RESIDENTIAL MARKET STRENGTH CONTINUES INTO 2007

Many factors contribute to the performance of the residential property market in Norwich and the surrounding areas and even more factors contribute to the performance of individual estate agents who operate within the business.

2006 was a good year for the property market and an even better year for the Arnolds Residential Agency team at offices in Norwich city centre, Eaton and Wroxham, where sales increased by between 15% and 31%.

Particularly rewarding was the fact that in a measured period over the last 12 months, 100% of clients rated the quality of service provided by Arnolds Residential offices as either good or very good. It is our objective to provide excellent service to our clients and to consistently fulfil this is a great achievement for Arnolds.

Looking forward to the remainder of 2007, initial signs are very encouraging. The busy pre-Christmas activity levels were the most unusual for the time of year, and this enthusiasm has spilled over into the New Year despite two increases in mortgage interest rates. The result is a shortage of property in the market, which has caused competitive interest in a number of properties offered by Arnolds in early 2007.

Although interest rates have increased, they remain below the level of recent house price increases and therefore property continues to show real returns. Put another way, house owners are being paid to live in their own homes!

If interest rates remain at the present level, the market will prosper and many commentators predict price increases at a rate of between 5% and 8% throughout 2007. The fact is that Norwich and the surrounding area is a very pleasant place to live, with a dynamic city at its heart as well as the Broads and the Norfolk coastline to enjoy. There is also low unemployment and in the longer term, the East of England Regional Assembly will be looking for another 33,000 jobs in the Norwich area and 31,000 extra houses by 2021. This will cause increased growth, increased interest in property and enhanced property prices. As a result, not only are we enjoying a prosperous property climate at the moment, but the future also has a rosy glow.

If you are considering putting your property on the market, take advantage of our free professional market appraisal and valuation and find out why the Arnolds service stands out from the crowd.

David Richardson
david.richardson@arnolds.uk.com
April 2007

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