Eastern promise: Why Norwich is attracting all the right attention
As the UK property market gradually turns away from London, largely due to spiralling prices and foreign investment keeping them that way, a number of other destinations are becoming the focus of a lot of attention. Perhaps chief amongst them is Norwich.
The city is home to one of Europe’s leading research centres, with the single site location specialising in the multi-billion dollar food, health and life sciences industries. Norwich Research Park has created more than 12,000 jobs in the city, with a further 5,000 planned for 2021. It is one of the major factors behind the resurgence of the city as a major location for property investment, providing well paid and stable jobs for thousands of people, and many graduates from the city’s two universities.
The city’s transport infrastructure is also undergoing something of an overhaul. With the new London in 90 campaign cutting down train times from nearly two hours to just one and a half, it has become much more attractive to commuters. The Northern Distributor Road has also made the city centre far more accessible by car traffic.
However, this prior inaccessibility has also spared the city from the worst excesses of overdevelopment. The stunning Norfolk Broads are a major attraction, and the North Norfolk Coastline is an Area of Outstanding Natural Beauty. It has also meant that property prices have been kept relatively low, which is something which has become very appealing to investors and people relocating to the city.
Prices in the city have been rising by about 5% a year on year over the last half decade. Plus, with a historic city centre, cathedral, castle and famous market, it is a very inspiring and appealing destination. All of this, combined with a large number of new building projects providing new homes at affordable levels makes it a very interesting prospect for investors.
As local property market specialists, we have been watching Norwich’s rise with some interest and are perfectly placed to offer expert advice on the most promising developments happening here. If you would like to know more about the area, or still need convincing that Norwich is a superb place for an investment, then get in touch with a member of our team here at Agile.
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