At a Glance
Average Property Price - NR2
£311,124
45
National percentile
Average Monthly Rent - NR
£920
37
National percentile
Average Net Household Income - NR2
£24,083
3
National percentile
Flat / Maisonette Yield - NR
5.4%
40
National percentile
10-Year Annualised Price Growth - NR2
2.9%
26
National percentile
10-Year Annualised Rent Growth - NR
4.4%
81
National percentile
Property Price & Volume Trends
The latest average property price in NR2 is £311,124, placing it close to the national midpoint. Over the past decade, prices have grown at 2.9% per year—a pace well below the national average, reflecting relatively modest capital appreciation. Annual transaction volumes have remained fairly stable, with 411 sales recorded in the latest full year compared to a 10-year average of 424.
Rent & Yield Trends
Average monthly rent in the broader NR postcode area is £920, below the national average. However, rental growth has been robust, at 4.4% per year over the past decade—among the fastest nationally. The flat yield currently stands at 5.4%, a marked improvement from the 10-year average of 4.3%, signalling strengthening returns for buy-to-let investors.
Income & Affordability Trends
Average net household income is £24,083, significantly below the national average. The price-to-income ratio has deteriorated sharply from 6.9x in 2016 to 13.9x today, making purchase affordability considerably tighter. Rental affordability has also weakened, with rent consuming 26.2% of income compared to 21.6% in 2016.
Resident Demographic Profile
The 16–24 age group is notably overrepresented at 17.5%, well above the national average of 11.0%, reflecting the student and early-career population drawn to Norwich. Private renting dominates tenure at 30.1%, significantly higher than the national average of 21.7%, while owner-occupation is correspondingly lower. The professional workforce is exceptionally strong at 29.5%, nearly 50% above the national average, reflecting the area's appeal to graduates and knowledge workers.