The term ‘Golden Triangle’ originally referred to the triangular shape made by Newmarket Road, Ipswich Road and Lime Tree Road filled with large, wealthy households. The area is now regarded to be much larger and has in recent years generally taken to be the area bounded by Earlham Road, Newmarket Road and Colman Road / Mile End Road. In the 1980’s there were less than 100 houses in the golden triangle and now there is more than 10,000!
The golden triangle is widely known to be the best place to invest in student or professional lets. The UEA supplies the area with around 15,000 students a year and there is also a huge demand from young couples and families wanting to live in a vibrant area with many good primary and secondary schools, pubs, restaurants, supermarkets and local independent shops. Owners may well be able to get a better rental return on property investments elsewhere as rents haven’t gone up in relation to value but there is no better for capital growth in Norfolk. The market has never dropped, even at the height of the recession and at worst has stood still for a number of years. In the last few years the market has risen at a steady rate but never has the area seen such demand and price increases that we are experiencing today.
Since the New Year in NR2 we have sold every terrace under £250,000 in less than a week and have at least four people offering on each one. On average we have achieved between 5%-10% over the guide price on each house. This spike in activity is solely down to supply and demand. When we have 30 prospective buyers booking in a viewing within two hours of a house coming to the market, it shows just how vital the internet has become. You will not believe the amount of people we have to say the words ‘sorry it’s already sold’ to after they enquire a week after its been on the open market. Buyers are now aware that they need to check property portals at least once a day in order to have a chance of getting into a house before it is sold under their feet.
Can this frenzy continue? We certainly think so. With so many potential buyers out there battling for so few properties the market can only continue to increase. We have seen many first time buyers in essence ‘panic buying’ to try and get on the property ladder and avoid the inevitable rise in prices. However, on the other side of the coin, the good news for sellers is that there is no better time to be selling and if you are looking to achieve an excellent price come and have a chat with us, the ‘Golden Triangle’ specialists.
By Charlie Webster, Owner of Websters.