RICS market surveys are sought for both commercial and residential property investors. Property surveys and valuations provide key insight for buyers about the condition of the homes or offices they want to purchase. This allows them to determine the right price to offer and prepares them for any repairs they may have to undertake or hold the owner to. Wise investors will ensure that they have these surveys completed before completing on a purchase.
All buyers and sellers across the UK face the same economic downturn in 2023, which does impact the buying and selling of property. However, Norfolk has some unique features that allow it to be more resilient than many other areas. Again, RICS accredited and regulated surveys are essential.
Norfolk County’s Residential Real Estate Trends
As mentioned, the UK property market is facing a downturn in 2023, after three relatively good years. The price of houses showed an increase of 23%, which amounts to an average of £55,000 during this period. Current predictions expect house prices to fall by eight percent, taking the market back to mid-2022, with some gains lost. In general, the housing market is affected by higher rates on mortgages, increases in unemployment, living cost surges, and less help to buy for first-time homeowners.
While Norfolk faces many of the same conditions, estate agents remain optimistic. Demand continues to outweigh supply. The buy-to-holiday has ended, along with fixed rates, which could increase the number of sellers. There is a trend where landlords are disinvesting, bringing more homes to the table. Agents are encouraging potential buyers to go for a property they like as the demand is higher than supply and a specific property may not stay on the market for long.
The Appeal of Norfolk
A key reason for buying or selling a home is to adapt to changing lifestyle needs, for example, requiring a bigger home as the size of the family increases. Norfolk has widespread appeal, being an ideal location for retirees to enjoy their golden years or for younger people working from home who find Norfolk’s coastline and slow pace of life attractive. Prices of homes are still competitive, and it is possible to find value for money. With a direct rail link to and from London, many employees seek to move from the frenetic life of the capital to a quieter home. There has been no slowing down of the number of people who continue to find working from home the preferred option since the pandemic.
The Importance of a Survey
Getting an RICS accredited home survey remains vital, even with demand in Norfolk exceeding the supply of homes. Once the sale has gone through, the new owner may be stuck with structural defects, damp, and other problems. This leaves the buyer facing additional, unforeseen costs. Buyers can learn more about surveys here. The two main options to consider are the RICS Home Survey Level 2 Homebuyers Report and the RICS Home Survey Level 3 Building Survey.
Getting an RICS survey is crucial to the buyer’s peace of mind for anyone considering a move to Norfolk.