Why Invest In Norfolk?
Norfolk is a growing country and with every year that passes Norfolk gets more excellent transport links and its proximity to some of the best countryside and seaside locations in the UK. This has made the county a desirable location for homebuyers and property investors.
The local universities University of East Anglia and Norwich University Of Arts also ensure that that there is an ample supply of students and professionals who choose to stay in Norwich to work.
Norwich is currently one of the fastest growing cities in the UK and this includes population and economy. There are many businesses in tech, finance, law and some well-known business such as Aviva, Marsh and many more. Norwich’s main appeal is that is big enough to have many amenities most people desire such as good schools, restaurants, shopping centers and nightlife. The city is also safer which appeals to many families and as such Norwich regularly scores high for the quality of life in numerous surveys.
As a result of the exciting and varied opportunities in the region, an increasing number of investors are looking to Norfolk as profitable and lucrative investment.
Investment Locations Norfolk
Norwich (City Center & Golden Triangle)
Average House Price: £180,000 – £200,000
The City Center is the perfect location in Norfolk to invest if you are looking to purchase properties to let to professionals working in the city and students living in the Golden triangle. The aptly-named Golden Triangle gets its name as it is a good distance from the university, city center, and local amenities.
Average House Price: £220,000 – £260,000
Districts in the North East of Norfolk include Catton, Old Catton, New Catton, Sprowston and New Sprowston, Heartsease plus Thorpe End and Thorpe St. Andrew.
Due to the opening of the A1270 Broadland Northway Bypass these locations in Norwich now have improved access. This makes this more attractive to live in and for future developers. These areas are also close to the Norfolk Broads and Norfolk coastline and beaches.
Average House Price: £170,000 – £190,00
Districts in the South-east included Lakenham, Old Lakenham and Tuckswood. These locations have good access to the city and good access to the A47 for those who need to commute out of Norwich and property values are increasing in this region.
Average House Price: £200,000 – £380,000
The South West is the location of University of East Anglia, Norfolk and Norwich University Hospital and Norwich Research Park. This area encompasses Mount Pleasant, Earlham, Colney, Eaton and Cringleford. These locations are always popular with students due to easy access to the university.
South West Norwich also appeals to professionals working at the N& N Hospitals and research park making a good location for investment in family homes and professional lets.
Prices in this area are mid-higher tier. Yields in the NR2 and NR4 postcodes are likely to be around 4.2% – 4.7%.
Average House Price: £250,000 – £300,000
This area includes Heigham Grove, Hellesdon, Upper Hellesdon, Costessey, New Costessey, Bowthorpe and the separate settlements of Drayton and Taverham. Bowthorpe Industrial Estate is also located here.
The inner districts further into the villages contain some of Norwich’s most sought after residential locations.
This area may be covered by the NR4, NR5 or NR8 postcodes where yields are 3.8% – 4.7%.
Average House Price: £181,527
Located just 20 miles from Norwich, Great Yarmouth provides investors with plenty of options. Due to attracting large numbers of visitors in the summer, it is also the location of offshore oil, gas and renewable energy companies.
Great Yarmouth has had its economic difficulty but there is new investment in the area, a new leisure centre and water park should attract more holiday makers. And cheap property prices has attracted many looking for cheap buy to lets. If you are looking to invest in Norfolk, Great Yarmouth is a good place to get your feet wet!
Yields here in NR29, NR30 and NR31 range between 4.9% and 5.4%.