What affect does Norwich Airport have on house prices?
With flights to several destinations on the continent, including Amsterdam and Malaga, as well as Tenerife, Norwich’s international airport is expanding its services.
Located around three miles to the north of the city near the suburb of Hellesdon, the airport is a major part of the city’s improved transport links. Along with an improved rail service to London and new road links cutting journey times, the airport connects the city with other regions around the UK.
This is good news for tourism and industry but how does it affect house prices in the city, and more specifically in Hellesdon itself?
In general, airports provide a financial stimulus for any city, creating jobs and business opportunities that can improve the local economy. This is good news for property prices. However, airports do have some drawbacks that can have a negative impact.
At the moment, Norwich’s airport is limited to only light air traffic. Which means it is unsuitable for the very large and noisy planes that can be very disruptive. However, there are plans to increase the runway size to allow for large planes. This could have a serious impact on house prices in the flight path.
The airport currently serves around 520,000 passengers a year but the expansion plans would see this increase to 930,000 by 2030 and 1.2 million by 2045. There are also plans to allow flights to take off and land up until 1.30 am, which would again cause some disruption and have an impact on house prices.
Runway noise and traffic from passengers would affect local residents and put further strain on the local infrastructure. However, increased services would also be good for the city. Hopefully, the right balance can be found to both keep residents happy and expand services.
House prices in the city and wider area have been going up for some years now, with Norwich one of the country’s most profitable places to invest. So even if the airport does negatively affect house prices in some parts of the city, this comes against the backdrop of an overall rise.
If you would like to know more about specific areas or how environmental factors affect house prices in the Norwich or Norfolk area, then get in touch with a member of the Agile team. We are up to date with all the latest projects and developments in the city and experts in the local property market.