What is it like buying a house in Fareham?

by | Nov 15, 2022

Home $ House for sale in the UK $ What is it like buying a house in Fareham?

Whenever looking for a house for sale in the UK or in Fareham, it is vital you look at the market trends and house price fluctuations in the wider area of Hampshire 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 Fareham.

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

Are there any important statistics about the population of Fareham?

Are the deprivation levels of the UK any different to Fareham?

Deprivation levels refer to the ability of the population of the city to earn enough to keep their lifestyle going. Nationwide, it is thought that the number of people at this level or not being able to meet the costs of living is around 33%. In comparison, the deprivation level of Fareham is 18%.

How much are those living in Fareham earning?

Typically, as people earn more money, the more they are able to afford and the better house prices in the area because demand goes up. You could also infer that the amenities such as schools, parks and public areas are generally of high quality as a result.

For these reasons, it could be argued that areas where people earn more money are generally nicer arrears to live in which also attracts more people as a result and further drives up house prices in the area.

To see if this phenomenon occurs in Fareham. Compare the area’s average household income of £51,400 to the average household income in the UK at price34,000. Adding to this, compare it with the figure for the highest social grade score too at 28% for more conclusive data on the affluence of the area.

What’s a social grade score and how does it relate to Fareham?

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 Fareham in grades A or B which are the highest skilled roles in the country is 28%. Realistically, you can expect workers in this category to earn a higher salary too.

For comparison, £51,400 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 28%.

What’s crime like in Fareham?

Within Fareham, the number of people committing crimes is 70 per 1000 people. This figure directly relates to the safety of residents in the area which is one of the biggest factors in whether an area is considered desirable or not.

As a result, someone looking to buy a house here hoping for it to appreciate in value or buying a house here to produce rental income should check out the crime rate and compare it carefully to the UK average of 79.52 for every 1000 people to see how safe people living there will be.

If the area’s crime rate is too high, this may result in you having to pay for the renovation of burglaries or pay a premium on home insurance as insurance companies will charge you more for living in a dangerous area. So analyse this 70 figure carefully.

In Fareham, how has the population changed?

Population growth in Fareham is important to know if there is housing demand and the total population may also be looked at as large populations commonly have a lot of buyer demand.

In Fareham, 87,456 people live in the city as their main place of residence.

It is important to note that it is not the case that everyone likes a large population to live in. People who tend to prefer a more relaxed life are more likely to buy or rent somewhere to live that has a small population and perhaps also wouldn’t mind if the population isn’t growing.

Other people also like to have a mix of both. Where they can visit rural areas and also benefit from the amenities of a busy city.

In Fareham in the previous five years, have population numbers transformed?

Five years may seem like a long time but it is rare for a city to grow that much unless there is dramatic population growth. In Fareham, this change has been 1%. Read more here

Someone who wishes to find out how this change has occurred over a longer period of time may also wish to read the headings below and see if the change has continued throughout the past decade too. Or if the change is only true for the more recent figure for five years of 1%. Click here to know more on the UK population trends.

Over the last decade, how has the population differed in Fareham?

Populations change all the time but if there is a clear change in population in the last ten years this is even more reliable data about the population of the area as opposed to five. This adjustment in population works out to be 4% in Fareham.

What this statistic is like in comparison to the population change in five years should provide you with a comprehensive understanding of what direction the population is heading in.

In recent years because of the pandemic, it is common to see dramatic differences in the population change in the last five years when comparing it to ten as people realise they can work from home but still keep the current jobs they have.

This means they can move to cities they wouldn’t have considered otherwise and be location-independent of their source of income. Perhaps making a longer commute into the office every week for example.

In the city of Fareham, is there a lot of green space?

Whether you view green space in Fareham as important to you as a homeowner is up to your personal preferences. Having said this, there is a clear benefit on the overall health of people who live near green space as the government has stated keeping green space in proximity to people is one of the biggest factors for combating obesity.

In Fareham, the number of acres of green space for every 1000 people currently is 8.6 which can be measured against the UK average of 1.7.

In the city of Fareham, 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 Hampshire for example.

These demographics for Fareham 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 Fareham in South East.

How educated are the people in Fareham?

In the city of Fareham, 28% 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 Fareham is £51,400.

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

In Fareham, what do houses for sale tend to sell for?

As well as looking at the asking price for house for sale in Fareham, a sensible homeowner or investor will also consider the final price a house sells for. This final price may be influenced by elements like the amount people are earning in the area and what opportunities for employment there are in Fareham.

Houses for sale, are sold on average in Fareham, after the influence of these factors, at £302,012 as a result. And may be on the rise or decline depending on a combination of variables such as the crime rate, or population growth which was 4% over the last 10 years.

Housing category Total final sale price
Aerage sold price (detached) £416,804
Aerage sold price (semi-detached) £289,489
Aerage sold price (terraced) £254,162
Aerage sold price (flat) £161,519

This table above shows the average sale price for each variation of houses for sale in Fareham.

Housing category Sale price per square foot
Aerage sold price/sqft £3,303
Aerage sold price/sqft (new build) £3,467
Aerage sold price/sqft (old stock) £3,197

This final table looks at the price per square foot of houses for sale. Looking at the final table, you can take a further average and conclude that the average price per square foot of houses in general in Fareham is £3,303.

This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.

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

You may have heard of rental yield as being important for investors who wish to make a sizable profit on their rental properties. If this sounds like you and you’re looking to invest in a house currently for sale and collect rental income in Fareham this statistic is what you were looking for.

Data should also be compared to the broader region of the UK (South East) alongside Hampshire then looked at with other statistics like the area’s rent and the turnover of sale of the houses in question. It could be that an investor prefers to make a profit on the sale of a house rather than the rental income and optimal properties for this investment varies throughout Fareham.

This decision is made differently depending on the investor’s tolerance for risk, investing strategy, the location they’re investing in and their overall goal for buying a house currently listed for sale.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Fareham 3.6% £1,169 no relevant data for this city 22.0%
Hampshire 3.67% £1,199 129.21% 20.71%
South East 3.58% £1,301 127.50% 16.69%

As you observe table above, it could be valuable to contrast these figures with other pieces of data relevant to the process of buying like the crime rate or the appreciation of houses for sale in Fareham.

As you can tell, the best conclusions are drawn when the buyer of a house for sale looks at all the data involved holistically and doesn’t make quick decisions based on one or two pieces of data. As an example, comparing the data with the number of property sold per month (73) will be useful.

Is the housing market in Fareham growing?

Whenever you are thinking about looking for houses for sale in Fareham, think about how the city is growing and how this may impact the overall growth of the area.

Comparing the growth at different time periods would be a great way to assess whether the growth has slowed down, remained the same or perhaps stagnated over the years.

1 year 3 years 5 years
Fareham growth rate 4% 16% 20%

As the population of Fareham grows, this may also push up the price of the houses for sale. More people would be looking to buy homes and permanently live in the area. This demand helps a home appreciate. However, this isn’t always true because some cities build a lot of houses too to match the supply.

In Fareham, what is the asking price in general for a house for sale?

When investors make offers for houses for sale in Fareham, the average price asked by the homeowners works out to be £388,465.

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 Fareham 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.

Average asking prices for houses for sale in Fareham

Average asking price (1 bed) no relevant data for this city
Average asking price (2 bed) £284,895
Average asking price (3 bed) £375,492
Average asking price (4 bed) £541,623
Average asking price (5 bed) £728,235

The above table is perfect for understanding the distribution of properties in the area as well as looking at this data alongside the average asking price per square foot of £0. Telling you what type of house is most in demand relative to the price of the area.

This could be due to more people looking at particular types of houses for sale over others or even due to the fact that Fareham has a lack of supply of housing in certain categories.