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 Broome, Norfolk.
From the average asking price of houses for sale in Broome to the growth of the population in the area, all will be talked about regarding the city of Broome. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
In Broome, what is the asking price in general for a house for sale?
The average asking price for the houses for sale in the city of Broome
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£236,068|
|Average asking price (3 bed)||£317,714|
|Average asking price (4 bed)||£453,125|
|Average asking price (5 bed)||no relevant data for this city|
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 Broome has a lack of supply of housing in certain categories.
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 Broome is £345,133.
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 Broome is useful when negotiating and knowing what to expect for every type of house for sale.
In Broome, what are the demographics like?
In Broome, how has the population changed?
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 Broome is 10,878.
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 Broome.
In Broome, how has the population changed over the last five years?
In the last five years, over time, the change in population size was 6%. 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 Broome 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 (6%) 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.
Broome population difference over 10 years?
The population has adjusted in the area of Broome by 11% 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 Broome.
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.
How much green space is available to residents of Broome?
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 Broome, 29.6 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 Broome.
What’s crime like in Broome?
For the city of Broome, crime rate is at 62. So for every 1000 people in the area, 62 commit a crime which is prosecuted. Paying close attention to this figure of crime rate is not only important for the value of a house but also to calculate the maintenance cost of owning a house and how attractive an area can be for future buyers.
So, compare it to the nationwide average of 79.52 per 1000 people and consider if you are happy with this figure based on the price you’re paying for a house you’re interested in.
On top of this, houses that are in areas where there is a high crime rate tend to have to pay higher insurance rates, costing a homeowner in the long term.
Additionally, paying for further security on a house such as CCTV or potentially gates and fences that deter thieves may be necessary for an area with a high crime rate.
The city of Broome, situated in Norfolk, is a particularly impressive part of the UK because of the specific demographics of the location.
In the below headings, the city of Broome and its demographics will be compared to its wider location (East of England). 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 Broome. So, taking a good look at the data is essential to understand the area you are considering to buy in.
For the city of Broome, what is the education level?
The number of people as a percentage who have been through university and gained a degree is 24%. The ability to buy a home is greatly influenced by the number of people who have degrees. £41,800 is the amount people in Broome are earning.
As you can tell, this figure along with the number of people who have degrees roughly correlate. For reference, the percentage of people who have degrees in the UK is 22.6% and the average household income is.
As a general rule, the bigger the difference between this 22.6% figure and the percentage of people with a degree in Broome, the bigger the difference in the ability to earn and hence buy a house. A higher number of degrees will increase the potential for people to earn and hence the buying power of the population. This will also push up the price of houses in the area.
Nonetheless, making accurate estimates for the appreciation of homes must be done with other pieces of data in mind such as the rental yields or perhaps the crime rate of the area to name some examples.
How much do people in Broome earn?
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 Broome. Compare the area’s average household income of £41,800 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 20% for more conclusive data on the affluence of the area.
What’s a social grade score and how does it relate to Broome?
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 Broome, the percentage of people in the two highest categories, A and B is 20%. 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 £41,800. This income will generally get bigger as the percentage of people in the A and B categories go up too (20%).
Are the deprivation levels of the UK any different to Broome?
The deprivation levels of the UK can vary quite a bit. High deprivation levels signal a particular area has people who are struggling to make ends meet and pay for basic living expenses. For Broome, in particular, the deprivation levels are 22%.
This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.
In Broome, 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 Broome, 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)|
|Broome||no relevant data for this city||no relevant data for this city||no relevant data for this city||6.0%|
|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 Broome you might be interested in the number of sales per month (4) that happen in the local housing market. Comparing this figure for Broome with the above table gives you a good understanding of the profitability of the area.
Are there new houses being built in Broome to make it grow?
Whenever you are thinking about looking for houses for sale in Broome, 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|
|Broome growth rate||no relevant data for this city||7%||15%|
As the population of Broome 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.
What is the final sale price of a house in Broome?
For the city of Broome, the average price a house sells for is £245,175. This value usually depends on the exact location of the house within Broome as well as other factors like the population growth in Broome which is 11% over a ten-year period.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£300,313|
|Aerage sold price (semi-detached)||£217,016|
|Aerage sold price (terraced)||£180,894|
|Aerage sold price (flat)||£150,715|
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 Broome.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£2,560|
|Aerage sold price/sqft (new build)||£2,940|
|Aerage sold price/sqft (old stock)||£2,460|
Generalising the bottom table, the average value per square foot of a house for sale is £2,560. This value averages all of the types of houses for sale in Broome. 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 Broome.
Advice from experts on properties for sale in Broome
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
Other cities you can consider looking for with houses for sale
See here below a list of cities in the same UK region of Broome which is East of England. You might want to consider these as alternatives for your next real estate investment:
- Ipswich in East of England
- Westley in East of England
- Alderford in East of England
- Boxted in East of England
- All-Saints-South-Elmham 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.
A house for sale that is right for you
Many criteria impact the price of houses for sale in Broome.
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.