Norfolk is one of the most attractive parts of the country for property investors right now. However, as any investor knows, even within booming investment areas, there are many specific factors that you need to take into account.
For example, here in Norfolk, there are a number of key differences between investing in a more rural area, such as North Norfolk, than in the city of Norwich. The same investment principles may apply: get as much for your money, think about potential rental markets, consider how prices may fluctuate. But the metrics used within these will be very different.
Let's take a look at each case in more detail.
Investing in Norwich
The city of Norwich is vibrant and growing at roughly the rate of 13,000 people a year. This, combined with a large student population of around 15% (thanks largely to the University of East Anglia) means that both rental and sale property demand is fairly high.
One bed and two bed flats are particularly in high demand, suiting the more urban lifestyle associated with city living. Prices for these kinds of properties are much higher than they are elsewhere in the region, including North Norfolk.
Good links to public transport, proximity to large employers and city hotspots are all things to consider when investing in the city of Norwich.
Investing in North Norfolk
A significantly more rural area of the region, investors in North Norfolk need to consider a number of different factors. Rural property investment is less concerned with proximity to transport links and employers, and has to take into account factors such as the number of bedrooms, character of the property, size and more.
People who want to live in these areas expect more house for their money in terms of size, gardens, access to greens spaces. Character villages such as Blakeney, Holt and Cley have become hotspots in recent years because they offer this classic rural lifestyle.
Investing in these kinds of areas is potentially rewarding because the number of available properties remains relatively low compared to demand.
Getting the right advice
As you can see, there are some telling differences between investing in Norwich and North Norfolk. In order to make sure you’re fully informed about the area and have taken everything into consideration before making your investment, why not get in touch with local property experts Agile?
We know the area inside out and can offer detailed information about investment opportunities across the region.
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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