Norwich has among the UK’s highest value city homes
The Norfolk city came eighth in new data from Rightmove, with asking prices rising 11.8 per cent over the last year, more than many other cities across the country.
Currently, the average house price in Norwich is £275,505.
Bath was the top city price hot spot, with asking prices jumping 15 per cent, while Truro, in Cornwall, was second city price hotspot, at 14.8 per cent.
Southend-on-Sea, the country’s newest city after being granted city status earlier this year, was third with a rise of 13.4 per cent in annual asking prices.
Many of the top asking price hotspots are in or close to some of the past year’s most popular coastal and countryside areas, highlighting the balance many buyers are looking to find between being near to work and city amenities, and having more space.
Across the top 10 city hotpots, the average increase in asking prices is 12.6 per cent, outpacing the current national average of 9.9 per cent.
One of the reasons behind the significant rise in prices is the mismatch of supply and demand, where over the last year, the number of buyers enquiring to move to many cities has outweighed the homes available.
Due to the imbalance between supply and demand, there is high competition between buyers for the homes available.
Glasgow is the most competitive city to buy a home, measured by number of people enquiring about each available property, followed by Stirling and Sheffield.
Tim Bannister, Rightmove’s director of property data, says: “Since the pandemic started, we’ve been tracking interesting changes in buyers’ relationship with cities.
“In the first stages of the pandemic, we saw the popularity of some major cities like London temporarily drop as more people looked for more space.
“However, for other cities, which perhaps have easier access to the coast and countryside, we saw demand really soar when the market reopened in 2020.”