House prices have fallen for the first time in a decade, according to Halifax.

Across the UK, house prices fell by 1pc on average, marking the first annual decline since December 2012.

But estate agents in Norfolk are confident the market is still strong with the east of England showing only a 0.2pc drop.

Dereham Times: Jamie Minors, director of Minors & BradyJamie Minors, director of Minors & Brady (Image: Minors & Brady)

Jamie Minors, managing director at Minors & Brady, said: “Though the annual rate of house price growth is in the red for the first time since 2012, this has a lot to do with the strength of the property market this time last year.

"Post-pandemic we saw house prices increase by 15pc to 20pc, making it very difficult for home buyers to find a good deal on a property but now we have a much more stable market."

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The 0.2pc fall is relatively small compared to other locations in the country, such as a 1.2pc drop in London, 1.6pc in the north east and 2.3pc in Yorkshire and Humberside. 

The average house price in the east of England stands at £240,040, Halifax said. 

According to Rightmove, current average sale prices stand at £224,385 in Great Yarmouth, £300,117 in Norwich, £320,386 around the Norfolk coast and £249,001 in Thetford.

Dereham Times: Ben Rivett, joint head of residential sales at SavillsBen Rivett, joint head of residential sales at Savills (Image: Savills)

Ben Rivett, joint head of residential sales at Savills in Norfolk, added: “The housing market in Norfolk is still strong – but some buyers understandably remain cautious and have altered their budgets in line with the higher interest rates and the increase in the cost of living.

"It’s important to remember that we are coming off the back of two exceptionally strong years – and we have returned to a more traditional and seasonal market.

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"Prices and general levels of activity still remain higher than they were pre-pandemic. If you’re thinking of selling, then setting a sensible guide price is absolutely critical.

"It’s those homes where the guide price appears to be too expensive which are generating less engagement with buyers.”