One of England's most important cities until the Industrial Revolution, wool, fishing and farming flourished around Norwich for centuries. Finding brass in the muck, Barclays Bank and Norwich Union were both founded there by locals and it is now a prominent business city. The nearby Norfolk Broads have siphoned tourist trade into the local economy too, yet for all its affluence, average Norfolk house prices remain relatively cheap for Southern England.

Within the city, the well healed have always sought the SW and especially the 'Golden Triangle', an area of detached Victorian merchant's houses, which regularly fetch £500k+. There's period and modern luxury further out towards Christchurch Road too, where detached executive homes sell for around 10-20% less.

The east side harbours a new riverside apartment development, as well as clusters of pubs and clubs. Although a put-off for young families, the nightlife hasn't stopped the new apartments commanding twice the price of a two or three bedroom period terraced house a few streets away. Thorpe Hamlet has become something of a hotspot too and prices are pulling out in front of area averages.

The north and west of the city centre have similar markets in terms of offering predominantly Victorian and Edwardian terracing, with 1950s purpose-built estates on their fringes. As prices are roughly 50% lower than their south-western counterparts, property is selling well and both are good starting points for first-time buyers.

Second-time buyers flock to the pretty villages that surround Norwich, some of which date back to Anglo Saxon times. You don't have to move too far, either: Hethersett, a large village just off the A11, is often thought of as part of Norwich, but is, in fact, a separate community. Home to Robert Kett, leader of the 1549 rebellion against enclosure, properties from the period still stand amongst each later century's additions. Pressure is on to develop Hethersett, but it hasn't lost that villagey feel and you can still spot the odd kingfisher along riverside paths.

Nearby Wymondham (pronounced 'Wyndham'), however, has exploded during the last five years, owing to its convenience for workers at the Norfolk & Norwich hospital and University of East Anglia. Divided into old and very old, property in the centre either dates back to the 12th or 17th century, depending on whether or not it managed to escape the 1615 fire.

Very old property sales are rare and priced according to their features, but you can expect to pay in excess of £300k for 17th - 19th century family-size houses. More affordable property is only a few hundred yards away though and there's a good selection of post-war and new build housing throughout the town. Prices halve as soon as you leave the centre and one-bedroom flats start as low as £60k+.

As the upgraded A11 and improved Cambridge rail link open up south Norfolk, many other villages look set to expand in the same vein, but one which won't, is Bawburgh. Under conservation orders since 1973, 'new build' has been limited to space available in peoples' gardens. Equally, although the five mile drive east to Norwich has attracted commuters, Bawburgh retains a strong community of established families. Unsurprisingly, despite the absence of any shops and only one pub, prices for the mostly period properties are amongst the highest in the region. Although there are odd two-bedroom cottages around for under £100k (and they'll need money spending on them), the mostly detached four or five-bedroom houses sell for well in excess of £500k. There are some very nice period conversions around, but all are individual and prices vary.

Many first-time buyers have been priced out of the market in places like Wymondham and the trend for buy-to-let has swollen prices further. Some agents think it's on the wain, which is good news for primary home-buyers, but bad for investors, so keep an eye on the to let columns in local papers for market indicators.

And if you get as far as the survey stage on a property, be aware that much of Norfolk sits on chalk fields: it has been known for holes in the ground to appear over night, wrecking roads and properties. Discuss the risks with your surveyor and if in any doubt, call in a structural engineer.

Useful contacts

Norwich City Council www.norwich.gov.uk

The British Geological Survey - can provide vital information on geological risks that may affect properties or areas. Either call 0115 936 3100 or email geohelp@bgs.ac.uk

For listings of Estate Agents by area www.ukpropertyshop.com