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Norwich is a top UK ‘affordable hotspot’

PUBLISHED: 08:11 02 August 2017 | UPDATED: 08:11 02 August 2017

First time buyers find 93% of homes in certain areas of Norwich fall within their budget.

First time buyers find 93% of homes in certain areas of Norwich fall within their budget.

Archant

Norwich comes second out of 14 cities in the UK for offering affordable homes for first time buyers

Martyn Baum, Arnolds Keys Martyn Baum, Arnolds Keys

Norwich is one of the UK’s “affordable hotspots” with 93pc of homes available for sale in certain areas falling within the budget for first time buyers.

A new report out today shows Norwich, with an average house price of £196,987, coming second in a poll of 14 cities for offering homes suitable for those getting on the first rung of the housing ladder.

The report stated 93pc of homes available in the areas of Sprowston, New Catton, Mile Cross and Catton Grove in Norwich fitted the FTB budget, a higher percentage than in 12 other cities including Nottingham and Bristol.

It was beaten only by Southampton, where the average property price is £199,074 and 98% of properties are in areas deemed affordable to FTBs. Brighton was deemed the worst city, outranking London for offering just 2pc of homes for FTBS and where the average property costs £352,303.

Martyn Baum, group residential manager at Arnolds Keys, which has properties for sale and rent across Norwich, said: ”Norwich has a huge amount to offer the FTB; namely affordable homes and stylish apartments within a safe cosmopolitan city.

“Having an influx of FTBs into the city is great news all round. They are the lifeblood to the housing market and a real boost for the local economy.”

The report, by Post Office Money, showed Norwich beating other cities like Nottingham, Liverpool, Manchester, Birmingham, Sheffield, London and Bristol.

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