7:00 AM September 24, 2022
New data has revealed the cheapest villages in Norfolk to buy a home – with Tilney St Lawrence taking the top spot.
Estate agent Savills has complied HM Land Registry to reveal the 10 cheapest towns and villages to buy a home, based on data for the 12 months up to May this year.
The village near King’s Lynn is the cheapest with an average sale price of £222,417, with 24 properties sold in this period.
Outwell follows in second place with an average price of £232,361 and 36 properties sold.
Caister-on-Sea is close behind with an average price of £232,567 based on 167 properties sold.
Savills only included villages where more than 20 homes had been sold over the past 12 months to give an accurate representation of average prices.
Ben Rivett, joint head of residential sales at Savills Norfolk, said: “The Norfolk housing market has been incredibly busy over the last 18 months to two years – and the market is still performing well when compared to pre-2019.
“Properties in the most popular areas remain in short supply and high demand, which has inevitably led to upward pressure on prices.
“However, as these figures show, there are also other areas where, relatively speaking, the cost of property is more affordable – yet homeowners can still benefit from being close to the coast or surrounded by countryside.”
The latest data shows a significant change in the cheapest villages from 2021.
Property prices have risen since last year, when Scottow, near Coltishall, topped the list with an average price of £190,391 based on 23 sales.
This is a difference of £32,026 from the cheapest village this year.
While prices have increased, a number of villages on the list remain the same as 2021, such as Tattersett, Watlington, and Belton with Browston.
Mr Rivett warned that while the market has remained strong this year the cost-of-living crisis could soon have an impact on property value.
He added: “Buyers are now a little more conscious when it comes to how much they are willing to spend.
“After more than two years of runaway house price growth, sellers will need to become much more realistic when it comes to pricing their home, especially as more stock comes onto the market.”