Traditional Charm Drives Norwich Forward
Research published by email4property.co.uk shows a growing strength in the Norwich property market, spurred on by an increasing popularity among retirees and second home purchasers.
With East Anglia among the country’s fastest growing regions, the property market in Norwich has led the way with rapid growth in and around the city centre. But despite significant investment in new apartment schemes, traditional house-types have remained the most popular choice for homebuyers, with semi-detached and terraced homes accounting for 64% of property sales in Norwich during 2006.
Traditionally, buyers looking to move out towards the coast from larger cities, in search of a quieter way of life or a UK holidaying destination, have preferred the West Country and England’s southern coastline. However, in recent years more people have been looking to the east, where they are able to get more for their money.
While Norwich has experienced its share of industrialisation, its relative geographical isolation has kept this to a minimum, and helped retain much of the city’s history, authentic charm and traditional architecture. Norwich City Council has put a heavy emphasis on regeneration, forming a partnership with English Heritage in order to uphold these resources and sustain the buoyant housing market, as the population is now reaching record levels in East Anglia.
David Bexon, Managing Director of email4property said:
“The traditional appeal of Norwich, along with the close proximity to key attractions such as the Norfolk Broads and the eastern coastline has ensured a healthy rental market in Norwich, and has made it a popular destination with both second home owners as well as retirees.
The popularity of the terraced home is clearly evident, dominating the housing mix and boasting positive price growth of nearly 11% in the last year, proving popular both with those who are downsizing for their retirement and with those who are looking for a modest second property which they can either visit for long weekends and short breaks or choose to rent out.”
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