King’s Lynn in North West Norfolk has bucked the national trend and seen the largest percentage increase in new listings for properties coming to market during October 2018.
While stock levels have dwindled in more than half of the 100 towns and cities analysed across the UK by online estate agent Housesimple, down by 5.5 per cent across the UK and 6.8 per cent in London, King’s Lynn has bucked the trend with a month-on-month increase of 45.3%.
With Brexit cited as one of the reasons for the current low supply of properties on the market, homeowners and investors should still consider property a good long-term investment, according to the agent’s CEO Sam Mitchell.
Is now a good time to move house?
“It’s not all doom and gloom,” comments Mitchell, “and people do still need to move for a multitude of reasons. Life has to go on, and anyone who is committed to moving shouldn’t let the economic and market conditions dictate their decision-making.
“Most people buy a house as a home and plan to live there for many years, rather than speculating and hoping to make a profit. The past 20 years, prices growth has been extraordinary, and a lot of homeowners have a decent level of equity in their homes.
“If moving at the moment means you make slightly less on your property than you might have 12 months ago, it will be worth it if you find a house you could live in for the next 10-20 years. And it’s worth remembering, if your property has fallen in value, then it’s likely the one you’re hoping to buy has too, which will compensate you for accepting a lower price than you would like.”
King’s Lynn offers property market hotspot
“With a wide range of mortgage and remortgage products available, some of which provide incentives and financial help for buyers, there is still a good appetite from lenders to support home owners and investors,” says NM Finance director Max Mace. “With uncertainty ahead, now is a great time to secure a fixed rate mortgage at a good rate that will enable buyers to invest with confidence.
“With house prices in King’s Lynn still relatively low, the surge in properties coming to market presents an excellent opportunity to purchase in an historic area which has excellent transport links (1hr 40m) to London and a stone’s throw from the Champagne coast. This really is an exciting moment for buyers and investors to capitalise on an area that is attracting growing interest from across the country.”