With property prices expected to rise more quickly in East Anglia than anywhere else in the UK in the coming year, it’s no surprise that developers and investors are flocking to the region on the hunt for great opportunities. As a result, property in Norfolk and the surrounding area is moving fast. New developments are popping up around the county and the market is looking buoyant. To help give you an idea of Norfolk’s current property landscape, here’s a roundup of the county’s latest property news.
Tackling the rural housing crisis
With housing in Norfolk in such high demand and prices rising quickly, many people in rural areas of the county are struggling to find suitable accommodation. A recent report from The Country Land and Business Association urged ministers to address the rural housing crisis affecting the county.
The report called on the government to review ‘sustainable development’ in regard to rural communities, strengthen permitted development rights and encourage landowners to build and develop available plots. This should not only lead to an increase in the number of homes available to people in Norfolk, but also to a number of investment opportunities in the area.
HMO, near University of East Anglia
Norfolk is home to both the University of East Anglia and Norwich University of the Arts. As a result, student accommodation and HMOs are always in demand in the area. In one of our recent projects we transformed a three bedroom home into a four bed HMO close to the University of East Anglia. We purchased the property for £143,500, renovated at a cost of £15,000 and sold on for £214,000 for a tidy profit!
Pelham Rd, Norwich
As well as new build developments and conversions there are also a number of refurbishment opportunities available in Norwich and Norfolk. As an example we are currently refurbishing a “tired” 2 bed terrace in Norwich which we purchased for £130,000. After refurbishment which we estimate at £20,000 we will look to sell this at £185,000 for a potential profit of £35,000 after all costs..
As the Norfolk property market is currently so active, there are new opportunities for investment cropping up all the time. To find out about other developments currently taking place in the area, or to learn how easy it is to invest in Norfolk property, take a look around our site.
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.
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