Coastal property in Norfolk ‘becoming more affordable’

Posted 06/07/2009

The number of people making a property purchase in Norfolk could be set to rise, as affordability has improved along its coastline.

According to research by Halifax, this is because house prices in the region have dropped since 2007, while gross earnings have gone up during this period.

Figures showed that Great Yarmouth is the most affordable seaside town in East Anglia as a whole.

Meanwhile, Hunstanton was said to be the least affordable coastal location in the area.

However, Halifax economist Nitesh Patel stated that coastal properties tend to trade at a premium because they are highly desirable locations.

“Living on the coast has many unique attractions, such as the climate, exceptional quality of life and the landscape,” he commented.

The company added that average house prices in all seaside towns in the UK have gone up by 115 per cent in the last eight years.

This comes after figures from Nationwide showed that property values in Britain went up by nearly one per cent last month.