Norwich Student Property Market Update
Norwich is a city with a lively and booming student scene. With two universities in the city and almost 20,000 students, they form a significant part of the local population.
Both the Norwich University and University of East Anglia are draws for students from around the UK, Europe and wider world. And there are several key reasons why they choose to study in the city.
Firstly, its size is very appealing. It’s a small city which means there is plenty to do but also it’s compact enough to get around. Plus, if you feel like a break, getting out of the city is easy with the Norfolk Broads right on the doorstep. Plus, London is just two hours away.
However, one of the main reasons is the accommodation. The city has a large affordable stock of housing which means rent is reasonable compared to some of the other big cities. Plus, there is a good combination of private houses and university accommodation.
The Golden Triangle is a great place to live and popular with students, and there are several student lettings companies to choose from.
New road and rail links to the city including the A47 development and Northern Distributor Road will also be improving transport. And there’s the new Norwich in 90 rail plan, which aims to cut journey times down to an even more manageable 90 minutes with state of the art new trains and 180 extra services a week.
The universities are also planning to expand. UEA has put in place a strategy to continue its growth over the next decade, with key developments in areas like research. The physical infrastructure is also set to grow with new buildings and departments planned. So the future looks bright for the institutions in the city.
The Mecca Bingo flats development is also set to provide some much-needed accommodation to match the campus development. The plan is to create space for more than 200 students in a site called the Quad.
The recently revived £370 million Generation Park scheme is planned for the land by the river between Thorpe St Andrew and Whitlingham. It includes 120 new homes as well as more student accommodation and parkland.
So, whether you’re a student or investor, the news all looks good for property in the area. Better provisions and a market that continues to grow are both good signs.
If you’d like to know more about the student property market, get in touch with a member of our team.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
For more free tips on Property Investing SIGN UP HERE.