The rise of one-stop cities attracting buyers to live and work, says Winkworth

Two of the most popular destinations for the one-stoppers are the cathedral cities of Exeter in the South-west and Norwich in the East of England - ancient cathedral cities, with thriving cultural and city centres, highly rated universities and excellent schools – and Winkworth offices there are seeing an influx of buyers who want to base their lives there. In Winkworth’s Norwich offices, they have seen a rise in buyer interest of up to 60 per cent from people outside the county, compared to around 32 per cent in 2019, according to the latest episode of Winkworth's The Property Exchange podcast. 

The influx of buyers from London and other cities in search of homes offering value and more space during the pandemic has continued, according to James Colbeck-Rowe, of Winkworth’s Poringland office in Norwich, one of three Winkworth offices around the city, where major employers include Aviva, Norfolk and Norwich Hospital and Lotus. 

James, who was born and grew up in Norwich and whose family roots in the city date back to the 19^th century, told the podcast: “Business is very buoyant. We’ve really not stopped since Covid and now everyone is back at work, it’s continuing. Bungalows are unbelievably hot properties in Norfolk among people retiring but we now have a lot of younger people moving in and laying down roots. There are a lot of properties in Norwich city centre around what we call the Golden Triangle – full of Victorian properties, lots of boutiques, bars and restaurants and a really vibrant atmosphere.  That’s what Norwich has become famous for as much as the Broads and the countryside surrounding it. Top villages in South Norfolk include Brooke, Surlingham, and Rockland St Mary, with some very picturesque properties. Closer to the city centre is Thorpe St Andrew with a good community and great pubs.   

“Norwich is a very friendly city. People move here and stay. The coastal towns attract holidaymakers from all over the UK and we then see those people returning the next year and looking to put down roots here. In the Golden Triangle, a one bedroom apartment would cost between £185-£200,000. If you look at the outskirts such as Poringland where I am based, a new two bedroom apartment could cost between £220-£250,000. Further out and if you are looking for something with land, it can be from £600-£800,000. There is also a big student population in the city, including student doctors and nurses training at the Norfolk and Norwich University Hospital, which makes it a good place to invest with up to 8% yields.” 

In the South-west, major employers in Exeter include The Royal Devon University Hospital NHS Foundation Trust, the Met Office, Pennon Group, and The University of Exeter, with new staff moving to the city to work and live.

Matthew Ewings, of Winkworth’s Exeter office, told the latest episode of The Property Exchange, Winkworth’s podcast: “Exeter is a classic one-stop city.  It's relatively small city, with a population of about 130,000 people and with an average age of 35. It’s such a wonderful place to live and to work, with all the benefits of a city. People see it as a good choice to raise a family, with the seaside and Dartmoor National Park nearby, and good job opportunities. People move to Exeter, fall in love with it and stay there.  We have seen a lot of people from the South-east and London moving to Exeter, particularly over the past couple of years. If they can work from home and are maybe required in the office once or twice a week, the benefits are what your money gets you in terms of a house but also being close to the countryside, with less traffic.  

“Housing is quite varied. There are Victorian terraces, post-war homes and bigger detached homes on the outskirts. Just outside Exeter, there are five bedroom farmhouses with acres of land.  Popular villages with excellent schools are Silverton and Brampford Speke. Seaside towns of Exmouth and Sidmouth and the Teign Valley in the Dartmoor National Park are also attracting buyers, all a short drive from Exeter. In the city itself, Cowick Street, which was viewed for years as being on the wrong side of the river, is now really popular with families. A two bedroom flat costs between £300-£350,000 in the city. A family house in St Leonard’s, one of the most desirable districts in Exeter, would cost around £750-£800,000.” 

The university brings a boost in population and an opportunity for buy-to-let investors. Matthew Ewings explained: “ A continuing demand for student accommodation makes Exeter a good place to invest, with yields of 7 to 8%, and new tenants lined up a year in advance. When the students are in town, the population goes up by around 30 per cent.” 

The attached picture is the front shot of The Old Granary, a Grade II listed five bedroom home in three acres, five miles from Norwich. Price £950,000