Wymondham house prices jump
WYMONDHAM has seen the biggest jump in average houses prices in the country, it was revealed this week.After months of uncertainty in the housing market, new research has shown that it is slowly starting to recover and that the biggest price rise, by almost 8pc, can be found in Wymondham.
WYMONDHAM has seen the biggest jump in average houses prices in the country, it was revealed this week.
After months of uncertainty in the housing market, new research has shown that it is slowly starting to recover and that the biggest price rise, by almost 8pc, can be found in Wymondham.
The town has seen the biggest jump in average house prices in the first half of this year, up 7.65pc, to �193,715, and housing experts, using figures collated by the Halifax, have put this down to a fall in unemployment in the county, coupled with a boost to people's disposable income which has given them enough stability to buy a new house.
Investment and property prices have also been driven up by regeneration of the town centre.
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Richard Bacon, MP for south Norfolk, said good travel links were a big draw for commuters with the ability reach any part of the county in a matter of minutes.
He added: 'At the end of the day prices are subject to two things and they are supply and demand. It's also the case that when prices were falling, a lot of people were hopping out of the market and the volume of houses fell significantly.
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'It sounds like a boom figure to me but it's important not to take just one figure; we have to know how many properties were sold.'
He added: 'Having said all that, Wymondham is a great place with a lot of transport advantages. It's very good for the A11 and for Norwich so it's very easy to get around to a large amount of places.
'It's got a lot going for it and it's an historic market town and the Abbey is one of the best non-cathedrals in the country.'
Mayor Peter Broome told the Mercury: 'It's a very nice market town in close proximity to Norwich, and a good rail link and good link to the A11.
'If you look at new housing with the new development plan that's coming out, they've indicated a number in various parts around Norwich.'
It is expected in the next 20 years there will be more than 2,200 homes built in the town. Between now and 2026 there will be 2,200 new homes planned for Wymondham but this does not include the homes which planning permission has already been granted so there are likely to be at least several hundred more.
However, Norwich estate agents have approached the figure with caution and warned that they are just a snapshot of what is going on in the market.
Simon Arnes, divisional managing director in the east for estate agents William H Brown, said: 'We've seen housing prices increase across certain parts of Norfolk, but they're very much on certain properties.
'The trouble with these sorts of things is that things change. I think probably November last year was the lowest point where prices had dropped as much as 20pc or 30pc compared to where they were in August 2007.
'Right across our market towns we've seen a lot of investors in where houses fell in value last year. But now they're thinking 'what's the point of savings'?
'You're always going to find the towns with rail links and road links will be the areas people look for.'