A recent meeting of the Chamber’s Planning & Development Group (CPDG) highlighted that the property market appears to be booming. New build residential house prices and sales are very positive, possibly as a result of the Help to Buy scheme.
The industrial property sector is also strengthening, especially as prices are becoming more realistic, however the office market is not faring as well. There is a depletion of Grade A office space in Norwich and a glut of old office stock, the majority of which is outdated and not what most modern businesses are looking for. A change in the planning regulations means that a ‘change of use’ may be possible for some of this old stock and this may result in the office market improving going forward.
The retail property sector is also ‘holding its own’ however market towns continue to stagnate as a result of supermarkets and competition from Norwich itself.
The letting market is also experience a steady upturn. A recent national survey highlighted a strong shift towards the private rental market, particularly for the younger generations, who simply cannot afford to get onto the property ladder.
Jonathan Cage, Chair of the CPDG said: “It is encouraging to see the upturn in the property market. We need to stay focussed and help drive forward growth to make the most of the opportunities in terms of both housing and the commercial sectors to boost economic growth in Norfolk.”
