House asking prices slashed at high rate in north Norfolk

Nearly a quarter (19pc) of homes on the market in north Norfolk saw asking price reductions of more than 5pc over the past 90 days, making it the area with the second highest proportion of major price drops in the UK, according to the property website Zoopla.

The only place with a higher figure was Thanet, in Kent, where 21pc of properties on the market saw asking price reductions of more than 5pc over the same period.

READ MORE: North Norfolk has nation's highest proportion of home ownership

And while there is a trend of sellers dropping prices the UK, Clive Hedges, Arnolds Keys coastal branch manager, said such a high proportion could signal sellers are being given bad advice.

Clive Hedges, from estate agency Arnolds Keys, said sellers need informed advice to get asking prices right (Image: Arnolds Keys)

He said: “Less experienced agents that don’t have decades of experience will have only operated in a market that’s rising.

“That could lead them to set the price too high to begin with.

“It’s not an easy conversation to have, telling a seller the value of their home isn’t as high as it was a year ago, so you’ll always get those vendors that say let’s try it at that higher price.

“The problem with that is that you risk the property on the market for so long it goes stale, which will make it much harder to sell.”

Property values are also dropping elsewhere in the county.

House prices in Great Yarmouth have fallen at one of the highest rates in the UK (Image: Liz Coates)

Homes in Great Yarmouth reduced in value by an average of £7,336 (3.5pc) between April and May this year, and an average of £7,450 (2.2pc) in Broadland district during the same period.

Mr Hedges said: "It’s going to be good news for first-time buyers who are trying hard to enter the market and for those moving upmarket, but not such good news for people downsizing.

"That's because a 5pc reduction on a £500,000 property is more than a 5pc reduction on a £300,000 property."