunities as well as fast train links to London and the surrounding area.
In the wake of the Brexit vote, it’s likely that increasing numbers of businesses will relocate to Norfolk and other regions in the East of England in an attempt to cut costs and increase productivity. This will have an impact on house prices, with increased demand pushing up the value of homes in the area.
Despite the predictions of uncertainty and economic gloom, so far the Norfolk property market seems to be holding strong. If you’re thinking about selling your home, or if you want to buy a property in the area, get in touch with us today to find out more.« Back to Latest Monthly News