As a landlord, whenever you are looking at houses for sale in Norfolk, you could find varying prices throughout an area like Bowthorpe. In this article, this data will be simplified so you can find all of the data on one, convenient page.
So, from the rental yield of Bowthorpe to the success you may expect to get when submitting planning permission. Everything you need to know about house for sale in the UK and in Bowthorpe will be revealed. Keep reading.
How are rental yields of the houses for sale different to the rest of the UK in Bowthorpe?
In Bowthorpe, how has the number of houses changed?
Before committing to Bowthorpe to make a housing investment, an investor should always ask the question, what is the growth like in the area?
So take a look below at the growth patterns of the previous years displaying the percentage of new houses being built. This will help you understand how the number of houses for sale will evolve in the future.
|1 year||3 years||5 years|
|Bowthorpe growth rate||6%||13%||22%|
Whether housing growth actually changes the price of a house depends on if the city in question is outstripping demand with the supply of new housing. You’d have to do some more research on what rate Bowthorpe is building housing to find your answer.
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 Bowthorpe, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; East of England. As well as Norfolk, to give a smaller scale area to compare the data to.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|East of England||3.49%||£1,148||126.76%||16.58%|
Assuming that in the future you want to re-sell the house you will eventually purchased in Bowthorpe you might be interested in the number of sales per month (14) that happen in the local housing market. Comparing this figure for Bowthorpe with the above table gives you a good understanding of the profitability of the area.
In Bowthorpe, what is the asking price in general for a house for sale?
On average, in Bowthorpe, the asking price for a house for sale in the area is £286,266.
The below table puts this figure into perspective as you can see the various average sale prices of the different type of houses for sale in Bowthorpe. From a 1 bedroom house up to a 5 bedroom house.
As you can imagine, as the price goes up, the size of a room also goes up and in general, the larger a house is, the more you can expect the sale price to be as well.
Table showing the asking prices for houses for sale in Bowthorpe
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£221,667|
|Average asking price (3 bed)||£272,549|
|Average asking price (4 bed)||£390,583|
|Average asking price (5 bed)||no relevant data for this city|
After looking at this table about prices of houses for sale in Bowthorpe, someone who is buying a home would be able to know in great detail what kind of house for sale available on the market best suits the amount of money they are looking to invest. Also, using a more general figure like the average asking price per square foot of a property which is £0 will help them to have a more wholistic understanding.
In Bowthorpe, what are the demographics like?
In Bowthorpe, how has the population changed?
In total, the number of people in Bowthorpe is 28,823. This figure can be used to estimate the appreciation of the houses but it is also important you look at the population growth figure in order to make this more accurate.
Whether a large population benefits you as a landlord is dependent on what you want from a home. A large population is great if you have children who prefer the bustle of crowds in cities but there are also those who purposely want to buy somewhere rural.
You may also be able to find a balance of both where there are shops, restaurants and entertainment and also rural areas all within a short distance which may be the case ni Bowthorpe, depending on where exactly you are.
How has Bowthorpe changed in the past five years?
Five years provides enough time for a city to grow dramatically. It may be the case that the population grows or shrinks but the city of Bowthorpe has changed by 5%. Read more here
It is also helpful to compare this data to a longer time period like 10 years like in the below subheading. If the population trend of growth or decline has been there for a longer period of time you’ll be able to tell if 5% is a recent change or not.
Click here to know more on the UK population trends.
In the last decade, what is the difference in population in Bowthorpe?
12% has been the population growth change in the past 10 years.
Usually, this is more of a conservative figure compared to the five year change of a city.
Industrial changes can also be the reason for this shift but it could also be due to immigration or emigration. Bringing people in or out of the area.
The recent global pandemic has also shifted the number of people living in cities as people realise they can now work remotely. It may be that the people of a Bowthorpe have seen a more desirable way of working, moving to make themselves more comfortable in their careers.
For example, the population of the South west of England has seen a massive increase in population because workers want to move there to benefit from the slightly better weather, lower house prices and also the rural area. Nonetheless, they can also benefit from travelling to the capital city of the UK, London.
In the city of Bowthorpe, 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 Norfolk for example.
These demographics for Bowthorpe 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 Bowthorpe in East of England.
Do the people of Bowthorpe get to enjoy green space?
Whether you view green space in Bowthorpe 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 Bowthorpe, the number of acres of green space for every 1000 people currently is 14.8 which can be measured against the UK average of 1.7.
In Bowthorpe, what are the deprivation levels like?
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 Bowthorpe is 29%.
How educated are the people in Bowthorpe?
In Bowthorpe, the proportion of people who have a degree is 21%. 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 Bowthorpe is £39,000.
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.
Are the people in Bowthorpe earning a lot?
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 £39,000.
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 Bowthorpe this figure is 12%.
What is the social grade score of Bowthorpe?
The social grade score is a good indicator of what type of jobs people generally work in the area. Whether that be working in the primary sector, secondary sector, tertiary sector or maybe the quaternary sector of jobs.
The scale is slightly different to this though on a scale of A to E. A refers to people who are in the most skilled, managerial roles whereas E include people such as casual workers.
In Bowthorpe, the percentage of people in the two highest categories, A and B is 12%. This figure includes people who are therefore most likely to be more skilled and have higher paid jobs.
When contrasting these figures, the average household income for the area is £39,000. This income will generally get bigger as the percentage of people in the A and B categories go up too (12%).
In Bowthorpe, what is the crime rate?
The crime rate of Bowthorpe must be looked at sceptically. The reason for this is that the crime rate can vary within a city greatly and the type of crime committed can also vary too.
For example, the area has a crime rate of 114, but another city may have a higher crime rate but not be deemed as dangerous due to lower level crime or minor offences being committed.
Either way, high crime rates are never a good sign so consider the rate against the UK average of 79.52 for every 1000 people as a benchmark.
Lower rates could mean things like home insurance is cheaper and you have to install fewer security measures throughout your house. Saving you money in the long run. So the statistic of crime rate (114) is both useful and is recommended to be compared to the average.
In general, for the city of Bowthorpe, what are the final purchase prices for the houses for sale?
As well as looking at the asking price for house for sale in Bowthorpe, 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 Bowthorpe.
Houses for sale, are sold on average in Bowthorpe, after the influence of these factors, at £230,999 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 12% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£279,190|
|Aerage sold price (semi-detached)||£217,356|
|Aerage sold price (terraced)||£192,800|
|Aerage sold price (flat)||£130,658|
This table above shows the average sale price for each variation of houses for sale in Bowthorpe.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£2,460|
|Aerage sold price/sqft (new build)||£2,370|
|Aerage sold price/sqft (old stock)||£2,420|
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 Bowthorpe is £2,460.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
Get professional help on the houses for sale in Bowthorpe
Invest in a house for sale that meets your demands
What parameters impact the final price of a house for sale in Bowthorpe?
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.
houses for sale in other cities in the UK
See here below a list of cities in the same UK region of Bowthorpe which is East of England. You might want to consider these as alternatives for your next real estate investment:
- Asheldham in East of England
- Felixstowe in East of England
- Corringham in East of England
- Eastwick in East of England
- Apsley-End in East of England
Or, visit our dedicated page on the houses for sale data for the whole of the UK – houses for sale in the UK.
Considering all the above data and information provided, you may want know who can help you buy a house for sale.
Lots of professionals offer property investors and first-time buyers advice and assistance in dealing with the process of acquiring a house for sale.
Below, you can find a list of professionals that come in handy when looking for houses for sale:
- Lender – Is someone capable of lending you the money you need to complete the purchase of the house for sale
- Insurer – Insurance companies provide building insurances and other financial products you need to protect your real estate assets
- Conveyancer – This professional will take care of the legal work needed when looking for a house for sale
- Surveyor – Use this professional to assess the condition of the house for sale you are willing to buy, get an independent valuation and feel more comfortable when negotiating the final price
- Mortgage broker or adviser – Different buyers can access different mortgages to buy a house for sale. Let the mortgage broker suggest to you which one is the best given your financial situation
- Energy professional – Nowadays is more important than ever, to get professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering as your next investment