Norwich can be a tough place to find accurate information like any city in the UK. Read on to learn about which data to stay on top of when looking at house for sale in Norwich.
On top of this, keep reading for detailed information on the demographics of Norwich in Norfolk. This is crucial in finding out if the area is worth for looking at houses for sale in the UK for an investment over the long term too.
What is the asking price on average of houses for sale in Norwich?
As you go ahead and make offers on a house for sale, it is sometimes best to know what other people are offering for the same type of house for sale so you know what to offer yourself to get a good deal. So you should know, the average asking price of Norwich is £265,638.
Even though the asking price is not what the eventual price the house is sold at, making a note of the averages for the city of Norwich is useful when negotiating and knowing what to expect for every type of house for sale.
Table showing the asking prices for houses for sale in Norwich
| Average asking price (1 bed) | £155,056 |
| Average asking price (2 bed) | £230,038 |
| Average asking price (3 bed) | £278,388 |
| Average asking price (4 bed) | £395,893 |
| Average asking price (5 bed) | no relevant data for this city |
The tables should give you a generic view of what the prices of the houses for sale are like. To close things off in terms of the house asking price, the average asking price for the house for sale in the whole of Norwich is £1,515. This should show you the general prices overall and for individual types of houses too.
In general, for the city of Norwich, what are the final purchase prices for the houses for sale?
In Norwich, the average sale price of a house for sale is in fact £217,850. This is dependent on the 10 year population growth of Norwich being 8%. Growing populations are more likely to inflate the prices of houses for sale in the city of Norwich.
| Housing category | Total final sale price |
|---|---|
| Aerage sold price (detached) | £293,901 |
| Aerage sold price (semi-detached) | £222,905 |
| Aerage sold price (terraced) | £196,337 |
| Aerage sold price (flat) | £138,701 |
The list below is able to inform you of what these prices are. Giving you an accurate estimate of whether a landlord is likely to accept your offer based on the prices of the houses for sale in Norwich.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £2,590 |
| Aerage sold price/sqft (new build) | £2,595 |
| Aerage sold price/sqft (old stock) | £2,505 |
Evidently, certain types of houses for sale will have different types of demand and this will be reflected on the final price.
On average, the cost of a house for sale per square foot works out to be £2,740. This means if you are just looking out the houses sold in Norwich in general and didn’t take into consideration the type of build. For example, a new build.
In Norwich, what are the demographics like?
In general, do people commit a lot of crime in Norwich?
For every one thousand people living in Norwich, 114 commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.
It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.
Nonetheless, the crime rate of 114 is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.
Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.
Are the people of Norwich deprived?
Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Norwich, currently, 27% people fall into this category.
Measuring this statistic against the nationwide average of 33% should give you a pretty good idea of where the city lies in the scale of poverty in the area.
In the city of Norwich, the demographics are unique and must be looked at by themself to make a conclusion about the area before buying a house. This is because the growth could be greatly different to the wider area of Norfolk for example.
These demographics for Norwich may impact the price of a house, how this house grows over time and the profitability of a house if you are buying it for an investment so knowing the area is crucial for a landlord making a purchasing decision in the city of Norwich in East of England.
What is a social grade score and how does this relate to Norwich?
The social grade of a city is useful when searching for a house for sale because it tells you what kind of jobs people have in the area. For example, there could be a lot of skilled manual workers or there could be a lot of pensioners and people on benefits.
The scale goes from a social grade of an A who are high managerial, administrative or professional workers to an E where people in this category are on state pensions, casual workers or unemployed on state benefits.
The number of people in Norwich in grades A or B which are the highest skilled roles in the country is 18%. Realistically, you can expect workers in this category to earn a higher salary too.
For comparison, £39,750 is the average household income of the area. You can see how this figure is congruent with the number of people in the top two categories of the social grade at 18%.
In Norwich, how educated are people in general?
Interestingly, the percentage of people who have a degree in the city of Norwich is 21%. Most of the time, the more people that have a degree, the higher the average household income and the more likely someone is to be able to afford to purchase a house. For example, the average income of the citizens in the area of Norwich is £39,750.
Generally, areas with high numbers of people with a degree are also areas with more people likely to be home owners and therefore the value of houses and relative prices of the houses for sale are more likely to go up too.
Nonetheless, making predictions about the appreciation of a house also has to be considered alongside other factors like population growth and the rental yields of the area.
However, most of the time, being educated is a good indication of affluence with 82% of people graded a first in tertiary education going on to eventually own a house.
In the city of Norwich, has the population grown or shrunk?
The city of Norwich has a total population of 64,719. Large population sizes can be good to show there is a high demand for people to buy houses in the area but a better indication is if the population of Norwich is growing.
A small population city can also have high prices of houses for sale, because, if there is a growing population, and demand is still high, this could mean the house prices are pushed up.
Either way, a population must also be looked at in terms of the appreciation of the area as well as the rental yields and if the area really meets your needs.
The five year population change of Norwich
Over time, in the last five years, the population of the city of Norwich has changed by 4%. This figure can tell you a lot because a growing population indicates a house is likely to appreciate. Read more here
In addition, looking at the 10 year figure for population growth in the below paragraphs can give you further evidence as to what the change in population has been for a longer period of time. As a result, you’ll know if this 4% population change is something that has been there for a while or if it is a new trend. Click here to know more on the UK population trends.
What is the difference in population over the last 10 years in Norwich?
In the last 10 years, there has been a shift in the population of 8%.
Comparing this to the 5 year figure of Norwich can tell you if there is a long history of population growth or decline, if there are population fluctuations or if the trend is stable.
New industries opening up in the area, the addition of new jobs and also international and national migration might all be reasons for changes in population size. Resulting in people moving in or leaving an area.
A good example of a quick change in population was in Stratford, London in 2012. Here, there was an increase in government spending in the area because of the Olympics which resulted in massive population growth.
How much are those living in Norwich earning?
As earning potential goes up in a city, so does the quality of schools in the area, the general infrastructure and the social grade score (18%). All in all, the area becomes a more desirable place to live in.
This is why it is vital to pay attention to how much people are making annually in any city you plan on making a house purchase in. In Norwich, this works out to be £39,750. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
In the city of Norwich, is there a lot of green space?
Providing the right amount of green space for people in the UK is a difficult subject because there are clear benefits for human health but at the same time, it is hard to make sure all areas of the UK can get enough greenery. This is a result of land being already in use in cities where most people live.
In Norwich, 9.9 is the amount of acres of outdoor space there is for every 1000 people. Charities such as ‘Fields in Trust’ recommend there to be at least 6 acres. This should allow you to conclude whether this green space is sufficient for you if you are interested in buying in Norwich.
What’s the rental yield in general for the city of Norwich?
Assuming you are not looking for a house for sale in a certain area because of private reasons such as being close to a family member or you have been relocated to a new office, these are some of the factors to consider in order to understand if an investment is worth your money.
Investors typically look at data such as the average rental yield, the average asking price of rent per month, rent turnover and sale turnover. These KPIs give property investors a solid idea of how the market is performing in that area.
For the city of Norwich, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; East of England. As well as Norfolk, to give a smaller scale area to compare the data to.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Norwich | 4.2% | £918 | 140% | 23.5% |
| Norfolk | 3.75% | £975 | 117.20% | 16.23% |
| East of England | 3.49% | £1,148 | 126.76% | 16.58% |
Assuming that in the future you want to re-sell the house you will eventually purchased in Norwich you might be interested in the number of sales per month (61) that happen in the local housing market. Comparing this figure for Norwich with the above table gives you a good understanding of the profitability of the area.
In Norwich, how has the number of houses changed?
The growth of an area like Norwich can be a great indicator of a thriving city and the influx of new people can drive demand for housing and help appreciate the value of your house after you buy it.
Paying attention to the table below tells you how the number of houses has changed over time at one year, three year and five year intervals.
| 1 year | 3 years | 5 years | |
|---|---|---|---|
| Norwich growth rate | 8% | 18% | 24% |
Despite the number of houses being built rising, this may not indicate that the housing price of the houses for sale is going up. It could be the case that there are a lot of new builds in the area which are causing the supply of the houses for sale to match demand and this could cause a decline in house price as time goes on.
Make sure you do your own research specific to the city of Norwich if you want to find out the exact reasons for the housing change.
Advice from experts on properties for sale in Norwich
Who should you talk to while going through the process of making an offer on a house for sale?
Several experts specialise in giving advice to property investors or to first time potential buyers.
Since the process of finding the right house for sale can take months, you have all the time to consult with the experts you might need.
Find here a list of those you should contact to get professional guidance and assistance when purchasing a house for sale:
- Lender – This practitioner can lend you money to finalise a house purchase
- Insurer – Insuring companies will provide you with the insurance policy you need to protect the house for sale you want to buy
- Legal representative – This professional is usually there to handle all the legal tasks associated with purchasing a home for sale.
- Surveyor – Carries out and independent valuation on the house for sale based on its conditions. It is very useful to understand the correct price before making an offer
- Mortgage specialist – Mortgage advisors works on commissions. They will get a cut from the bank and will guide you with offering the best deals given your financial situation
- Energy assessor – We strongly suggest you to invest in a professional assessment of the Energy Performance of the house for sale you want to purchase
Invest in a house for sale that meets your demands
When browsing houses for sale in Norwich you should think about lots of different criteria:
- House for sale affordability – visit the dedicated page of the UK government to understand (see what you can afford)
- Location of the house for sale – the region and town you are considering to live in are crucial factors to consider before looking for houses for sale. In this article, we define lots of demographic factors that should help you make a decision.
- House for sale transport links – even if working from home is becoming more and more predominant, we suggest you check the transport links the house for sale has.
- Number of bedrooms in the house for sale – are you looking for houses for sale for the whole family or are you single? Always think about how many bedrooms you need and if that number might change in the future
- energy performance of the house for sale – What is the EPC of the house for sale? Today more than ever, is important that you check the EPC rating of the real estate assets available for sale on the market.
- Internet speed in the area of the house for sale – is important to remember that internet speed is a consequence of two factors: your plan and the infrastructure available in the area. Always check these parameters before looking for houses for sale
- Does the house for sale have parking – if yes, is it on-street or is the house for sale equipped with a garage?
- Houses for sale in conservation areas – always check the National Heritage list. If a house for sale is part of this list it means that it might be impossible for you to make changes to the property’s internal and external structure.
- Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.
Other cities you can consider looking for with houses for sale
You can assess the various houses for sale offered in the area by consulting this list of cities in East of England, the same UK region as Norwich:
- Asheldham in East of England
- Henlow in East of England
- Eastwood in East of England
- Harpenden in East of England
- Churchgate-Street in East of England
You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK
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