It won’t come as a surprise that the recent referendum decision for a Brexit, ground the Norwich housing market to a standstill. BUT… Three weeks on it is a completely different scenario. We are experiencing a far higher level of valuation requests and we are seeing significantly more property coming onto the Norwich property market.
So what will happen moving forward from here? There is indecision on interest rates which we should find out about this-afternoon.
It is anticipated that rates may drop for a short period with the potential of rate increases again later this year. This will have a driving effect on the Norwich property market as we expect that stock levels will still not be replenished fully.
Higher interest rates and higher mortgage payments will push people to locate their ideal home as quickly as possible aiding them to secure the best mortgage deal at the time.
So the general consensus with the referendum behind us is that the property market, certainly locally, will be relatively strong and if you have any further specific questions relating to the Norwich property market, then please do not hesitate to contact us on 01683 67 33 22