Is Norwich a Good Place to Invest in Property in 2022?

1. Is Norwich a Good Place to Invest in Property in 2022 ? The Sunday Times recently named Norwich as one of their ‘best places to live in 2021’, praising the city for “its creative spirit and thriving independent shops”. Whilst it has struggled over the past year – as every city has done throughout the UK during the pandemic – the city has proved it is in a good position to thrive. But is Norwich a good place to invest in property in 2022? 60% of the shops in Norwich are independents – just look at the much-visited Norwich Lanes – and the city centre revels in its pop-ups. Add to the mix their historic outdoor market that has adapted to customer demand, the council’s green initiatives including a dedicated cycle network and sustainable social housing on Goldsmith Street (it won the Stirling prize for architecture in 2019) and you’ve got a city that is attracting buy-to-let investors in their droves. Why invest in Norwich? According to Savills, Norwich is one of the UK’s fastest growing cities. Indeed, the European Commission’s report puts the East of England as one of the UK’s fastest growing regions in terms of economy and population. The city has come a long way from its roots in Colman’s Mustard and the woollen trade. It is now a major commercial and business hub, being home to major employers, such as Aviva plc, not to mention businesses from light manufacturing, technology and research – the Norwich Research Park has 115 businesses employing 3,000 scientists, clinicians and researchers. Norwich is also highly regarded in its residential scene, too. Its quality of life scores in surveys is high; it has all the amenities anyone could need but is safer, quieter and more environmentally-friendly than many other cities, which attracts families and the younger generation. It has a buzzing culture, theatre and music centre with well-known and local independent retailers, too. Next category – travel. Well, you’d be hard pushed to beat Norwich in this area as well. There are frequent train services to London Liverpool Street, long distance rail services to Stansted Airport, Nottingham, Cambridge, Peterborough and Sheffield. The city even has its own airport – Norwich Airport – with daily flights to Amsterdam and connections to holiday flights. It’s hot on the education front, being a university city, with the University of East Anglia (UEA)’s campus just outside the city centre and the Norwich University of the Arts, too. With PrimeLocation listing Norwich in its top 20 student buy-to-let hotspots, property investors have plenty of student let opportunities in and around the city centre. As for leisure, you can’t ask for much more than the stunning Norfolk Broads on your doorstep. Waterways and wetlands in the Broads National Park, boating holidays and walking trails for lovers of nature and the wildlife – another feather in the city’s cap for investors looking for holiday property lets. When you add the fact that the average house price in Norwich is currently £206,565 and properties start from around £70,000 (according to Zoopla and Rightmove), you couldn’t get a more rounded, thriving city to invest in anywhere else in the UK.

2. Rental demand in Norwich Despite the recent coronavirus pandemic, property still remains top of the list for long-term, solid asset investment. Whether you’re just starting out building your rental property portfolio or looking to diversify into other areas of the UK outside of London, Norwich has got to be in your top five. The property investment buy-to-let market defied the odds in late 2020 and 2021. Predictions were that property prices would drop and rental demand would follow; but it didn’t happen. Instead, the rental market flourished, to the point where demand outstripped supply and it is still going that way. Within Norwich itself, rental yields have increased by 5% or more. This has, in some ways, been driven by the need to work from home during the pandemic’s lockdowns and restrictions. People discovered a new work-life balance they liked. The demand for a more versatile place to work and live, as well as the pull of a rural life and more outdoor space, drove many to rent a home (renting out their city properties at the same time) away from major city centres, like London and into the rural suburbs. The city’s university and art school has kept the student rental market buoyant, whilst holiday lets in more coastal areas have also experienced sustained growth. Most popular rental areas in Norwich Whether it’s rural, city centre or outskirts of the city, there are four key areas that are potentially beneficial for property investors: ● The Golden Triangle, Norwich – this triangle-shaped area starts from the city centre and spreads out, with Earlham Road and Newmarket Road as its boundaries. One of the most sought-after areas in Norwich, families, young professionals and students flock to this area for its Victorian terraces, be it family homes or flat conversions. ● Riverside, Norwich – more affordable but less trendy than the Golden Triangle, Riverside is just as popular. Nearby by Norwich’s amenities and the rail station, it is an excellent investment opportunity for property investors. ● Wymondham, Norfolk – if more rural is your choice and the focus is on families, you won’t go wrong with Wymondham. The historic market town has excellent transport links to Norwich, as well as Coltishall, Aylsham and Wroxham, and a great range of amenities. There are plenty of potential investment options for investors looking to expand their rental property portfolio in and around Norwich. ● The Broads, Norfolk – no potential property investment list would be complete without mentioning The Norfolk Broads. Investing in holiday homes in rural Norfolk has steadily increased over the past couple of years due to a boom in staycations in the UK. This not only offers great returns for investors but also an increase in property values. So, back to the question – is Norwich a good place to invest in property? Being a university city and an up-and-coming area, you could be fairly safe in putting your money into property in Norwich. If you are looking to invest in property in Norwich, or anywhere else in the UK, Property Classifieds should be your first port of call for valuable advice and guidance. Connecting motivated sellers and buyers across the UK, we have a wide range of investment properties and property development opportunities in your local area, too.