Did you know that Norwich came really close to becoming the UK’s capital city? For many centuries, Norwich was the largest and wealthiest city in the country. Although it currently doesn’t compare to London, its quality of life and cheap properties make it a goldmine for anyone seeking to invest.
Norwich is found in the county of Norfolk and is considered to be the capital of East Anglia. Its current population sits around 142,000 whereas its urban population nears the 215,000 people. In a recent report by Savills, Norwich was deemed to be one of the fastest growing cities in the UK!
The quality of life is definitely one of the main factors behind the results of Savills’ survey. Indeed, it’s a big enough city that it features all the amenities one can wish for in a big city whilst also being very green and generally quieter than its counterparts such as London or Birmingham. The European Commission noted that the East of England is one of the fastest growing regions in the UK, both economically and in terms of population. Eastern England had the third highest GDP per capita in a 2017 census.
Norwich is also a historic city, dating back all the way to 43 AD! The city is full of historical buildings, which attract many visitors yearly. Amongst them, the Norwich Cathedral, the Norwich Castle and the Norwich market which is one of the oldest standing markets in Europe! It is also known to be the birthplace and home of Colman’s Mustard, making it a commercial hub throughout history. The city is also Norfolk’s cultural hub, featuring many theatres and music halls amongst others.
Norwich is very close to the Norfolk Broads, a huge nature and wildlife reserve in which one can find the Broads National Park. Many wildlife enthusiasts visit this area annually, meaning that there a lot of investment opportunities for short term lets and rentals.
Nowadays, it is home to many industries, notably public and financial services, retail, light manufacturing and tech. It also hosts the Norwich Union, also known as Aviva plc and the Research Park which comprises more than 115 businesses and over 3,000 scientists and researchers. In terms of transport links, Norwich is very well connected, with trains to Liverpool Street in just under 2 hours. It also has good connections to the rest of the country and to airports.
What’s more is that Norwich is equally a big student city, meaning that student property investors will benefit greatly from investing in Norwich. It is home to the University of East Anglia (UEA) which has its own campus and the Norwich University of the Arts. It is also really close to the University of Suffolk, which has campuses in Bury St. Edmunds, Lowestoft, Great Yarmouth and Ipswich. If you are looking to invest in student property in Norwich, the areas of Bowthorpe, North and West Earlham, Eaton as well as the city centre are all very popular choices among students.
As for property values, the HM Land Registry estimates the cost of a house in the East of England at £286,000 compared to the £245,000 national average. Norwich stands out compared to the rest of the county it is in, with an average property price of £206,565. Zoopla and Rightmove have found the cheapest properties in Norwich to be around £70,000.
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