The latest figures show that the average price for a Detached property in Norwich has now reached £449,189 as of Jul 2024. This value is based upon the average value of completed property transactions in the month of July.
Average prices for a Detached property have increased substantially over the longer term in Norwich. Back in January 1995, prices for this type of property averaged £70,175 based on sales at the time. Fast forward to January 2024, and averages reached £454,313 - representing a growth of 547% over 29 years.
This substantial triple-digit percentage rise in Detached property values far outpaced broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep price inflation seen for Detached homes in Norwich over the past 3 decades.
Our data is sourced directly from HM Land Registry and their UK House Price Index report. This dataset is updated several times a year and we always attempt to have the most up to data information available.
Detached prices in Norwich over the last 12 months
Date
Price
Aug 2023
£468,865
Sep 2023
£472,037
Oct 2023
£465,136
Nov 2023
£472,726
Dec 2023
£457,210
Jan 2024
£454,313
Feb 2024
£439,098
Mar 2024
£444,050
Apr 2024
£439,646
May 2024
£441,716
Jun 2024
£446,004
Jul 2024
£449,189
Recent trends for prices in Norwich
The latest figures from July 2024 indicate the property market in Norwich continues to show rising price trends. Compared to June, 2024, average prices increased by 0.8% to £240,568. On an annual basis, average property prices have increased 1% since 12 months ago.
In terms of sales activity, there were 74 residential property transactions completed in Norwich during July, 2024. Of these purchases, 38 were financed with a mortgage while 19 were all-cash sales. For cash buyers, average prices have changed by 0.8% since June, 2024, coming in at around £232,957. For properties purchased with a mortgage, the average price changed by 0.8% since June, 2024, to £244,446.
Compared to the overall picture in its national parent England, the average property price in Norwich are lower than the current national average of £305,879. While Norwich saw a change of 0.8% over the last month, England as a whole recorded a percentage change of 0.2% in average property values. And on an annual basis, prices across England have grown by 1.6%, more than the 1% yearly change seen in Norwich.
Interested in purchasing a property in Norwich? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Norwich by housing type
Prices last recorded in July, 2024
average
£240,568
detached
£449,189
flat
£157,941
semi-detached
£284,285
terraced
£257,958
Prices by housing type in Norwich
Recent data shows that price growth has varied across different property types in Norwich over the last year. For terraced houses, property prices changed by 0.8% between July 2024 and June 2024 to reach £257,958, and changed by 1.8% over the last 12 months. The annual change was greater than the 1.8% change seen for terraced homes in England overall.
Meanwhile, semi-detached properties saw a rise in average prices locally, taking them to £284,285 in June 2024. This represents a 0.8% change from the same month last year.This is underperforming the 2.2% annual change in semi-detached values across the country.
Detached homes in Norwich gained 0.7% month-over-month to reach an average of £449,189. Annually, detached property values have changed by 0.2%. This is weaker price growth compared to England's 1.6% change for detached houses over the year.
For apartments and flats, average prices increased by 0.8% between July and June 2024, hitting £157,941. Over the last 12 months, apartment values have changed by -0.2%, lagging England's flat and apartment growth rate of 0.4%.
Overall, terraced properties have seen the strongest price momentum locally over the past year, with a change of 1.8%, while flat properties lagged, with a change of -0.2%.
Recent purchases in Norwich
According to data from HM Land Registry, there were 74 completed property purchases in the area of Norwich in July 2024. Of these sales, 19 were recorded as cash purchases whilst 38 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by 1.1% and the percentage of properties purchased with cash has changed by 0.7%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in norwich.
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