Everything is relative, in terms of property. If you were to travel from Cambridge to Norwich with the intention of moving here, you’d be pleasantly surprised at how affordable it is. Same if you hopped on a train at London Liverpool Street – you’d be amazed at Norwich prices. The average for the city and its immediate environs is just shy of £280,000.
However, if you’re moving to n Norwich from Lowestoft or Great Yarmouth, prices here are not so appealing. Those towns, along with Gorleston, Caister etc, have much lower averages.
What surprises too, perhaps, from property portal statistics is that the majority of property sales in Norwich is for terraced homes. But should it surprise?
The Golden Triangle of Norwich is dominated by period terraced homes, as is NR3, from Barrack Street up to Sprowston Road. Silver Road, Silver Street, Bull Close Road are epitomised by terraced homes, that are more affordable than those sandwiched between Newmarket, Unthank and Earlham Roads. The city centre itself, NR1, has more apartments than terraced home stock but they do command a premium on city centre roads – some of the most expensive terraced homes sit around the Anglican cathedral, though you get more for your money along Riverside Road and in Thorpe Hamlet.
Terraced homes in Norwich sold for an average price of £250,009. Semi-detached properties sold for an average of £290,720, with detached properties fetching £419,926.
The other not-so-surprising statistic about Norwich is the speed with which property here sells. It markets itself as a “fine city” and the marketing is accurate. It is a wonderful county seat with much to recommend it. There is little crime. It feels safe day and night. You are surrounded by coast and country and the city itself is beautiful. It has two cathedrals, a Norman castle, stunning architecture, stemming from George Skipper’s time (the Gaudi of Norwich) and a brilliant retail and restaurant scene.
Norwich is fairly recession-proof too in that it has not relied on one industry (wool) since the 16th century. It generates income from tourism, insurance, the broads and an enviably sunny and dry climate.
Now don’t get us wrong – Norwich, like any city, has its social issues, but, on the whole, as a place to live, call home, or invest, it’s as good as it gets.
Another statistic is that Norwich has the retention rate of students from the UEA and Norwich University of the Arts. By this, we mean many who aren’t from Norfolk, choose to remain here after graduating.
Spend a day in Norwich and you’ll understand why.
And. If you need impartial property advice from a team of estate agents who live in and around the city, get in touch today.
