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Navigating Norfolk's Property Market: Insights from a RICS Surveyor

Norfolk boasts a beautiful coast, great schools, and picturesque villages and towns. This magnificent county is attracting buyers looking for a great place to retire or to work from home. The lifestyle attracts people who want to explore and enjoy their surroundings and break away from the nine to five crowd. Norfolk’s property market has no shortage of potential buyers, fortunately, this is matched by many sellers wanting to upgrade their lifestyles and find a home with more space for growing families.


Navigating Norfolk Property Market


RICS Survey


When buying property, it is often advisable to have a survey of the property undertaken by a qualified Chartered Surveyor. This will pinpoint any problems, such as structural defects, that will cost you money down the line. You can learn more about why a RICS survey will help you to renegotiate what you are prepared to pay for the property to take into account the repairs you need to make.


Alternatively, you can insist on the seller getting the property into better shape before you take ownership of it. Make sure that when you have a survey done, it is accredited by RICS. This will ensure that the highest standards in the industry are adhered to.


Important surveys that you may want done are the RICS Home Survey Level 2 and the RICS Home Survey Level 3. Additionally, you can request a valuation of the property with either of these reports at an extra cost.


The RICS Home Survey Level 2 will provide you with a Homebuyers Report. Similarly, the RICS Home Survey Level 3 is what was formerly known as a Building Survey. The latter includes all the information that is provided in the former, as well as assessing the energy efficiency of the property, what materials were used in constructing the home and their future performance, and what needs to be repaired versus what the likely consequences are if nothing is done, to name a few. Both surveys will report on dangerous conditions, what needs to be addressed urgently, how to prevent damage worsening, etc.


​Norfolk’s Current Market Status Quo


Property agencies have been experiencing a huge increase in potential buyers for Norfolk properties – up almost 180% compared to the previous twelve months. Actual sales have increased by as much as 130%. Viewings have increased by a third. North Norfolk is the most popular part of the county in terms of available property requests, although many other areas are showing increasing interest.


Villages that can cater to all that a household and population needs while still providing a measure of tranquillity are desirable to many buyers. There is a gap of about 30% between demand (which is high) and supply (which is slowly picking up). Nevertheless, it will take time before supply can fully satisfy the demand for properties to buy in Norfolk.


Brancaster is the ward with the highest-valued nominal sales. On average, properties in this ward were sold for £781,000. Next in line was ‘The Burnhams’ with an average sales price of £721,000.


If you are looking for the perfect stay-at-home or retirement spot, Norfolk is well worth considering.


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