“Property Market Movers” is a series of articles that will focus on the factors that affect the property industry, the way in which these data impact different aspects of the industry, and interesting tidbits that help illuminate different ways of looking at the industry.
In this edition of “Property Market Movers,” we bring the Norwich property market into view. The areas NR2 (green) and NR4 (yellow) are our focus, as they are displaying different pricing trends that caught my eye.
Asking prices in NR2 have been steadily increasing, as shown by the blue line on the chart below. Meanwhile, asking prices in NR4 have been remaining relatively consistent, if a little volatile at times.
The sold prices in both areas have increased over the past two years, but the majority of the increases for NR4 (orange line below) were in Q4 2014, whereas NR2 has been increasing steadily throughout the time period. Note the large drops in sold prices in both areas in Q3 2015—this is likely due to the type of units being sold at that time.
Using the scatter plot tool in the REalyse platform, we can see that NR4 and NR2 are relatively popular areas, as the ratio of sold prices to asking prices puts them in a much more popular category. People seem to be willing to pay a far higher proportion of the asking price in these areas than in other areas.
For those looking to make property investments in Norwich, these may be two areas to watch and conduct further analysis on.
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Images taken from the REalyse platform.
'REalyse (Treex Ltd) does not provide any form of investment advice or property advice or any other regulated function. Note that any information or opinions, presented or referred to in this article are for information purposes only. Any actions taken by a reader are done entirely at their own discretion, you are responsible for your own investment decisions and hold Treex Ltd harmless from the results of any such decisions'. Whilst every effort has been made to ensure the accuracy of the information herein some inaccuracies may remain.'