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 Canvey Island, Essex.
From the average asking price of houses for sale in Canvey Island to the growth of the population in the area, all will be talked about regarding the city of Canvey Island. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
What are the demographics like in the city of Canvey Island?
How much do people in Canvey Island 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 Canvey Island. Compare the area’s average household income of £36,600 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 11% for more conclusive data on the affluence of the area.
For the city of Canvey Island, what is the education level?
In the city of Canvey Island, 10% 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 Canvey Island is £36,600.
This should correspond with the average percentage of people in the UK who have degrees at 22.6%.
In the city of Canvey Island, is there a lot of green space?
There are cities in the UK such as Edinburgh and Bristol that have a higher percentages of green space with Edinburgh being the most at 49%. The city of Canvey Island currently has 10.0 for every 1000 residents.
Green space helps the quality of people’s mental health as well as fight against diseases like obesity. As studies have shown that the proximity of people to green spaces in the UK has a positive impact on the physical health of people in the UK and Canvey Island in this case.
What is a social grade score and how does this relate to Canvey Island?
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 Canvey Island, the percentage of people in the two highest categories, A and B is 11%. 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 £36,600. This income will generally get bigger as the percentage of people in the A and B categories go up too (11%).
What is the population of Canvey Island?
In total, the number of people in Canvey Island is 38,138. 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 Canvey Island, depending on where exactly you are.
How has Canvey Island 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 Canvey Island has changed by 2%. 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 2% 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 Canvey Island?
3% 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 Canvey Island 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.
Is the crime rate bad in the city of Canvey Island?
In Canvey Island, for every 1000 people, there is currently a crime rate of 103. 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 (103 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.
Canvey Island in the county of Essex is notable for its specific demographics and has individual characteristics.
For localised cities and the bigger areas of the UK there are wide variations in the demographics that shape an area so the same is also true for the wider region Canvey Island is located in; East of England.
Below, these demographics are talked about in headings that explain how the city has grown, what the education levels are like in Canvey Island, what the social grade score of the city is like and if the green space matches the recommended levels people living in the UK should have.
How deprived is the population of Canvey Island?
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 Canvey Island is 32%.
In general, what do houses for sale sell for in Canvey Island?
As well as looking at the asking price for house for sale in Canvey Island, 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 Canvey Island.
Houses for sale, are sold on average in Canvey Island, after the influence of these factors, at £273,610 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 3% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£290,586|
|Aerage sold price (semi-detached)||£263,839|
|Aerage sold price (terraced)||£243,011|
|Aerage sold price (flat)||£169,197|
This table above shows the average sale price for each variation of houses for sale in Canvey Island.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£3,350|
|Aerage sold price/sqft (new build)||£0|
|Aerage sold price/sqft (old stock)||£3,260|
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 Canvey Island is £3,460.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
On average, what is the figure for the asking price of a house for sale in Canvey Island?
When speaking about the city of Canvey Island, £346,754 is the asking price for a house for sale.
We have compiled a table of data so you can know the asking prices of the specific size of home you’re most interested in. As you can imagine, a family looking to move out with children would be after a larger house than someone living alone in Canvey Island.
The data is in fact very different compared to the number of rooms you’re interested in having in your home and the asking price also tends to go up in staggering amounts as you add rooms.
Average asking prices for houses for sale in Canvey Island
|Average asking price (1 bed)||£257,647|
|Average asking price (2 bed)||£305,833|
|Average asking price (3 bed)||£348,525|
|Average asking price (4 bed)||£438,684|
|Average asking price (5 bed)||no relevant data for this city|
After looking at this table about prices of houses for sale in Canvey Island, 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 £3,570 will help them to have a more wholistic understanding.
Always consider average rental yield when searching for houses for sale in Canvey Island
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 Canvey Island this statistic is what you were looking for.
Data should also be compared to the broader region of the UK (East of England) alongside Essex 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 Canvey Island.
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)|
|Canvey Island||no relevant data for this city||no relevant data for this city||no relevant data for this city||20.0%|
|East of England||3.49%||£1,148||126.76%||16.58%|
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 Canvey Island.
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 (28) will be useful.
Is the housing market in Canvey Island growing?
Growth in the area can be a good signal of a booming house market. However, too much growth could also have negative consequences on the capital appreciation of a house as time goes on.
Take a look at the table below for Canvey Island that shows the growth in recent years.
|1 year||3 years||5 years|
|Canvey Island growth rate||10%||20%||23%|
High growth rates can signal an appreciating housing market, nonetheless, if there are too many houses being built, this could reduce demand for housing as the supply of houses for sale starts to catch up with the demand. Leading to stagnation or a decline in house pricing so understanding the growth in Canvey Island is important.
Invest in houses for sale in Canvey Island with the right professional advice
House for sale in the same UK region
Examine this short list of cities belonging to East of England, the same region where Canvey Island is located.
- High-Wych in East of England
- Elsenham in East of England
- Apsley in East of England
- Childwick-Green in East of England
- Bawdeswell in East of England
If none of these is of your interest, we suggest you visit our landing page with all data related to the houses for sale in the UK.
Nowadays, there are so many properties on the real estate market that it can be difficult to decide which one is the best house for sale for you.
So, who can help you navigate the process of choosing a house for sale?
The number of professionals that offer real estate investors advice and assistance is broad and when it comes to dealing with houses for sale, the process can be complex.
Find here a list of those that can help when buying a house for sale:
- Moneylender – lends you the sum of money you need to buy the house for sale you are looking for
- Insurance agent – A firm that provides several insurances and protections for the house for sale that might become your future house
- Solicitor – A person or company that will sort out the legal work needed before buying a house for sale
- Civil engineer – Also called surveyor, he or she will provide you with an independent valuation of the house for sale you are willing to buy
- Mortgage advisor – Realistically, you will need a mortgage in order to afford to buy a house for sale. Mortgage advisors will guide you and propose the best mortgage deals based on your financial records
- EPC specialist – Especially nowadays, getting professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering buying is crucial
Choose the right house for sale that suits your needs
Many criteria impact the price of houses for sale in Canvey Island.
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.