Published: 15/02/2021Our vast county of Norfolk is so unique. We are so fortunate to have the bustling city of Norwich with two top universities, a vibrant nightlife and brilliant restaurants to idle away an evening in. The Fine City is perfectly situated between the beautiful rolling farmlands that run from south Norfolk, over the fens and into the north west of the county, where it meets the breath-taking north Norfolk coastline, filled with picturesque holiday spots and endless walking routes.
To the east of Norwich is the Broads National Park, with over 125 miles of water ways to explore through the charming towns and village. Every year 1000's of tourists choose a boating holiday in order to explore what the Broads have to offer.
With such a wonderful array of landscapes at our fingertips here in Norfolk, it is often a hard choice of where to lay our money down to procure a buy-to-let property. The bottom line and biggest motivation for anyone considering the purchase of a property to rent, is ‘will it make me money?’. You want to purchase a good quality property for the best price possible and you want to do so in an area that is popular enough that you will find yourself in a fortunate enough position where you get your pick of the best tenants.
We’ve outlined below some of the best places in Norfolk we believe you should consider investing in;
Norwich – NR3 – 4.9% Yield
It is no surprise that one of the highest rental yield’s you can achieve is in Norwich. The NR3 postcode is an area of Norwich that is sometimes referred to as ‘Norwich over the Water’ and is the area that sits just north of the River Wensum that flows through the city and ends within the inner ring road. The NR3 area includes suburban areas such as Upper Hellesdon, New Catton and New Sprowston, which offers both new build homes and their contemporary counter parts. Closer to the centre of the city, you will also find the Victorian terraces in the colloquially named ‘Silver Triangle’, which not only is a short commute to the inner city, but also boasts a great deal of independently owned pubs.
You will find that the NR3 area offers the highest rental yield in Norwich and attracts professional working couples who want to be close enough to the city to enjoy its conveniences, but distant enough to separate themselves from city life. NR3 also offers great access to north Norfolk via the Northern Distributor Road - it is the perfect steppingstone between city and country.
Dereham and surrounding – 4.4% Yield
The historic market town of Dereham sits in the heart of Norfolk, conveniently located off the A47 between Norwich and King's Lynn. It has quickly become a great settlement area for those looking for the convenience of town living but also wanting to experience the quintessential slower ‘Norfolk lifestyle’. Dereham offers attractive two bedroom town houses, as well as more rural cottages and farmhouses in the surrounding villages and with several schools to choose from, it has become a great place to own a rental property.
Holt – NR25 – 3.4% Yield
If you are thinking of purchasing a property in Holt to rent out, you are set to own a really precious stone… Holt and the coastal villages surrounding strike a truly perfect balance between a vibrant town with plenty of social aspects to enjoy and the serene seaside outlooks such as Blakeney or Salthouse. Teamed with a nearby private school, the NR25 postcode is a great investment to make in your ventures into being a Landlord.
King's Lynn – PE30 – 5.6% Yield
The 12th century town of King’s Lynn is also a popular spot for buy to let properties. It has direct transport links to London and provides easy access to both the north Norfolk coast and the rest of the UK by car, makes it a great commuter space. You will find old merchant houses stretching down the River Great Ouse, plenty of historic walks to take and then to the north of the town sits North & South Wootton, both sizeable villages that host summer festivals and fetes and are within driving distance to good schools, making it the just right place for young families to settle down and build a new life.
Hunstanton to Thornham – PE36 – 6.2% Yield
The area with the highest rental yield in the county is the area in the north west of Norfolk, running along the coast from the seaside resort of Hunstanton round to Thornham and as far inland as Sedgeford. The area is full of beautiful villages, coastline, and landscape to explore and it truly does represent the most idyllic imagining of Norfolk most people think up - it is no wonder that it is one of the most sought-after areas in north Norfolk.
During 2020, we saw a huge number of residents from London upping sticks and making the move to Norfolk, leaving the metropolis behind in search of greener pastures and this is set to continue into 2021, so demand really does outweigh supply for rental properties.
Burnham Market and surrounding – PE31 - 3.4% Yield
Often referred to as ‘Chelsea-on-the-Sea’, Burnham Market has experienced a phenomenal boom in demand in the last few years. It has quiet ‘classic Norfolk’ winding streets, teamed with incredible and historic properties, making Burnham Market a real gold mine in the second home market and for those not ready to commit to purchase their second home. We find a demand for those wanting to rent their second home for two-three years.
The ‘Second-Home-Renters’ really are ideal tenants to find – the use of the property is low as they may spend only spend 20 weeks a year occupying it, meaning wear & tear remains low in turn, minimising the need for that ‘between tenancy overhaul’.
We hope you have found the above tips hopeful and we’re made your decision on investment slightly simpler. Please get in touch if you wish to discuss a particular area and the properties we think would be an ideal purchase.