I’ve just done some analysis of the local property market, here in NR31, Gorleston, a big suburb of Great Yarmouth on the east Norfolk coast. So what did I see?
Despite the national news about property selling like hot cakes, demand outstripping supply, we seem to be bucking those trends here at the seaside. How?
There are 233 properties (commercial and residential) for sale in Gorleston – 83 are under offer or sold, 150 (including mine) are unsold.
In the wider area of Great Yarmouth, there are 674 properties with 245 being sold or under offer.
Ok simple maths. Approximately one third of stock for sale is sold, two thirds unsold in each area.
East Anglia, I keep reading, is a boom area. So why are we on the coast missing the sales? Missing the property upturn?
I’ll come to that later.
Let’s look at two beacons, two urban honeypots of East Anglia – Norwich and Cambridge.
Within half a mile of Norwich city centre, over half of the available property (751) is sold (485) – and in Cambridge 600 of the 800 are sold.
So there is a boom – but a bit like the dualling of the Acle Straight, the A47, those figures have yet to be echoed here.
Property prices too are substantially lower here than in Cambridge or Norwich.
There are reasons though – the joy from motorists facing 99p a litre for petrol and diesel has hit employment here – offshore, which has affected the local business and property market. Gorleston and Great Yarmouth don’t have the appeal of Norwich or Cambridge – there’s real signs of upturn in Great Yarmouth’s fortunes and rightly so. Footfall in Market Gates increased by 22% over Christmas. It’s a town with an amazing maritime and architectural history – the residential Royal Naval Hospital is a Georgian gem. The town is full of sumptuous buildings from Northgate Street to South Quay across Marine Parade, but as a place to live it seems to hold less appeal. I like the town alot and could live there.
Same with Gorleston – there’s a real sense of regeneration and renewal yet property sales are sluggish.
So, if you’re reading this in Norwich (where most of my web visitors are based, according to Google analytics) come and have a look at these two towns, their property prices and what stunning beaches and countryside we have.
You might be pleasantly surprised too.
We’re downsizing but we intend staying nearby.