Asking prices for homes in Norwich have risen by almost 12% in the last 12-months, placing the city seventh in the UK’s top-ten of asking price increases.
According to the latest data from Rightmove, average house prices across the UK have hit record highs, with average asking prices for homes in Norwich up by 11.8% since April 2021, to £275,505.
Average property prices across the whole of the East of England are also up – by 8.5% according to the UK House price Index published by Zoopla.
“The residential property market continues to be challenged by a mismatch in supply of new listings and buyer demand,” says Stuart Whaley, Director of Index East Anglia, the region’s leading provider of conveyancing searches and reports, technology and compliance to the property industry.
“Across East Anglia, the property market continues to be pretty buoyant, but it’s impossible to predict if this will continue over the summer or the rest of this year,” he adds. “Everyone is grappling with rising cost of living, which in turn means less cash in pockets, and of course climbing interest rates too – will people really want to move house and take-on a new mortgage at a higher interest rate than they have on the present home? Time will tell.
“Whether current levels continue or not, conveyancers are very busy, and more than ever need reliable systems and support to guarantee a speedy, efficient, compliant completion on every house purchase and sale – and the solution lies in proven, robust technology.”
With offices in Norfolk and Ipswich, Index East Anglia has a reputation as a dynamic provider of conveyancing solutions from its help for the region’s conveyancers and property professionals:
“We are focused on reducing risk, maximising compliance, and increasing speed and efficiency on every process and transaction through our market-leading service and technology,” Stuart explains.
“We recently added best-in-class, fast, remote, Safe Harbour compliant and CMS-integrated client onboarding to our comprehensive service portfolio for property professionals, through a new strategic partnership with Minerva.
“Our strategy is to build brilliant partnerships that provide law firms and property professionals with everything they need to run their business effectively, efficiently, and compliantly, and the collaboration with Minerva typifies this.
“The award-winning, intelligent, cloud-based, client onboarding solution connects law firms with clients with an easy-to-use solution that delivers real business benefits. This revolutionises the experience for all parties,” explains Stuart, “via a customisable flexible, online quoting tool and fully integrated, digital onboarding tool, which make it a quick and easy, end-to-end solution for a brilliant client experience.”
Index East Anglia is the number one provider of conveyancing searches, reports and workflow solutions in East Anglia, providing conveyancing searches, reports and property transaction solutions to East Anglia’s local and regional property industry. With its regional offices in Snettisham (Norfolk) and Ipswich, Index East Anglia’s property search portfolio spans environmental risk factors, utility and telecommunications reports. It works closely with the region’s Local Authorities, Law Societies, commercial and residential property lawyers and conveyancing solicitors.
For more information about Index East Anglia: www.indexpi.co.uk/offices-east-anglia/, email: eastanglia@indexpi.co.uk, or call:01485 524320.
- Zoopla UK House Price Index published May 2022, using data for March to April 2022
- Rightmove House Price Index, using data for April 2022
