West Norfolk’s property market is moving upwards with investors eyeing up rental units in this area, according to an estate agent.
William H Brown has reported the average house price in Lynn has risen by nine per cent to £166,463.
The agent’s Downham branch has seen a 20 per cent in transactions there.
Property prices in Norfolk as a whole are increasing by 10 per cent.
William H Brown area manager Jamie McRann says confidence is returning to the market and his team has received calls from investors based in other areas keen to move into West Norfolk.
He said: “We seem to get a few calls from people looking to come other areas to invest in buy to let properties as Lynn has been recognised as a hot spot where property prices are low and rents are good.
“Hot spots for investors are King’s Reach and Bishop’s Park.
“I think confidence has returned to the market.
“There has been a massive increase in prices and there is competition for properties. Prices have gone over the 2006 and 2007 levels.
“I also feel interest rates being low has helped.”
Regeneration projects in West Norfolk along with the regenerated Lynn Railway Station have also helped to keep the area’s housing market buoyant.
The area’s beautiful coast continues to be a draw for people to retire here.
West Winch, Terrington St Clement and Clenchwarton still remain popular destinations for house buyers.
Watlington is also popular on the housing market thanks to its railway station.
The property market is also booming in Downham, which has close rail links to Cambridge and its science hub.
Branch manager Adam King has seen people looking to leave the expensive southern areas opt for homes in Downham.
He said: “The train station is a big draw for people we now get a lot of applicants who are looking at Downham as it is cheaper compared to Ely and Cambridge.
“The regeneration project has also sparked a few calls. Investors are looking seriously at the town.”
Aventa Capital Partners has announced £170 million plans to transform the former RAF Downham base into a science and technology hub.
More than 4,000 permanent jobs with a further 1,500 construction jobs will be created when the 70 acre site is transformed in the Centre for Advanced Knowledge Engineering over the next three years.