Are we feeling the London ripple effect yet, asks Tim Hayward

Written by Tim Hayward.

We all know that the middle of 2007 was when the property market in theUKreached its height followed by a dramatic fall in 2008 of between 20pc and 30pc pretty much across the board.

Most people are also aware that 2009 property prices inNorfolk&Suffolkmade a tentative recovery bringing it in line today with house prices similar to 2005/2006.

The fact that the property prices inLondonhave been rising much faster than anywhere else may also be well known to most people but you maybe surprised to hear by what degree.

TheLondonmarket forged ahead from 2009 pushed on by international demand from buyers across the globe wishing to put their money into a safe haven.

In the primeLondonmarket prices are now far beyond those achieved at the top of the 2007 market.

In high primeLondonareas like Kensington and Chelsea prices rose in 2012 by 15.9pc with super prime property reaching an eye watering £6,000 per sq ft (a one bedroom apartment at £6,750,000) at One Hyde Park.

Across the wider London market prices have began to level off and transaction levels have fallen away fairly sharply with the number of sales in 2012 in London of properties between £2 and £2.5 million down by over 25pc compared to 2011.

What has this to do with prices inEast Anglia? “

The Ripple Effect of prices increases inLondonhas not filtered out beyond the Home Counties over the last few years as it had done before.

With such a disproportionate price gap now between London and, for example, East Anglian property I believe it will not be long  before sellers in London looking to move to the country will want to capitalise on that yawning price gap.

It seems like an opportunity to good too miss.

At Jackson-Stops & Staff inNorfolkwe sell about 60pc of our property to buyers from outside of the county and we look forward to seeing these buyers filtering out from ourLondonoffices this spring.

We would be happy to help you put your property in front of that market.  

You can contact Tim Hayward at Jackson-Stops & Staff in Norwich or his business partner Nigel Steele on 01603 612333.

This entry was posted in General Property, Norfolk. Bookmark the permalink.

Leave a Reply