What might Norwich look like in 2030?
2030. Just saying out loud sounds like the title of a science fiction movie. But the reality is that this is only 13 years away. To put that in perspective, 13 years ago in 2004, Amy Winehouse had just released her debut album, the X Factor and Strictly hit our screens and Facebook started. It’s really not that long ago.
But then again, a lot has changed. Can you even imagine a world without Facebook and the X Factor?
So what will change in the next 13 years and what will Norwich look like in 2030?
House prices have doubled
Major lender Santander thinks that by 2030, house prices might have doubled. That means that the average home in the UK, which now costs around £285k, will set you back around £560k. That means in Norwich the average cost of a property will be around £460k. But will wages have increased in line and will mortgages still be available?
That’s why investing in property now might be a good option.
UEA continues to grow
Our local university has put in place a strategy to continue its growth over the next 13 years, with key developments in areas like research, staff success and global impact. The physical infrastructure is also set to grow with new buildings and departments planned over the next decade or so.
A long term plan at the Norwich Research Park has been put in place to try and bring 5,000 jobs to the area by 2030. This will be brought about by flagship upgrades to the park’s IT infrastructure, buildings and road network. This is coming off the back of £26 million of new investment from the government’s Biotechnology and Biological Sciences Research Council.
The aim is to remain a ‘breathing space for the cure of souls’. There is a 20-year plan in place to tackle the threats of climate change, population growth and to maintain the Broads as a green playground. The plan aims to protect the environment for the next 40 or 50 years to come and beyond.
We have very high hopes for the city over the next decade and a half. If you’d like to know more about the long-term and immediate future of the city, then get in touch with us here at Agile to learn more.
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.