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Most of the sales in Norwich over in 2016 were terraced properties which on average sold for £205,571. Semi-detached properties had an average sold price of £227,552 and detached properties averaged at £328,023. In the past year house prices in Norwich were 9% up on the year before and 18% up on 2014 when they averaged at £192,648.
The data collected found that the average price of rent per month for a one-bedroom property is £520 and the average price of bills is £370, making the total cost of rent and bills per month, £890. Two and three bedroom properties in the city centre can cost anywhere from £600 to well over £1000 per month (rightmove, June 2016).
In an effort to boost the delivery of much needed new build homes, the New Anglia Local Enterprise Partnership (LEP) has pledged to build 117,000 new homes in Norfolk and Suffolk over the next 10 years as part of a wider strategy for the area.
The city has been regenerated and transformed in the last decade and is now on the brink of unprecedented growth, with more than 35,000 new jobs and 40,000 new homes to be created in greater Norwich (the city and surrounding area).
The Greater Norwich economy (which includes Norwich, Broadland and South Norfolk government districts) as measured by GVA was estimated at £7.4 billion in 2011 (2011 GVA at 2006 prices). The city’s largest employment sectors are business and financial services (31%), public services (26%), retail (12%), manufacturing (8%) and tourism (7%).
“The city has been regenerated and transformed in the last decade and is now on the brink of unprecedented growth.”
The city has a relatively young population compared to other cities in the UK with 26% of the population aged between 16-29, great for student accommodation lets and HMOs (houses in multiple occupation). The world-renowned University of East Anglia attracts about 17,000 students to the city from all over the world. The city also has the second highest graduate retention rate in the UK with over 40% of students staying to live and work in the city.
The city’s population has grown by 13,000 over the last ten years and other parts of Norfolk are seeing equal population growth. This means there is plenty of demand for property across Norfolk, with no signs of it decreasing. Norfolk has enjoyed economic growth, supported by various projects, including the Norwich Northern Distributor Road (NDR). Supporters of the NDR, which contractors hope could be ready to take traffic by the end of 2017, say the road will reduce congestion in the city, provide an economic boost for the region, and potentially boost demand for property, which could drive up property prices, especially as there is a general lack of housing supply.
The city has 56 primary schools (including 16 academies and free schools) and 13 secondary schools, 11 of which are academies.
Norwich has two universities, the University of East Anglia (UEA) and Norwich University of the Arts (NUA), home to around 17,000 students. The prestigious UAE has been rated as one of the best universities for student experience in the Times for several years. Currently ranked 7th out of all UK universities, UAE is also ranks in the top one per cent of universities in the world.
Norwich is connected to the surrounding towns of Great Yarmouth, King’s Lynn and Peterborough via the A47 road to the south of the city centre. Cambridge is accessible via the A11 motorway that links up to the larger M11 motorway, offering commuters the opportunity to reach London via road. In the past Norwich experienced some isolation and inefficient transport links, however, in the last few years this has been dramatically improved with the completed dualling of the A11 carriageway at Elvedon. Also, continued works to the Norwich Northern Distributor Road helps improve the flow of traffic in out of the city.