House prices in Norfolk appear to be slowing for the first time in months – according to data released by Rightmove.
The property website revealed that prices in the East of England were down 0.2pc compared to last month.
However, this was still a rise of 7.5pc when compared to last year, with the average price selling for £392,280.
The news was no surprise to Jan Hytch, residential and operations partner at Norwich-based
Jan Hytch is partner at Arnolds Keys
agent Arnolds Keys, who said that some of the heat was finally leaving the property market.
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She said: “I think we are seeing a natural rebalancing of the market. There’s some sense that everybody who wanted to move during the pandemic has done.
“It was the perfect storm of pent up demand – people didn’t want to move because of the uncertainty around Brexit, so they waited, then there was the pent-up demand from the pandemic, as well as the people who wanted a change in lifestyle because of lockdown.
“But because the market was so hot for those reasons it was always bound to begin to rebalance anyway.
“I think a lot of people are expecting a housing crash, after all the market is a cycle so after a buying bonanza they expect a crash. I don’t think this will necessarily be the case.
“The underlying factors which make for a stable, healthy market are still performing well. There’s still easy access to lending and interest rates are low which works in favour of the buyer. So I don’t think that just because the market is balancing it means there will be a turnaround.”
And houses which do come on the market are still being snapped up with vigour, the data revealed.
The average home in the East of England was sold within just 35 days of being put on the market.
“It is still the case that when you put a house on the market it’s like dropping a steak into a tank of piranhas – you just sit back and watch the phone start ringing and the enquiries piling in,” Ms Hytch said.
“The problem people are having is that they sell so quickly but don’t want to lose their buyer, so they’re having to go into rented accommodation which is also a very busy market.”
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