What is going on with property in North Norfolk?

[DiamondRBD]

I've just visited North Norfolk on holiday (Holme) and I've been to the area a number of times before. It seemed to me that every other house had a for sale sign up outside! I'm presuming most of these properties must be second homes/holiday lets? Has never felt like this when we've been there before. This is just out of interest really - I wondered why so many people are selling up at once? Is it the council tax on second homes? Less people wanting to holiday in the UK meaning holiday lets sitting empty? Does anyone have any local knowledge?

That part of north Norfolk is somewhat vulnerable to rising sea levels due to climate change, isn't it? It is also bloody cold in winter.

I was camping at West Runton a few months ago between Sheringham and Cromer - we looked at property and didn't think there was much for sale at all. Preferred Sheringham tbh.

Council tax increases, increasing H&S requirements, DAC7 regulations along with oversupply and over optimistic expectations of income from people who bought rental property during COVID.
It's across the country but particularly noticeable in some coastal places.

@larkstar where we were further north the property is really expensive and there were SO many properties for sale. Lovely 4 bedroom houses for 750k-1 million. It got me thinking that the pool of people to buy them as second homes must be pretty small and there can't be that many people wanting a rental property there in the summer!

Per Otta Property ( ottaproperty.co.uk/trends ), prices for detached homes in the NR postcode (a very wide area!) are down 8.5% from their peak in 2022.

I heard that if second homes are on the market there is some kind of council tax reduction. Probably that.

I think it might just be the realisation that values are likley to continue to slump so better to try and capitalise now before it gets worse..

Oh wow, so maybe lots of them are speculatively on for a reduction in council tax/to see if they can get an offer? When I was looking at what seems to be the main agent round there I was thinking that anyone who actually wanted to sell their house would need to accept a drop in price of 100k!

We know the area around Burnham Market well and take an interest in what’s for sale. Plenty have been on the market for a year and some even longer.

Can you please let me know the best villages and small towns around Burnham Market as we are thinking of relocating there (looking at a few different areas but this is one) in retirement with budget up to £2m. We want a nice period property set in its own land - not a huge massive cold house but a nice size 4 to 5 bed with outbuildings etc for visiting family...

You will get better value in North and South Creake than in Burnham Market which is very expensive. However they can all be quiet in winter. Wells Next the Sea and Holt are both lovely with a more permanent population, Wells has a great arts centre. Talk to Sowerbys who are local estate agents and I’m sure would give you some good advice. I’d spend a few days during the winter anywhere you are thinking seriously about, there is a very different feel. Some streets in the popular tourist areas are mostly second/ holiday homes so you won’t have neighbours. Most villages don’t have gas so you are stuck with oil unless you go for a new house which will have a heat pump. Hope that helps.

Lots of people bought second homes (large ones) and used them as holiday lets. Then in 2021 there was a boom in UK holiday bookings, so loads of people invested thinking it would be a good idea…and so builders built even more large houses.

Except, you only need so many holiday lets in one area. Unless you had a good ‘niche’ and/or loyal customers pre-Covid, buying a holiday lets/second home post Covid just bankrupted you. That’s why so many are on the market. That and the second home tax.

@PoodlenotDoodle for £2m you can get a good 4/5 bed detached in BM. The reason the Creakes is cheaper is because most houses are on the busy road and, tbh, there’s sod all to do there! Our second home is around that area, and it’s a lovely place 😊Back of Foundry Meadows is always a good option - particularly if it’s tucked away from the road. Avoid the estate on the south of BM - overpriced and not particularly nice in my opinion. Brancaster Staithe is also nice, but all the decent houses are either on the main road (with sea views) or away from the main road but no sea views, and £2M won’t get you away from the road and sea views. Sadly.

How about further down in the Broads - which are the best parts for a permanent home in the £2m price bracket?

@PoodlenotDoodle I don't tend to go further south than Holt so I can't really help! But Burnham Market, Blakeney and Brancaster are all really lovely 😊

Any thoughts from any others on here about best villages in the Broads would be most appreciated - places to focus on and ones to avoid! 🙏

and also, where to look in the Broads (as we will consider this area as well as around Burnham Market etc) that is outside of the flood risk area

Slightly off tangent. Not sure if the EA Longsons covers your area of interest but I can thoroughly recommend viewing the video tours from Gary that are available on most of their listings.

I haven't been to this area for many years but I imagine it's similar to other pretty, coastal area, especially those where the council have increased CT for second home owners.
A lot of people rushed in to buy during 2020-22, over leveraged themselves and now can't afford their bills or aren't making the income they anticipated, I expect a lot of them will be asking for unrealistic prices too and will be chasing the market down.

whilst the property is being marketed for sale you will not pay the premium rate applied to second homes, you will only pay the normal rate
That is however restricted to a max of 12 months - I have not looked up if the clock is reset if you take off the market and then relist

How Council Tax works: Second homes and empty properties - GOV.UK