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Norwich Buy-to-Let Guide

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    Norwich’s Buy-to-Let Credentials

    Norwich is the home of Colman’s Mustard, the Norwich City football team and fictional television presenter Alan Partridge.

    This was the second-largest city in England during medieval times. Nowadays, Norwich has been overtaken by London, Birmingham and other cities.

    But that doesn’t mean the area is not worth a buy-to-let investment.

    Typically viewed as one of the best UK investments for monthly income, property investment has retained considerable popularity over the years.

    This guide will cover everything you need to know about the Norwich property market. We’ll dive into rental yields and house prices. In addition, we’ll discuss different areas within Norfolk to help you find the right location. Finally, we’ll assess Norwich’s place amongst other buy-to-let markets in the United Kingdom.

    Read on for more information on how buy-to-let works.

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      Norwich Street View

      Buy-to-Let Property Prices in Norwich

      According to the Land Registry UK House Price Index, Norwich property values are £237,512 on average. However, they were £239,871 on average in June 2022. This correlates to a 1.00% decrease in property value over 12 months.

      Detached houses are the most expensive property type at £458,354. Meanwhile, at £16,093, buy-to-let flats for sale here fetch some of the cheapest prices on offer.

      This shows rising interest rates have affected Norwich’s investment properties.

      However, the national average property price is £287,546, making Norwich 19% cheaper. The UK average property price has risen by 1.70% over 12 months.

      Property price growth has slowed across the country. Norwich joins London as one of the few people who have seen a negative change in house values over the past year.

       

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      Buy-to-Let Rental Market in Norwich

      Norwich is situated in the east of England. This area has seen substantial rental growth of 8.10% over 12-month periods. However, this number falls short of the UK annual rental growth of 10.30%.

      Home.co.uk puts the average Norwich rental income at £1,449. This is one of the highest out of the major UK cities. For instance, Liverpool, Nottingham, Newcastle and Leeds all have cheaper rents.

      The Homelet Rental Index puts the average UK rental income at £1,243.

      This makes Norwich rents 15.3% more expensive than the national average. The city also has a better average yield than the rest of the country. Our statistics put Norwich’s average rental yield at 7.3%, trumping the UK’s 5.19% average yield.

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      Buy-to-Let Investment in Norwich: Area Breakdown

      Investors have the best chance at capital growth if they conduct thorough research into the local area. In this section, we’ll look at yields and property prices in different localities around Norwich.

      All property prices in this section are courtesy of Zoopla.

      Norwich City Centre

      Norwich appeals to professionals and students. Properties in the area include new-build apartments, traditional house conversion and terraced accommodation.

      The inner suburbs include Thorpe Hamlet, Friars Quay and Norwich Over The Water. These areas combine city living with nearby amenities. Norwich Over the Water is on the other side of the River Wensum but has excellent transport links to the city centre.

      Average Property Prices in Norwich City Centre

      The NR1 and NR2 postcodes have average property values of £234,459 and £322,455 respectively.

      Average Rental Yields in Norwich City Centre

      NR1 yields are 4.8% on average. NR2 yields are 3.9%

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        Norwich Aerial View

        North East

        Districts in this part of Norwich include:

        • Sprowston
        • New Sprowstron
        • Thorpe End
        • Thorpe St. Andrew
        • Catton
        • Old Catton
        • New Catton
        • Heartsease

        The north-east of Norwich now has good access to other parts of the city thanks to the A1270 Broadland Northway Bypass. This should open doors for improved property investment opportunities and redevelopment projects. Locals also have easy access to the coastline and Norfolk Broads.

        Average Property Prices in North East Norwich

        NR3 average property prices are £219,610. Meanwhile, NR6 is more expensive with a £286,178 average. NR7 is the most expensive postcode in the north-east area thanks to an average price of £306,172.

        Average Rental Yields in North East Norwich

        The average rental yields in NR3 are 4.9%. NR6 yields are 3.8%. NR7 yields are 4%.

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        Norwich Memorial

        North West

        Norwich’s northwest areas include:

        • Heigham Grove
        • Costessey
        • New Costessey
        • Bowthorpe
        • Helleson
        • Upper Hellesdon

        Drayton and Teverham are also nearby but considered separate settlements.

        Bowthrope boasts its own shops and amenities. The Bowthorpe Industrial Estate is home to numerous businesses.

        As you’d expect, the villages are more expensive than the areas closer to the centre of Norwich.

        Average Property Prices in North West Norwich

        NR4 average property prices are the most expensive in the area, averaging £404,128. NR8 properties average £321,162. NR5 properties are much cheaper, costing £260,118 on average.

        Average Rental Yields in North West Norwich

        NR4 yields are 4.5%. NR5 yields are a healthy 8.6%, thanks to an average rental price of £1,856 pcm. NR8 yields are 4.6%.

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          South East

          The southeast part of Norwich includes the following areas:

          • Tuckswood
          • Lakenham
          • Old Lakenham

          These areas have good access to the city centre and connect to the A47 for easy commutes. Investors can find good value homes in this part of Norwich.

          Average Property Prices in South East Norwich

          This area also covers the NR1 and NR7 postcodes. As discussed earlier, the average prices are £234,459 and £306,172.

          Average Rental Yields in South East Norwich

          Yields are 4.8% in NR1 and 4% in NR7.

          Norwich Riverside

          South West

          Areas in this part of Norwich include:

          • Mount Pleasant
          • Colney
          • Eaton
          • Earlham
          • Cringleford

          They have become popular with tenants due to the access to the A11 and A140 roads, as well as access to the city centre. You can also find the University of East Anglia, Norwich Research Park Norfolk and Norwich University Hospital in this area.

          These localities appeal to professionals and students. The Golden Triangle (Unthank Road, Newmarket Road, Earlham Road) is one of Norfolk’s most popular residential areas.

          Average Property Prices in South West Norwich

          As previously discussed, the NR2 and NR4 postcodes have an average price of £322,455 and £404,128.

          Average Rental Yields in South West Norwich

          Yields are usually around 3.9% and 4.5%.

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            Why You Should Consider a Buy-to-Let Investment in Norwich

            Excellent for Students

            Norwich is a fantastic university city for students. It was voted the 9th best in the UK in 2022. As such, the area may attract student property investors. The University of East Anglia and Norwich University of the Arts have around 16,000 students. You can also find University of Suffolk campuses further afield in Lowestoft, Great Yarmouth and Bury St. Edmunds.

            If you are looking for student property investments for sale, you may want to consider:

            • Bowthorpe
            • Eaton
            • The Golden Triangle
            • North and West Earlham
            • The city centre

            Popular Tourist Area

            Norwich is close to the Norfolk Broads and Broads National Park. The area is popular with holidaymakers looking for boating fun and wildlife spotting. This makes Norwich good for short-term holiday rental property investments.

            Culture and Leisure

            The city also has the added benefit of being Norfolk’s go-to location for music, culture and shopping. People flock to Norwich Lanes for its independent shops. Intu Chapelfield has plenty of big retail names.

            In addition, the city has plenty of live music venues that bring grassroots bands and more notable acts to the region. Again, short-term lets may appeal to people who travel to Norwich for the arts.

            Foreign Investment in the UK 2023/24

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            Off-Plan vs Completed Property

            The ultimate guide to help you choose whether to invest in off plan or completed property in 2024.

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            New builds

            Norwich New-Builds

            Investing in newly built properties represents a burgeoning trend in the UK real estate market, capturing the interest of both tenants and landlords. With these properties being recently constructed, there is minimal requirement for renovation before they are market-ready. This translates into quicker occupancy for tenants and a speedier turnaround on rental returns for investors.

            As demand consistently outpaces supply, the necessity for new housing opportunities has become increasingly pronounced. In an effort to address this, Norwich Council has ramped up new housing development in the region. The work also strives to ensure that every resident has access to a decent home that is both affordable and efficient to run, with the council working in partnership with a range of organisations to increase the provision of sustainable housing.

            Given current market trends, opting for new-build properties could be advantageous for investors in the coming years.

            Although Norwich offers a range of new-build investment opportunities, larger urban cities such as Liverpool and Manchester may provide broader investment prospects and potentially greater capital appreciation.

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              Off-Plan Property in Norwich

              Although the advantages of investing in new-build properties are clear, they frequently come with a higher price tag compared to older residential properties.

              Off-plan property investment is one solution for accessing new builds at a more affordable price point. Investors who choose off-plan commit to a property before completion, typically securing it at a discounted rate compared to standard market prices.

              Early engagement can result in substantial capital appreciation with a lower initial investment, as the value naturally increases nearing the completion of the off-plan property.

              Similar to most new-build investments, particularly in high-demand locations, off-plan properties demonstrate strong rental demand, potentially offering solid long-term yields.

              Find Out More: Discover more about this investment trend with our recent buy-to-let guides, covering everything from off-plan property in Dudley to the latest UK hotspots!

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                How Does Norwich Compare to Other UK Regions When It Comes to Buy-to-Let?

                So, is Norwich one of the best UK buy-to-let locations?

                As mentioned, the area has experienced a decline in house prices over the last 12 months. The rent prices are 15% higher than the national average, which may deter some tenants. In addition, rental growth is below the national average. The rental yield hovers around 7%, which is decent but unremarkable.

                If you are looking to grow capital via buy-to-let investment, focus your property search on the North West. Liverpool and Manchester both offer better yields than Norwich (7.77% and 9.12% respectively). In Liverpool’s case, on average, properties are also much cheaper (£177,628). Alongside this, property for sale in Liverpool City Centre typically offers more adorable rents and fantastic business opportunities.

                Sure, Norwich has good transport links to prominent cities in the south. But the North West offers comparable rental yields for a cheaper investment. Outside of Liverpool, the best buy-to-let areas in Manchester in 2024 are also usually more enticing to students and professionals. This is due to the burgeoning job opportunities and regeneration projects. Many quality universities are also available in the area.

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                Want to Invest in Norwich?

                Choosing the most lucrative location for a buy-to-let venture can be difficult, with various factors to take into consideration. For this reason, RWinvest has created a library of buy-to-let guides and articles to help you on your investment journey.

                Map of Norwich

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                Author

                Dale Barham

                Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

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