Will Norwich’s return to the Premier League alter the local market?

01/06/2015

The triumphs of Alex Neil and his squad at Wembley last week have been widely celebrated throughout the county for the footballing heroics which were performed in the play-offs. The promotion has returned the club to the top tier of English football and Premier League status means an economic boost for the city, allowing Norwich to be marketed on a national stage through a method which is impossible to replicate via traditional procedures. Hotels, attractions, restaurants and bars will all reap the benefits from the Canaries’ promotion through the influx of revenue, as will the local property market.

 

The lure of Premier League football will inevitably attract high profile players to the club who will undoubtedly need housing. The higher end of the property market will be the obvious target for the opulent footballing demographic, with previous seasons in the top flight seeing squad members moving into some of the more affluent areas of the county.

 

It can be prudently assumed that the effects will trickle down the property ladder to the less prosperous markets. The city being showcased on a weekly basis through the profits of television is an ideal marketing platform. The Premier League is broadcasted in more than 200 countries worldwide, giving the club and the city exposure that it would take an unreachable amount of time and finances to achieve. The uncovering of Norwich’s success as a football team will be imitated in the property market, thanks to the increase in the allure of the city.   

 

Radio 1’s decision to host the Big Weekend festival in Earlham Park over the May bank holiday only reinforced Norwich’s imprint, which is now firmly etched onto the national map. The 50,000 allocated tickets for the weekend sold out within a matter of minutes and the local area was the beneficiary of an array of personnel flocking to the city. The promotion of such a high profile event will have a knock on effect into the desirability of the area and we will indisputably see a greater number of applicants seeking a move to Norwich.

 

The enhancement of the A11 into a dual carriageway will be another catalyst for a flood of new property buyers coming into Nelson’s County. The road works were completed in late 2014 and commuters making the journey into London have noticed significant reductions in their travel time. The quicker journey time into the capital, combined with cheaper housing in a more rural environment with scenic surroundings, make a very attractive package for people to move to the Norfolk area.

 

Are you interested to know how much your property might be worth following Norwich’s promotion to the Premier League? We would like to offer you a free, no-obligation valuation of your home and can arrange so at your request.

Email us at: joshcousens@abbotfox.co.uk

Call us on: 01603 660000

 

Josh Cousens – abbotFox

 

Image sourced from Flickr - Grant Stantiall

 

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