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What is it like buying a house in Mansfield?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in East Midlands $ What is it like buying a house in Mansfield?

Mansfield 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 Nottinghamshire.
Before looking for a house for sale in the city of Mansfield 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 Mansfield.

On average, what is the figure for the asking price of a house for sale in Mansfield?

Before a house gets sold, the figure it sells for always starts off as an asking price. This average asking price for the houses for sale in Mansfield determines the eventual sale price of the house so it isn’t the most important figure but is still important to take note of. This figure is currently £209,860.

Below, there is a table showing the asking price of the different sizes of houses based on the number of bedrooms of the houses in Mansfield.

In the city of Mansfield, 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) £138,703
Average asking price (3 bed) £196,981
Average asking price (4 bed) £337,735
Average asking price (5 bed) £507,268

Reading the table above should therefore give you a good idea of the type of house for sale that is within your budget in Mansfield 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 £0 should also give you an overview of what the asking price for houses for sale are in general.

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

In Mansfield, the average sale price of a house for sale is in fact £173,825. This is dependent on the 10 year population growth of Mansfield being 5%. Growing populations are more likely to inflate the prices of houses for sale in the city of Mansfield.

Housing category Total final sale price
Aerage sold price (detached) £254,032
Aerage sold price (semi-detached) £141,948
Aerage sold price (terraced) £93,674
Aerage sold price (flat) £89,544

The list below is able to inform you of what these prices are. Giving you an accurate estimate of whether a landlord is likely to accept your offer based on the prices of the houses for sale in Mansfield.

Housing category Sale price per square foot
Aerage sold price/sqft £1,790
Aerage sold price/sqft (new build) £2,230
Aerage sold price/sqft (old stock) £1,630

Evidently, certain types of houses for sale will have different types of demand and this will be reflected on the final price.

On average, the cost of a house for sale per square foot works out to be £1,790. This means if you are just looking out the houses sold in Mansfield in general and didn’t take into consideration the type of build. For example, a new build.

In Mansfield, what are the demographics like?

What is the city of Mansfield’s social grade score?

In the city of Mansfield and throughout the UK, the social grade score is assessed by observing what type of jobs people have and then grouping this into a grading system.

In general, the people at the top of the scale (the A category) have the highest paid, most skilled jobs and this is just 4% of the general UK population. On the lower end of the scale, people who are on benefits, state pensions and also manual workers all are grouped into this category that represents the most unskilled.

When trying to determine if the area of Mansfield has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 17%.

Below, you can see how this compares to the National average as the average for the top two categories nationwide is 27% (Adding together the A and B categories)

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

In Mansfield, what are the deprivation levels like?

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 Mansfield is 30% 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.

In Mansfield, what is the crime rate?

In Mansfield, for every 1000 people, there is currently a crime rate of 206. 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 (206 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.

Have the people of Mansfield grown in numbers?

The city of Mansfield has a total population of 42,273. 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 Mansfield 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 Mansfield

Over time, in the last five years, the population of the city of Mansfield 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 Mansfield?

In the last 10 years, there has been a shift in the population of 5%.

Comparing this to the 5 year figure of Mansfield 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.

In the city of Mansfield, how much green space remains for residents?

Providing the right amount of green space for people in the UK is a difficult subject because there are clear benefits for human health but at the same time, it is hard to make sure all areas of the UK can get enough greenery. This is a result of land being already in use in cities where most people live.

In Mansfield, 19.2 is the amount of acres of outdoor space there is for every 1000 people. Charities such as ‘Fields in Trust’ recommend there to be at least 6 acres. This should allow you to conclude whether this green space is sufficient for you if you are interested in buying in Mansfield.

In the city of Mansfield, 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 Nottinghamshire for example.

These demographics for Mansfield 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 Mansfield in East Midlands.

How much are those living in Mansfield earning?

While not always the case, the amount people earn can be associated with better schools in the area and perhaps a nicer environment to live in.

£38,000 is the average household income of the area. And the higher this figure is the more likely it is that there is a higher percentage of people with a social grade score in the A or B categories which is 17% for Mansfield.

What is the education level like in Mansfield?

In the city of Mansfield, 19% 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 Mansfield is £38,000.

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

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

What is the growth in the housing market of Mansfield?

Whenever you are thinking about looking for houses for sale in Mansfield, 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
Mansfield growth rate -5% 5% 24%

As the population of Mansfield 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.

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 Mansfield to Nottinghamshire and the broader suburb of the UK; East Midlands.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Mansfield 3.7% £639 140% 25.0%
Nottinghamshire 4.39% £865 134.00% 19.74%
East Midlands 4.02% £775 113.13% 19.44%

Let’s assume you want to sell the house you’re looking to buy in Mansfield for profit in the future, in this case, looking at the data for the number of houses sold per month in Mansfield would give you an idea of whether the area is actively getting new investors. This figure is 38.

It is vital you be careful with this figure however as the data can suggest something that isn’t true in Mansfield. 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.

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

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

A house for sale that is right for you

When browsing houses for sale in Mansfield 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.

Other cities you can consider looking for with houses for sale

Below are a list of towns with a similar location to Mansfield.
Reading these analysis will help you evaluate the different houses for sale currently listed in East Midlands:

If you are interested in some other city or even region of the UK, please visit the following page houses for sale in the UK it contains all the data related to the houses for sale.

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