As a landlord, whenever you are looking at houses for sale in Norfolk, you could find varying prices throughout an area like Colney. 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 Colney 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 Colney will be revealed. Keep reading.
What are the demographics like in the city of Colney?
In Colney, how has the population changed?
The city of Colney has a total population of 22,331. 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 Colney 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 Colney
Over time, in the last five years, the population of the city of Colney has changed by 5%. 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 5% 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 Colney?
In the last 10 years, there has been a shift in the population of 11%.
Comparing this to the 5 year figure of Colney 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.
Colney in the county of Norfolk 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 Colney 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 Colney, 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.
In Colney, how educated are people in general?
In Colney, the proportion of people who have a degree is 35%. 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 Colney is £45,200.
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.
Is there sufficient green space in Colney?
In the city of Colney, there are 20.6 acres of green space per 1000 residents.
The charity, ‘Fields in Trusts’ recommends a minimum of 6 acres of green space per 1000 people so it is easy to see where Colney is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
In Colney, what is the social grade score?
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 Colney, the percentage of people in the two highest categories, A and B is 32%. 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 £45,200. This income will generally get bigger as the percentage of people in the A and B categories go up too (32%).
In general, do people commit a lot of crime in Colney?
Within Colney, the number of people committing crimes is 86 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 86 figure carefully.
Are the deprivation levels of the UK any different to Colney?
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 Colney is 23%.
How much do people in Colney earn?
By and large, a higher household income in a population can have positive effects on the crime rate and the quality of space. This is due to the fact that higher earners tend to buy houses where there are better schools and more desirable amenities that impact the quality of life someone has.
In Colney, the average income is £45,200. Measuring this figure against the average household income for the UK of price34,000 should tell you if the city is higher or lower earning.
When buying a house, use this statistic with other factors when making a decision too like the crime rate or the social grade score of 32% to decide on what the demographics are like in the area.
In Colney, what do houses for sale tend to sell for?
As well as looking at the asking price for house for sale in Colney, 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 Colney.
Houses for sale, are sold on average in Colney, after the influence of these factors, at £313,122 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 11% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£418,393|
|Aerage sold price (semi-detached)||£269,963|
|Aerage sold price (terraced)||£235,111|
|Aerage sold price (flat)||£185,112|
This table above shows the average sale price for each variation of houses for sale in Colney.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£2,970|
|Aerage sold price/sqft (new build)||£2,510|
|Aerage sold price/sqft (old stock)||£2,870|
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 Colney is £3,210.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
What is the asking price on average of houses for sale in Colney?
The average asking price for the houses for sale in the city of Colney
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£248,316|
|Average asking price (3 bed)||£328,222|
|Average asking price (4 bed)||£522,733|
|Average asking price (5 bed)||£647,268|
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 £3,450. 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 Colney has a lack of supply of housing in certain categories.
When speaking about the city of Colney, £372,538 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 Colney.
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.
How are rental yields of the houses for sale different to the rest of the UK in Colney?
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 Colney this statistic is what you were looking for.
Data should also be compared to the broader region of the UK (East of England) alongside Norfolk 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 Colney.
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)|
|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 Colney.
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 (13) will be useful.
Are there more or fewer houses being built in Colney?
The growth of an area like Colney can be a great indicator of a thriving city and the influx of new people can drive demand for housing and help appreciate the value of your house after you buy it.
Paying attention to the table below tells you how the number of houses has changed over time at one year, three year and five year intervals.
|1 year||3 years||5 years|
|Colney growth rate||-2%||17%||24%|
Despite the number of houses being built rising, this may not indicate that the housing price of the houses for sale is going up. It could be the case that there are a lot of new builds in the area which are causing the supply of the houses for sale to match demand and this could cause a decline in house price as time goes on.
Make sure you do your own research specific to the city of Colney if you want to find out the exact reasons for the housing change.
Advice from experts on properties for sale in Colney
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
Thinking about other cities with houses for sale?
We have prepared a list of cities in East of England, the same UK region of Colney that can help you evaluate the different houses for sale listed in the region:
- Elsenham in East of England
- Bicker in East of England
- Croft in East of England
- Bardfield-Saling in East of England
- Corringham in East of England
Alternatively, you can visit our webpage dedicated to houses for sale in 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 Colney.
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.