Bury might be an interesting area to invest in when looking for a house for sale in the UK as it is a unique area in the county of Lancashire.
Before looking for a house for sale in the city of Bury we strongly suggest landlords and real estate investors to research in detail and consider all involved factors. Indeed, house prices can change quite a bit depending on the square foot of the property, the number of rooms, the economic climate, the location of the house and more.
In this data heavy article the reader will be able to find out more on the topic and see the specific data to consider when evaluating different houses for sale in Bury.
Are there any important statistics about the population of Bury?
The city of Bury, situated in Lancashire, is a particularly impressive part of the UK because of the specific demographics of the location.
In the below headings, the city of Bury and its demographics will be compared to its wider location (North West). This includes population size, growth and population education now and into the future.
These statistics are heavily influenced by socio-economic factors and as a result this also shapes the projected house price of the houses for sale in Bury. So, taking a good look at the data is essential to understand the area you are considering to buy in.
For the city of Bury, what is the education level?
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 £41,966.67.
This should correspond with the average percentage of people in the UK who have degrees at 22.6%.
In general, do people commit a lot of crime in Bury?
In Bury, for every 1000 people, there is currently a crime rate of 850%. This can be compared to the national average of 79.52 for every 1000 people.
Low crime rates are desirable for your safety as a homeowner. Even if you don’t tend to leave the house too often and tend to not mind living in a slightly more dangerous area. Things like burglaries are always a possibility which could harm your ability to pay for home insurance and also may force you to install additional security in your home that can cost you further.
Having said this, you can look at the crime rate on a deeper level to find out what the threats are exactly. It could be the case that a proportion of these crimes (850% for every 1000 people) come from things like anti-social behaviour rather than more serious crimes like violence and sexual offences.
If this is the case you may be more willing to look over a high crime rate within the areas you’re looking to buy a home.
How much do people in Bury earn?
You may be wondering what the amount people earn has to do with house price. Well, house prices generally go up as people earn more not just because they can afford more valuable properties but also because good areas generally attract more desirable infrastructure. For reference, the average household income is £41,966.67.
This may be better schools, doctors and areas with lower crime rates. This results in a snowball effect which polarises different areas further, increasing the demand for housing in richer areas by a greater amount. And increasing the proportion of people with high social grade scores. For Bury this figure is 24%.
In Bury, what are the deprivation levels like?
Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Bury, currently, £0 people fall into this category.
Measuring this statistic against the nationwide average of 33% should give you a pretty good idea of where the city lies in the scale of poverty in the area.
What is the social grade score of Bury?
The social grade of a city is useful when searching for a house for sale because it tells you what kind of jobs people have in the area. For example, there could be a lot of skilled manual workers or there could be a lot of pensioners and people on benefits.
The scale goes from a social grade of an A who are high managerial, administrative or professional workers to an E where people in this category are on state pensions, casual workers or unemployed on state benefits. The number of people in Bury in grades A or B which are the highest skilled roles in the country is 24%.
Realistically, you can expect workers in this category to earn a higher salary too. For comparison, £41,966.67 is the average household income of the area. You can see how this figure is congruent with the number of people in the top two categories of the social grade at 24%.
Do the people of Bury get to enjoy green space?
In the city of Bury, there are 10 acres of green space per 1000 residents.
The charity, ‘Fields in Trusts’ recommends a minimum of 6 acres of green space per 1000 people so it is easy to see where Bury is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
What is the population of Bury?
In the UK in general and specifically in the region in question, large population sizes can be good indications that there are a lot of people in the area looking for houses for sale which can drive up demand and therefore impact the cost. You should also check to see if the population is growing in the area too to show an increasing demand, this is even better. Currently, the total population of Bury is 101317.
Sometimes, smaller populations can have higher buyer demand than large populations on the other hand. This is because the price of houses and hence the demand for houses is based on a variety of variables.
The most important variable is the location of the houses for sale in the city of Bury.
In Bury, how has the population changed over the last five years?
In the last five years, over time, the change in population size was 2%. Looking at this figure can inform you of the buyer demand for the houses for sale in the area. Read more here
This may mean that the city has now started to slow down in terms of population growth or it may mean the city is also building a lot of houses which would indicate the supply of houses for sale will be matching the demand.
Making predictions about the future growth of Bury is hence important in making a decision if capital appreciation of your real estate investment is something you’re after as a landlord.
Comparing this figure for the 5 year growth (2%) as well as the ten year growth in the subheading below should allow you to make some accurate forecasts on the growth rate. Click here to know more on the UK population trends.
Bury population difference over 10 years?
The population has adjusted in the area of Bury by 3% in the most recent decade. This change is even more useful when compared alongside the figure for the five year growth of the area too.
This will tell you if the population is changing at the moment or if change is more recent. Through this a landlord can accurately look at the fluctuations in population size of the area over time and therefore better understand the trend of the houses for sale in Bury.
To make an example, the town of Salford which is a part of Manchester has seen a 10% increase in population. house price has therefore followed.
In Bury, what are the rental yields?
What is the growth in the housing market of Bury?
Before making an investment and move forward with buying a house for sale, another important set of data an investor should analyse is the growth trends of the area in question.
Below are the forecasted growth rates for the city of Bury at 1 year, 3 year and 5 year intervals:
|1 year||3 years||5 years|
|Bury growth rate||0%||22%||34%|
Examine this figure carefully as the addition of a lot of new houses to meet demand could mean that house price of the houses for sale in Bury gradually reduces with an increase in the housing supply. This could be a good indicator to understand if your house will appreciate or not. Too many houses and too much supply could drive down the prices of homes or stagnate them. So be sure to check out what is exactly happening in Bury.
The figure of rental yield is commonly looked at by investors who wish to increase their income by investing in areas where rental yields of the houses for sale are higher. Usually, the higher the rental yield, the more attractive a house for sale is for an investor. This is why it is common for landlords to increase rent using section 13, to maximise this yield, as it is so important.
Nonetheless, there are also instances where an investor will go with a house with lower yields in order to benefit from the appreciation of a house too which is why it’s vital to look into all the details of Bury.
The data below shows the rental yield, rent turnover and the percentage of the money made on the sale of a house. The data is broken down into the county city is in (Lancashire) as well as the broader region; North West.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Bury||£0||£869||no relevant data for this city||£0|
Also, you can compare other data to the table above such as the number of houses sold per month in Bury which is 10 and get a better understanding of the housing market.
This is great if you want to gauge if investors are actively looking for houses for sale in the area over other areas in the UK which may be an induction of how profitable Bury is to invest in. Both in terms of rental yield and capital appreciation.
In Bury, what do houses for sale tend to sell for?
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 which is 3% over a ten-year period.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£305,889|
|Aerage sold price (semi-detached)||£194,263|
|Aerage sold price (terraced)||£142,991|
|Aerage sold price (flat)||£122,107|
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.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£2,097|
|Aerage sold price/sqft (new build)||£2,337|
|Aerage sold price/sqft (old stock)||£1,963|
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.
Bear in mind that if you are a landlord looking to buy a property to rent, you will also run into other expenses like letting agent fees and the cost of listing your property for sale on Rightmove in your city.
Are you considering other cities with houses for sale?
We have prepared a list of cities that are entirely dissimilar to the region of North West, perfect if you are looking for somewhere similar to Bury but want to relocate to a different region entirely. You should then be able to evaluate the different houses for sale listed in the region:
- ball in North West
- carrog in North West
- basingstoke in North West
- bastwick in North West
- ditton in North West
Alternatively, you can visit our webpage dedicated to houses for sale in the UK for a broader understanding, houses for sale in the UK.
Asking price in Bury for a house for sale
Average prices for the houses for sale in Bury
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£175,064|
|Average asking price (3 bed)||£275,792|
|Average asking price (4 bed)||£422,139|
|Average asking price (5 bed)||no relevant data for this city|
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.
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.
A house for sale that is right for you
Many criteria impact the price of houses for sale in Bury.
Here below are the most important ones according to Lofti’s expertise:
- Affordability – (see what house for sale can you afford?)
A guide from the UK government
- House Location – The borough and region of the UK you want to invest in is an important factor to consider when looking for a home for sale.
- Transport – Commuting can be a waste of time. Minimise it by checking how long it will take from the house for sale you’re interested in, to your office before considering buying
- Number of bedrooms – The number of bedrooms goes hand in hand with the house for sale price. If you are buying for the long period try to think if you might need an extra bedroom
- Energy performance of the house for sale – The difference between an EPC rating of A and an EPC rating of G can impact your monthly utility bills, consider this when evaluating houses for sale.
- Internet connection – Being able to take video calls from your home is crucial nowadays, always check the broadband of the area when browsing houses for sale
- Car park – Ask the property seller for parking availability. If it is included in the price of the house for sale, you can justify paying more than you would at first glance
- Conditions of the house for sale – Repair works can be expensive and take a lot of time, assess the conditions of the houses listed for sale before making an official offer.
Who can help you buy a house for sale in Bury?
Who should you talk to while going through the process of making an offer on a house for sale?
Several experts specialise in giving advice to property investors or to first time potential buyers.
Since the process of finding the right house for sale can take months, you have all the time to consult with the experts you might need.
Find here a list of those you should contact to get professional guidance and assistance when purchasing a house for sale:
- Lender – This practitioner can lend you money to finalise a house purchase
- Insurer – Insuring companies will provide you with the insurance policy you need to protect the house for sale you want to buy
- Legal representative – This professional is usually there to handle all the legal tasks associated with purchasing a home for sale.
- Surveyor – Carries out and independent valuation on the house for sale based on its conditions. It is very useful to understand the correct price before making an offer
- Mortgage specialist – Mortgage advisors works on commissions. They will get a cut from the bank and will guide you with offering the best deals given your financial situation
- Energy assessor – We strongly suggest you to invest in a professional assessment of the Energy Performance of the house for sale you want to purchase