Lowestoft is a quaint, coastal town located in the north of Suffolk. It is the most easterly location in UK, which means those living there are the first in the country to witness the sunrise each day.
The area started life as a hub for both fishing and engineering. However, these days tourism is the town’s biggest industry, with Lowestoft drawing in over 1 million visitors every year, thanks to its beautiful beaches, fun family attractions and impressive event’s list.
Often referred to as the renewable energy capital of the UK, the area is also home to OrbisEnergy Centre which hosts many companies set on driving innovation in the offshore renewables sector. Furthermore, Lowestoft is home to ‘Gulliver’, the tallest wind turbine in the country, which stands at 413ft and was completed in 2004.
While many may be more familiar with the Great Yarmouth’s and Southwold's of the east coast, Lowestoft certainly competes, boasting all the amenities of both, with a little more peace and quiet.
Tourism aside, why is Lowestoft a good idea to invest in, and what opportunities are currently available?
What’s On Offer
In 2022, the Government approved a £24.9 million regeneration programme for Lowestoft, which will see five major projects begin over the next few years in a bid to improve the infrastructure and facilities in the area. The plans will see a variety of major improvements to the town’s Station, Historic and Cultural Quarters, alongside its seafront and Port Gatesway locations.
While that is a lot to look forward to, there is already much to offer from Lowestoft. Although, South Beach, Pakefield Beach and Claremont Pier offer some of the best sandy spots in the UK, the activities certainly don’t end there. Families can enjoy fun days out at Pleasurewood Hills Theme Park, Africa Alive Zoological Reserve and Adventure Island Playpark. And those with a historical interest can explore a range of local museums, some with nautical themes, such as the town’s Maritime Museum and its Royal Naval Patrol Service Museum.
All in all, the future looks brighter than ever before for Lowestoft. The ‘stay-cation’ boom which arrived during the pandemic shows no signs of slowing down, due to the cost-of-living crisis and surging flight costs, while rental demand continues to climb in desirable coastal towns, providing excellent investment opportunities.
Strong Investment Opportunities
According to Rightmove, the average house price in Lowestoft during 2022 was £226,868, significantly lower than London’s average of £877,915, which is just over a 2.5 hours’ drive away. Furthermore, house prices in the town are also lower than neighbouring Norwich, which is where many Lowestoft residents commute to work.
Overall, Lowestoft offers some of the cheapest properties to buy in Suffolk; guaranteeing all the benefits of coastal living at an affordable price.
Just like in many other areas of the UK, the rental demand is high in Lowestoft, although would-be renters are finding themselves in a unique position. Given its locality near the coast, property owners are predominantly letting their homes out for short stays to suit tourists needs; leaving those looking for long-term rental properties in a tough situation. With demand for rented property so high in these areas, an investment in a buy-to-let is going to pay dividends, given that property owners aren’t going to be short of potential renters in the area.
HJ Collection Developments
HJ Collection has recently acquired a commercial building located in Lowestoft town centre, with planning already in place to convert it into 22 residential units and 5 retail units. Close to local amenities, the site boasts strong rental and/or repurchase demand, and will be completed within the next 15 months.