The city has been regenerated and transformed in the last decade and is now on the brink of unprecedented growth, with more than 35,000 new jobs and 40,000 new homes to be created in greater Norwich (the city and surrounding area).
The Greater Norwich economy (which includes Norwich, Broadland and South Norfolk government districts) as measured by GVA was estimated at £7.4 billion in 2011 (2011 GVA at 2006 prices). The city’s largest employment sectors are business and financial services (31%), public services (26%), retail (12%), manufacturing (8%) and tourism (7%).
Most of the sales in Norwich over in 2016 were terraced properties which on average sold for £205,571. Semi-detached properties had an average sold price of £227,552 and detached properties averaged at £328,023. In the past year house prices in Norwich were 9% up on the year before and 18% up on 2014 when they averaged at £192,648.
The data collected found that the average price of rent per month for a one-bedroom property is £520 and the average price of bills is £370, making the total cost of rent and bills per month, £890. Two and three bedroom properties in the city centre can cost anywhere from £600 to well over £1000 per month (rightmove, June 2016).
Norwich is connected to the surrounding towns of Great Yarmouth, King’s Lynn and Peterborough via the A47 road to the south of the city centre. Cambridge is accessible via the A11 motorway that links up to the larger M11 motorway, offering commuters the opportunity to reach London via road. In the past Norwich experienced some isolation and inefficient transport links, however, in the last few years this has been dramatically improved with the completed dualling of the A11 carriageway at Elvedon. Also, continued works to the Norwich Northern Distributor Road helps improve the flow of traffic in out of the city.
Ideally positioned on one of the primary routes in and out of the city centre, Grosvenor House is in an excellent position to take advantage of Norwich’s expanding infrastructure and local amenities. Norwich recently picked up second position in a table of most desirable British regions to live in.
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