No questions asked, where’s best to invest in Norwich?
Recent news named the usual suspects as investment hotspots: the Thames Valley, parts of London (like Limehouse and Kew), Cambridge, Birmingham and Manchester and some less familiar names: Rotherham in South Yorkshire and Shetland (which saw the biggest price increases in 2016 at 26%).
It’s a question often poised to us a leading Norwich estate agent and letting agent:
“Where’s the best places to invest in Norwich?”
There’s no simple answer as Norwich property prices have been on an upward trajectory for many of the past 21 years.
Look at these figures as proof:
In just one year, Norwich property prices grew by almost 6% with experts widely predicting a 25% increase from 2017 to 2022, regardless of the economic and political repercussions of Brexit.
But which areas in Norwich perform best?
You only need to take a short drive from our office on Westwick Street to see the Golden Triangle, Norwich’s micro Notting Hill bounded by Newmarket Road, Unthank Road and Earlham Road. Prices In NR2 constantly rise and property sells for a premium and quickly. 6.4% rises were recorded in NR2.
Other areas, further from the city, are rising stars too: NR6, Hellesdon, a popular suburb, sits just below the Norwich average property price across the city but is seeing annual growth of 7.2%, above the price growth for NR2.
The further from the city centre you travel the more affordable property becomes.
Trowse is very sought after and tucked away from the gnarled city traffic and is seeing 5.5% growth. Poringland, a little further out, sees slightly higher annual capital growth.
The great news for property buyers and property investors across Norwich is that no area has seen a decline in property values. The city centre area around Magdalen Street and Anglia Square, which is earmarked for urban rejuvenation, could be another top property growth area in Norwich.
But if you want to see the highest returns, look at NR6, our top property investment tip for 2017 and beyond.
If you want to see longer term returns, look to apartments, flats and terraced houses before semi-detached and detached homes.
New builds, particularly those being developed along the Northern Distributor Road (LINK TO BLOG), will also see good financial returns.
If you have any questions about investing in property in any part of Norwich or Norfolk, please contact one of the knowledgeable team at Pure Estate Agency today.