With the Governor of the Bank of England asserting house prices may fall by a third in the event of a ‘no deal’ Brexit, how does property across Norfolk stack up as an investment asset?
According to the latest edition of the Knight Frank Luxury Investment Index (KFLII), in the year to June, works of art saw the biggest increase in value over the last year, up 25%, followed by fine wine, up 7% and classic cars, up 6%. The stock market rose too, while the value of prime residential real estate and gold fell. Annual house price growth across Norfolk was 3.4% in the year to July, putting it ahead of assets such as jewellery – coloured diamonds and watches – as well as gold and the FTSE 100.
Over five years too, a house in Norfolk has proved a quality asset, average prices having risen by 36%, proving a better investment choice than the FTSE 100, watches, jewellery, stamps, and gold.
However, fine wine and classic cars top the investment league for those with money to invest. Coincidentally a 1962 Ferrari 250 GTO became the most expensive car ever sold at auction when it sold for $43.4 million (£32.9 million) this summer, while a 1947 Château Cheval Blanc is deemed to be the most expensive single bottle of wine ever sold, selling in 2010 for $304,375, the equivalent of £231,000; just above the current average sale price for a property in Norfolk (£223,611).