What is it like buying a house in Bury?

Sometimes, working out the prices of the houses for sale can be tricky business. This is why we created this article all about the price of houses for sale in Bury, Lancashire.

From the average asking price of houses for sale in Bury to the growth of the population in the area, all will be talked about regarding the city of Bury. So you will get better clued up on the area, and make finding a house for sale in the UK easier.

What is the final sale price of a house in Bury?

For the city of Bury, the average price a house sells for is £194,560. This value usually depends on the exact location of the house within Bury as well as other factors like the population growth in Bury which is 3% over a ten-year period.

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 Bury.

Generalising the bottom table, the average value per square foot of a house for sale is £2,207. This value averages all of the types of houses for sale in Bury. 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 Bury.

In Bury, what are the rental yields?

Assuming you are not looking for a house for sale in a certain area because of private reasons such as being close to a family member or you have been relocated to a new office, these are some of the factors to consider in order to understand if an investment is worth your money.

Investors typically look at data such as the average rental yield, the average asking price of rent per month, rent turnover and sale turnover. These KPIs give property investors a solid idea of how the market is performing in that area.

For the city of Bury, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; North West. As well as Lancashire, to give a smaller scale area to compare the data to.

Assuming that in the future you want to re-sell the house you will eventually purchased in Bury you might be interested in the number of sales per month (85) that happen in the local housing market. Comparing this figure for Bury with the above table gives you a good understanding of the profitability of the area.

Are there more or fewer houses being built in Bury?

The growth of an area like Bury can be a great indicator of a thriving city and the influx of new people can drive demand for housing and help appreciate the value of your house after you buy it.

Paying attention to the table below tells you how the number of houses has changed over time at one year, three year and five year intervals.

Despite the number of houses being built rising, this may not indicate that the housing price of the houses for sale is going up. It could be the case that there are a lot of new builds in the area which are causing the supply of the houses for sale to match demand and this could cause a decline in house price as time goes on.

Make sure you do your own research specific to the city of Bury if you want to find out the exact reasons for the housing change.

Asking price in Bury for a house for sale

As you go ahead and make offers on a house for sale, it is sometimes best to know what other people are offering for the same type of house for sale so you know what to offer yourself to get a good deal. So you should know, the average asking price of Bury is £261,218.

Even though the asking price is not what the eventual price the house is sold at, making a note of the averages for the city of Bury is useful when negotiating and knowing what to expect for every type of house for sale.

The average asking price for the houses for sale in the city of Bury

Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£957) for houses for sale with this table to get a good idea as to whether Bury is the right area to buy a house in for you.

What kind of demographics does the city of Bury have?

Located in Lancashire is the city of Bury, in a large part of the UK; North West. Before you look for houses for sale in this area, it is a reasonable question to ask what the people who live there are like.

Below, the population of Bury has been dissected in terms of if the population is educated, what the crime rates are like and much more. All important factors to consider before making a house purchase among the offer of the houses for sale.

The knowledge below is based on a lot of different variables relevant to the city of Bury which impacts the profitability of making an investment here or how desirable buying a house to live in is if you want to live on a permanent basis.

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

In the city of Bury, 29% people have a degree from a university. The higher this proportion is, in general, the more likely it is that the population is able to buy a house.

Interestingly, as people who have degrees go up, the average income of the area goes up too. You can see if there is a correlation, the average household income in the UK is price34,000 and the average income in Bury is £41,967.

This should correspond with the average percentage of people in the UK who have degrees at 22.6%.

In Bury, what is the social grade score?

In the city of Bury, the social grade score of the area is 24%. 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 Bury.

Have the people of Bury grown in numbers?

The city of Bury has a total population of 101,317. Large population sizes can be good to show there is a high demand for people to buy houses in the area but a better indication is if the population of Bury is growing.

A small population city can also have high prices of houses for sale, because, if there is a growing population, and demand is still high, this could mean the house prices are pushed up.

Either way, a population must also be looked at in terms of the appreciation of the area as well as the rental yields and if the area really meets your needs.

The five year population change of Bury

Over time, in the last five years, the population of the city of Bury has changed by 2%. This figure can tell you a lot because a growing population indicates a house is likely to appreciate. Read more here

In addition, looking at the 10 year figure for population growth in the below paragraphs can give you further evidence as to what the change in population has been for a longer period of time. As a result, you’ll know if this 2% population change is something that has been there for a while or if it is a new trend. Click here to know more on the UK population trends.

What is the difference in population over the last 10 years in Bury?

In the last 10 years, there has been a shift in the population of 3%.

Comparing this to the 5 year figure of Bury can tell you if there is a long history of population growth or decline, if there are population fluctuations or if the trend is stable.

New industries opening up in the area, the addition of new jobs and also international and national migration might all be reasons for changes in population size. Resulting in people moving in or leaving an area.

A good example of a quick change in population was in Stratford, London in 2012. Here, there was an increase in government spending in the area because of the Olympics which resulted in massive population growth.

Is the city of Bury deprived?

Deprivation of a city is defined as the number of people who are considered to not be earning enough to sustain their lifestyle. The UK average of deprivation nationwide is 33% so comparing the figure of 21% for Bury should give you a nice idea of the deprivation in the area.

Is there sufficient green space in Bury?

There are cities in the UK such as Edinburgh and Bristol that have a higher percentages of green space with Edinburgh being the most at 49%. The city of Bury currently has 9.9 for every 1000 residents.

Green space helps the quality of people’s mental health as well as fight against diseases like obesity. As studies have shown that the proximity of people to green spaces in the UK has a positive impact on the physical health of people in the UK and Bury in this case.

Is the crime rate bad in the city of Bury?

For every one thousand people living in Bury, 9 commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.

It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.

Nonetheless, the crime rate of 9 is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.

Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.

How much do people in Bury earn?

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 Bury, the average income is £41,967. 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 24% to decide on what the demographics are like in the area.

Advice from experts on properties for sale in Bury

Other cities you can consider looking for with houses for sale

We have prepared a list of cities in North West, the same UK region of Bury that can help you evaluate the different houses for sale listed in the region:

• Aston in North West
• Burneside in North West
• Hightown in North West
• Allerton in North West
• Little-Hulton in North West

Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.

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

What parameters impact the final price of a house for sale in Bury?
Here below is our list with the most important ones:

• House for sale affordability – check out the (see house affordability guide)

  on the UK gov website to know more

• House Location – the actual location of a house for sale drastically changes the final price of a property

• Transports you can reach by foot – Commuting is part of our lives, especially in big cities, check it out before buying a house for sale.

• Number of bedrooms – Usually, the bigger the house for sale the more bedrooms it will have. For example, if you are a single person (or a couple) one bedroom will do.

• Energy Performance Certificate of the house for sale – Bad EPCs can result in thousands of pounds more in bills you will have to pay on an annual basis. Consider this when purchasing a new property.

• Internet connection – Having a quick internet connection is fundamental nowadays. Check the area of the house for sale to understand what the average internet speed is and see if it fits your needs

• Do you drive to the office? – If yes, ask about parking. Is it included in the house price?

• Special areas – Start by taking a look at the National Heritage list by the UK government. If a house listed for sale appears in the list, the future landlord won’t be able to invest in changes to the real estate asset.

• Houses for sale Conditions – When looking for houses for sale you should always consider the amount of time and money you will have to invest to complete the needed repairs, if any at all.