The property market might seem complicated but in reality it is driven by simple supply and demand. If lots of people want to live in a particular area, say the centre of London, and there aren’t many available properties, then prices go up.
But what are the factors that make people want to live in one area over another? In the last couple of years, high property prices in London have driven an exodus of young people out of the city looking for more property. Many have come here to Norwich, but what is it about Norwich that attracts these investors?
The bottom line of any appeal is the price. The cost of property here in Norwich is a fraction of that in London. For the price of a one bed flat in Central London, you’d be looking at a three or four bedroom house in some parts of the city.
Affordable property is the number one driving force of desirability, but it price is also a metric that’s affected by the other factors on this list, many of which are not as flexible.
Look on any property site for houses and there will almost certainly be a school checker. That’s because for families with kids, the catchment area of local schools and standard of education is extremely important.
Everyone wants the best for their kids, and for them to get the best education possible. So having good locals in Norwich makes the area even more desirable and has a huge impact on price.
Having green spaces like parks and commons is a key factor in wellbeing. Even if the property has a garden of its own, open space is a big draw to any area. Roads that border parks or green space in Norwich always see a price bounce on neighbouring streets.
A car is more or less an essential part of everyday life for most people. And although it would be great if we could all cycle or take the bus, it’s not always practical, even in Norwich. So having a place to park the car safely, close to the house, is a key part of an area’s desirability.
A local shop, butcher, grocer, pub or restaurant can also be a draw. But things get a little complicated when it comes to proximity. Having a lively Italian restaurant in the neighbourhood is all well and good, but you don’t necessarily want to live next door. Not unless you want everything you own to smell like pizza. Nevertheless, amenities are a plus point in general.
Being close to a train station appeals to commuters and increases house prices. Good bus links and road access is also a plus. Again, however, there are some geographic elements to consider, as living right next to the motorway is not for everyone.
One of the least tangible and most difficult to assess, a sense of community can be one of the most appealing things about a neighbourhood, but is something of an abstract concept and depends entirely on the people that live there.
There are numerous other factors you need to consider, so if you’d like to know more about why certain areas in Norwich are appealing to investors, get in touch with a member of our team.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
For more free tips on Property Investing SIGN UP HERE.