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Norfolk Property Solutions

Norfolk Property Solutions Newsletter
Spring 2007

Dear [Name1,fallback=] [Name2,fallback=] [Name3,fallback=]

Welcome to our first quarterly newsletter aiming to keep you up-to-date with the property market in Norfolk. We hope to include a variety of features including:

Property market news
Local news
Buy-to-let and investment features
Property prices – locally and nationwide
Location guides
Three of the best

Why Norfolk?

Quality of life Norfolk offers beautiful and diverse landscape, a stunning coastline, historic market towns and picturesque villages. A foodie’s paradise with great local produce and fine eateries. Norwich is one of the top ten retail centres in the country as well as being the most complete medieval city in Britain.

Thriving business economy Norfolk and Norwich is a centre for a range of dynamic business sectors, including Engineering (Lotus) Health and Life Sciences (Norwich Research Park, UEA) and Financial Services (Money Facts, Virgin Money). 50 national and regional headquarters are based in Norwich, 4 of which are the UK’s fastest growing businesses. Norwich has an extensive billion pound programme of investment and large Brownfield sites earmarked for regeneration.

Cost of living Property in Norfolk offers value for money when prices are compared to a range of locations. (see p.2) The South East is still one of the most expensive places to live, with London 9.7% higher than the UK average.

www.norfolkpropertysolutions.co.uk

Why Norfolk Property Solutions?

Minimize the risk involved
Uncertainty about the future of the ex-RAF Coltishall base in the north of the county is undoubtedly having an affect on the local property market with some buyers backing off and others hoping to bag a bargain and take a chance on the consequences! There is always the risk of making a wrong decision about a property if you are not familiar with the local area. Problems and disadvantages are not always immediately obvious and may only be known to locals.

Save time and money
The average property stock for sale per estate agency presently stands at 52 according to a report on the ukpropertyshop website and with well over 60 estate agents in Norfolk, potentially that’s a lot of time, phone calls and money spent looking for property!

Day-viewing packages
A common problem encountered by would-be buyers or renters is that they have seen properties that they are interested in but can’t find the time or opportunity to actually get to Norfolk and see them, to say nothing of the headache of trying to coordinate and arrange the viewing itinerary.

Working solely for the buyer
Norfolk, and Norwich in particular is increasingly being seen as an excellent investment area. The major regeneration of Riverside with luxury apartments has been phenomenal and in spite of local fears that the market would be saturated there seems to be no shortage of both buyers and tenants. There is a substantial new housing development in the early stages of construction to the south of Norwich near the A11 and A47 by-pass which will also generate great interest among investment buyers as it is local to the university and the hospital and has great travel links. It is a distinct advantage to have a local contact in order to negotiate a good deal in these circumstances.

www.norfolkpropertysolutions.co.uk

Average property price comparisons across the country demonstrate that Norfolk can still offer excellent value for money.

Average property price by location

Windsor & Maidenhead	£379,233
Surrey	£350,558
Buckinghamshire	£341,066
Greater London	£331,100
Brighton & Hove	£243,648
Devon	£231,895
Cornwall	£218,651
Norfolk	£181,774

Property Market News:

Depending on which report you read, the average property price is now somewhere between £173,325 (Nationwide) and £211,453 (Department for Communities & Local Government DCLG) Whichever way you look at it, property is still expensive in relation to average income.

However, in Norfolk the strong demand ‘during 2006…has continued into the New Year’ according to a report in the EDP by TOPS director Roger Lake. Possible contributing factors may be the impending introduction of the HIP’s in June and the relatively mild weather. Giles Hart, Chairman of the Norwich & District Association of Estate Agents, on a similarly optimistic note, reports on EDP24 website, that ‘we have 14pc more buyers looking for property than we had at the start of the same period last year.’ It seems that buyer’s remain confident, despite the recent increase in interest rates.

Our experience is that the main problem facing buyers is a lack of properties on the market and keen competition, as always, for period properties in sought after locations.

New Spring services from nps: Day-viewing packages

£25 - 1 week search for property details that best meet your criteria from estate/letting agents, private sales and developers.

£75 - £250 - Employ us for up to a day to visit from 1 to 6 properties which you have identified on the internet or elsewhere and provide comprehensive and objective reports based on your requirements, including local information and photographs.

For more information please call us on:
01603 451900
email us or visit norfolkpropertysolutions.co.uk

Photos kindly provided by:
www.tournorfolk.co.uk

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