Binley – What to look for in houses for sale?

by | Nov 15, 2022

Home $ House for sale in the UK $ Binley – What to look for in houses for sale?

Whenever looking for a house for sale in the UK or in Binley, it is vital you look at the market trends and house price fluctuations in the wider area of West Midlands too. House prices of houses for sale can change even among different streets very close to each other so, as a landlord, it would be a good idea to be familiar with the area of Binley.

In this article, we will be looking at the city of Binley in detail so you know how to navigate the area and have a better understanding on where to invest.

What is the asking price on average of houses for sale in Binley?

In the city of Binley, what is the average asking price for the houses for sale?

Average asking price (1 bed) no relevant data for this city
Average asking price (2 bed) £184,467
Average asking price (3 bed) £283,918
Average asking price (4 bed) £396,938
Average asking price (5 bed) £455,500

Reading the table above should therefore give you a good idea of the type of house for sale that is within your budget in Binley and if you may need to look at a different area in order to buy the type of house you can afford.

Also, noting the £2,610 should also give you an overview of what the asking price for houses for sale are in general.

When investors make offers for houses for sale in Binley, the average price asked by the homeowners works out to be £286,999.

In the table below, for all the different sizes of houses in the area, the average asking prices have been displayed. This tells you what kind of house is more or less expensive and sought after despite houses with fewer bedrooms being overall less expensive anyway.

Any house that looks like it is overpriced for the number of bedrooms it has in Binley is typically not overpriced. It is just the case that that type of housing has a higher demand, therefore, people are willing to pay more.

In general, for the city of Binley, what are the final purchase prices for the houses for sale?

For the city of Binley, the average price a house sells for is £221,871. This value usually depends on the exact location of the house within Binley as well as other factors like the population growth in Binley which is 21% over a ten-year period.

Housing category Total final sale price
Aerage sold price (detached) £320,007
Aerage sold price (semi-detached) £245,120
Aerage sold price (terraced) £182,639
Aerage sold price (flat) £116,865

The above table puts this figure into perspective as you can see the various average sale prices of a house for the specific type of house you’re most interested in. This comparison is important because the type of house you’re considering to buy may be more or less in demand based on variations in supply and demand in the city of Binley.

Housing category Sale price per square foot
Aerage sold price/sqft £2,440
Aerage sold price/sqft (new build) £2,390
Aerage sold price/sqft (old stock) £2,350

Generalising the bottom table, the average value per square foot of a house for sale is £2,530. This value averages all of the types of houses for sale in Binley. So, if you’re not sure what type of house you want specifically, you can still get an idea of the real estate market of Binley.

In Binley, what are the demographics like?

In the city of Binley, the demographics are unique and must be looked at by themself to make a conclusion about the area before buying a house. This is because the growth could be greatly different to the wider area of West Midlands for example.

These demographics for Binley may impact the price of a house, how this house grows over time and the profitability of a house if you are buying it for an investment so knowing the area is crucial for a landlord making a purchasing decision in the city of Binley in West Midlands.

What’s the crime rate in Binley?

For the city of Binley, crime rate is at 114. So for every 1000 people in the area, 114 commit a crime which is prosecuted. Paying close attention to this figure of crime rate is not only important for the value of a house but also to calculate the maintenance cost of owning a house and how attractive an area can be for future buyers.

So, compare it to the nationwide average of 79.52 per 1000 people and consider if you are happy with this figure based on the price you’re paying for a house you’re interested in.

On top of this, houses that are in areas where there is a high crime rate tend to have to pay higher insurance rates, costing a homeowner in the long term.

Additionally, paying for further security on a house such as CCTV or potentially gates and fences that deter thieves may be necessary for an area with a high crime rate.

Is the education level of Binley important when buying a house?

In Binley, the proportion of people who have a degree is 26%. Generally speaking, as the number of people with degrees increases, the more people are able to afford houses to buy as a degree is a good indicator of a higher income. To put this into perspective, the average income of Binley is £40,600.

This figure for average household income usually goes up alongside the percentage of people who have degrees.

However, this is not a hard and fast rule, there are many factors influencing the buying power of a population and hence the appreciation of housing and the number of houses for sale in the area. This can include the rental yields of the area and other demographic statistics like crime rate.

Nonetheless, it cannot be argued that those with degrees tend to live in more affluent areas as 82% of people who achieve a first in degree level education are owners of the place they live.

How much green space is available to residents of Binley?

In the UK, there are a range of cities which have a lot of green space. In some cases, green space can get as high as 49% of outdoor land like in the city of Edinburgh. When specifically talking about Binley, the city has 20.6 per 1000 residents.

This can be compared to an average of 1.7 acres of green space per 1000 residents which is the UK’s national average. It is up to you to decide how much you’ll let the amount of green space impact your buying decision in Binley.

What is the social grade score of Binley?

In the city of Binley, the social grade score of the area is 22%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.

The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.

This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Binley.

Social Score Category The proportion of the UK population (%)
A Professional, managerial or administrative 4
B Intermediate managerial or professional jobs 23
C1 Supervisory, junior managerial or professional jobs 29
C2 Skilled manual workers 21
D Semi and unskilled manual workers 15
E State pensioners, casual & lowest grade workers 8

How much are those living in Binley earning?

By and large, a higher household income in a population can have positive effects on the crime rate and the quality of space. This is due to the fact that higher earners tend to buy houses where there are better schools and more desirable amenities that impact the quality of life someone has.

In Binley, the average income is £40,600. Measuring this figure against the average household income for the UK of price34,000 should tell you if the city is higher or lower earning.

When buying a house, use this statistic with other factors when making a decision too like the crime rate or the social grade score of 22% to decide on what the demographics are like in the area.

How deprived is the population of Binley?

The number of people who are deprived can have an impact on the perception of your house in the general marketplace. Additionally, if you are looking for a house to live in for the long term, you can start to picture what your neighbours and the people in your area live like financially.

If the proportion of deprivation of Binley is 25% and in general for the UK this figure is somewhere around 33%, you can see if this figure is something you are happy with as you search for a house to buy.

What is the population of Binley?

Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Binley if 63,643 and in the below heading how this population has changed will be broken down.

Like most data to do with houses, all data has to be considered holistically with multiple variables to determine if the population growth actually impacts the statistics that matter to you as a landlord in Binley such as rental yield or house appreciation.

How has the population size of Binley adjusted in the last 5 years?

In the previous five years there has been a change in the number of people of Binley by 10%. Analysing this figure is a great way to tell if there is new demand for housing or not as a decreasing figure reduces the number of people who want to buy houses. Read more here

To compare this figure over a greater period of time, you could look at the figure for the 1 year population too and compare them. This way you can see if the population has changed recently or if this 10% change has historically occurred before. Click here to know more on the UK population trends.

Over the last 10 years, how has the population size adjusted in Binley?

In the last decade, the population of Binley has been adjusted by 21%. This growth may be as a result of factors like new industries employing people or emigration and immigration balancing out to create this population change.

A precedent that shows population change in this way over decades is the region of Greater London. The capital city has grown by 27% in the past 20 years. Population growth has caused house prices to go up to price523,666 on average.

Why you should consider the average rental yield when searching for houses for sale in Binley

If you’re buying a house for investment rather than for the reason to live in the house over time and use the house as a place to stay in the long term, there is a need to look at the rental yield figure to see if the house for sale you are considering to buy is a good investment or not.

This figure is usually looked at by investors as well as the rental income of the area, the sale turnover and the rent turnover.

The table below represents this data and compares Binley to West Midlands and the broader suburb of the UK; West Midlands.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Binley 4.1% £979 132% 23.0%
West Midlands 4.34% £919 123.12% 22.46%
West Midlands 3.89% £877 119.29% 20.00%

Let’s assume you want to sell the house you’re looking to buy in Binley for profit in the future, in this case, looking at the data for the number of houses sold per month in Binley would give you an idea of whether the area is actively getting new investors. This figure is 49.

It is vital you be careful with this figure however as the data can suggest something that isn’t true in Binley. To give an example, a lot of people buying new houses could also indicate there are a lot of new first time buyers in the area which would in fact drive down the rental yield.

The more people there are interested in renting, rather than buying, the more likely that area of the UK has high rental yields and hence investors like these areas to invest in to create a large amount of cash flow.

Is the housing market in Binley growing?

Growth in the area can be a good signal of a booming house market. However, too much growth could also have negative consequences on the capital appreciation of a house as time goes on.

Take a look at the table below for Binley that shows the growth in recent years.

1 year 3 years 5 years
Binley growth rate 4% 15% 23%

High growth rates can signal an appreciating housing market, nonetheless, if there are too many houses being built, this could reduce demand for housing as the supply of houses for sale starts to catch up with the demand. Leading to stagnation or a decline in house pricing so understanding the growth in Binley is important.

Who can help you buy a house for sale in Binley?

Choosing the perfect house for sale for you might be challenging in today’s market due to the abundance of available houses.
You may wonder who can guide you through the process of selecting a house that is for sale.
There are several experts that provide guidance and support to potential buyers and the procedure can be drawn out, particularly when dealing with houses for sale.

Here is a list of who to contact to get assistance when purchasing a house for sale:

  • Banks – The ones that can lend you the money you need for the house for sale
  • Insurance companies – Companies that give you access to various insurances specific to the house for sale you are considering to buy
  • Solicitor – The individual or business responsible for handling the legal tasks required to purchase a home that is for sale.
  • Civil engineer – Provides you with an appraisal of the house up for sale that you want to purchase.
  • Mortgage advisor – Professional advisors that will guide you and propose the best mortgage deals according to your finances
  • EPC specialist – Getting professional advice on the energy performance of the house for sale is crucial, especially nowadays.

Invest in a house for sale that meets your demands

When browsing houses for sale in Binley you should think about lots of different criteria:

  • House for sale affordability – visit the dedicated page of the UK government to understand (see what you can afford)

  • Location of the house for sale – the region and town you are considering to live in are crucial factors to consider before looking for houses for sale. In this article, we define lots of demographic factors that should help you make a decision.

  • House for sale transport links – even if working from home is becoming more and more predominant, we suggest you check the transport links the house for sale has.

  • Number of bedrooms in the house for sale – are you looking for houses for sale for the whole family or are you single? Always think about how many bedrooms you need and if that number might change in the future

  • energy performance of the house for sale – What is the EPC of the house for sale? Today more than ever, is important that you check the EPC rating of the real estate assets available for sale on the market.

  • Internet speed in the area of the house for sale – is important to remember that internet speed is a consequence of two factors: your plan and the infrastructure available in the area. Always check these parameters before looking for houses for sale

  • Does the house for sale have parking – if yes, is it on-street or is the house for sale equipped with a garage?

  • Houses for sale in conservation areas – always check the National Heritage list. If a house for sale is part of this list it means that it might be impossible for you to make changes to the property’s internal and external structure.

  • Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.

Are you considering other cities with houses for sale?

You can assess the various houses for sale offered in the area by consulting this list of cities in West Midlands, the same UK region as Binley:

You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK