Thursday, Nov 16, 2006

First penthouse sold in Norwich for 1 million - more to follow

Norwich Evening News: Coming soon: Average house price for Norwich 1m

The average house price in Norwich will reach the 1 million mark in just 16 years' time. Two months ago the first 1 million penthouse was sold in the city and snapped up by a mystery buyer.However, according to one of the country's biggest building societies, such seven-figure deals will become the norm in Norwich by 2022, two years ahead of the majority of the United Kingdom.

Posted by jellycaster @ 05:31 PM (574 views)
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1. Bootstrap said...

Presumeably the average wage in Norwich by 2022 will be 285,000, going on a traditional 3.5 x earnings.

Thursday, November 16, 2006 05:36PM Report Comment

2. 0079 said...

I live in Norwich and this is rubbish.. I have also heard that this ''mysterious'' buyer who paid 1 million for a penthouse was actually the developers. Why anyone would pay 1million for a penthouse next door to Morrisons, Woolworths and the Football Ground is beyond me.

Thursday, November 16, 2006 06:04PM Report Comment

3. sovietuk said...

East Anglia, global warming, flooding of low lying areas, average house price 1m in East Anglia ???????????????

Thursday, November 16, 2006 06:15PM Report Comment

4. denzil said...

The article starts with:
"The average house price in Norwich will reach the 1 million mark in just 16 years' time."

That's the point where I stopped reading. Jellycaster any chance of posting a few more decent reports not the likes of the Cheshire gazette and Norwich cronicle?

Thursday, November 16, 2006 06:46PM Report Comment

5. Lawrence said...

What a load of rubbish. I don't believe any of that. Typical for a building society to come up with such trollope.

Thursday, November 16, 2006 08:54PM Report Comment

6. Bilko said...

There is so much rubbish written about the housing market but this takes the biscuit. I live just outside Norwich and houses around me are not selling, especially at 220K plus and many haven't increased in price even though they've been on and off the market over the last 18 months. In the City itself there seems to be an abundance of properties for let (although I have to admit that I can only go on what I see). This seems like yet another attempt to keep the BTL market going and although I'm a home owner I'd like to see some sort of correction. I know this doesn't seem like a sensible statement but I'd like to buy a bigger place but the step in cost to the next house is quite ridiculous and I'm not prepared to give some Money Institution the benefit of me taking out an additional 80-100k's worth of borrowing just for a couple of extra rooms. I know it's far worse for first-time buyers but it's naive to believe that the ridiculous cost of housing only affects them.

Thursday, November 16, 2006 09:30PM Report Comment

7. nearly30 said...

Norwich chronicle???

Sure the value isn't measured in turnips???

1 million turnips - now that's a bargin!

Thursday, November 16, 2006 11:12PM Report Comment

8. indiablue19 said...

Anybody who can predict what will happen in the next 16 years should have been able to tell us what was going to happen from 1990 to 2006 and take all the guess work out of property investment. Well, so much for that theory I guess.

Thursday, November 16, 2006 11:26PM Report Comment

9. Surfgatinho said...


Friday, November 17, 2006 09:49AM Report Comment

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