The property sector is incredibly complicated and is influenced by a huge array of factors. Rather than being a simple case of supply and demand economics, property prices can be affected by many things.
So, wily investors are always keeping an eye on local news stories to see what might make local prices go up or down. News about new train services, development of retail parks and pedestrianisation can make prices go up or down.
Here in Norwich, over the last few years there have been a number of major and minor news stories that have had a huge impact on property prices. For example, news of the northern distributor road and the London in 90 rail link has generally resulted in a small boost for property prices.
However, the latest news is that the Norwich ring road is due for planned changes in an effort to ease congestion. These multi-million-pound traffic shake ups are generally good news for the city. In the short to medium term though, they might not be such good news, especially as the council has admitted that there might not be the funds to pay for all the work right now. The inner ring road includes the likes of Chapel Field Road, Grapes Hill and Barn Road. These areas, which currently suffer from traffic, will be affected by any engineering works that happen during the next few years.
Speaking about the planned works, John Fisher, chairman of Norwich Highways Agency committee, said: “We want to get the most out of our transport network and this means making informed choices about where to invest.
“Data collected from the recent survey of our inner ring road will be used to prioritise areas for potential improvement so any future projects represent value for money and a positive impact on the flow of traffic around Norwich.”
Once completed, the better traffic network will result in a more pleasant environment in and around the city and hopefully positively impact house prices.
To find out more about how local projects can impact property in and around Norwich, get in touch with our team here at Agile property partners. We are always happy to talk through the property market in the city and can help you choose the right investments for you.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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