Corringham can be a tough place to find accurate information like any city in the UK. Read on to learn about which data to stay on top of when looking at house for sale in Corringham.
On top of this, keep reading for detailed information on the demographics of Corringham in Essex. This is crucial in finding houses for sale in the UK, that are worth investing in for the long term too.
What’s the rental yield in general for the city of Corringham?
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 Corringham, 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 Essex, to give a smaller scale area to compare the data to.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Corringham||£0||£1,295||no relevant data for this city||£0|
|East of England||0.03||1,148.32||£1||16.58%|
Assuming that in the future you want to re-sell the house you will eventually purchased in Corringham you might be interested in the number of sales per month (24) that happen in the local housing market. Comparing this figure for Corringham with the above table gives you a good understanding of the profitability of the area.
Are there more or fewer houses being built in Corringham?
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 Corringham that shows the growth in recent years.
|1 year||3 years||5 years|
|Corringham growth rate||5%||19%||16%|
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 Corringham is important.
Invest in a house for sale that meets your demands
Criterias that have an impact on the actual price of a house for sale have been listed here below. Consider them all to find the perfect houses for sale in Corringham.
Affordability – check this article from the UK government to find out (see what house for sale you can afford)
Location – if the house for sale is in the city centre rather than further out, this may be why it is more expensive than the market average.
Transports near the house for sale – Being able to use public transports is a huge plus for a house, especially in big cities. This will have an impact on the price as well.
Bedrooms – the more bedrooms there are in a house for sale, the more tenants a buy to let investors will be able to host, therefore, realistically the price will also increase.
EPC of the house for sale – today more than ever, the energy performance of properties for sale on the market should be one of the first things you check.
Wi-Fi speed – We recommend you check the internet plans available for the areas where you are considering to buy a house for sale
Are you a motorist? – If yes, filter out your searches and compare prices of houses for sale with parking availability. Remember, a car parking space can cost as much as £400 per month
Conditions of the house for sale – New builds and properties that were recently built usually need little to no repairs; instead, other houses for sale may require consistent or structural maintenance. These investments that can be both expensive and laborious to complete. Before making your offer for a house for sale you should always carefully assess this criteria.
What is the final sale price of a house in Corringham?
There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Corringham. In Corringham, this sale price works out to be £319,771. As an example, a factor like population growth over the last 10 years which works out to be 12% in Corringham and impacts house prices of the houses for sale.
|Housing category||Total final sale price|
|Average sold price (detached)||£456,250|
|Average sold price (semi-detached)||£328,095|
|Average sold price (terraced)||£286,523|
|Average sold price (flat)||£184,936|
Above, the exact type of house is also shown to vary in price in a table in Corringham. You may think that the bigger the house is the more expensive, but actually, this table is more based on the demand for the properties in each category.
|Housing category||Sale price per square foot|
|Average sold price/sqft||£3,500|
|Average sold price/sqft (new build)||£3,170|
|Average sold price/sqft (old stock)||£3,410|
In addition, here is the price per square foot. By taking this data and doing an average, it is also possible to work out the average square foot of houses in Corringham which is £3,500. From here you can get a sense of the price of the overall housing market and therefore, also find out the prices of the houses for sale.
Asking price in Corringham for a house for sale
The average asking price for the houses for sale in the city of Corringham
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£306,540|
|Average asking price (3 bed)||£379,589|
|Average asking price (4 bed)||£488,793|
|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 Corringham has a lack of supply of housing in certain categories.
On average, in Corringham, the asking price for a house for sale in the area is £389,576.
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 Corringham. 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.
What are the people like in Corringham?
Have the people of Corringham grown in numbers?
In total, the number of people in Corringham is 32518. 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 Corringham, depending on where exactly you are.
How has Corringham 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 Corringham has changed by 6%. 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 6% 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 Corringham?
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 Corringham 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.
What’s crime like in Corringham?
Within Corringham, the number of people committing crimes is 7800% 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 7800% figure carefully.
What is the city of Corringham’s social grade score?
In the city of Corringham 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 Corringham has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 15%.
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|
How deprived is the population of Corringham?
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 Corringham, in particular, the deprivation levels are £0.
This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.
Is the education level of Corringham important when buying a house?
In the city of Corringham, 15% of people have degrees. In general, as the number of people who are highly educated goes up, the more likely they are to have the ability to buy houses as their annual household income goes up too.
So you can see for yourself, the average income for the people of Corringham is £45,100.00. This generally goes up with the education level of the area. Additionally, looking at the difference between the proportion of people with degrees and the UK average for this statistic (22.6%) should give you an idea of the affluence and education of the city.
A higher education level can therefore tell you if the house prices are likely to be high as the higher income level often results in people buying a bigger, more valuable house.
Having said this, whale education level can be a good factor to go by, there are also things like the rental yields, the population growth and social grades scores that can impact the value of a house and whether it will go up in value as time goes on.
Is there sufficient green space in Corringham?
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 Corringham, 29 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 Corringham.
What salary does the community in Corringham take home?
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.
£45,100.00 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 15% for Corringham.
The city of Corringham, situated in Essex, is a particularly impressive part of the UK because of the specific demographics of the location.
In the below headings, the city of Corringham 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 Corringham. So, taking a good look at the data is essential to understand the area you are considering to buy in.
houses for sale in other cities and regions in the UK
If you are looking for a list of cities that are different to the City of Corringham and in different UK region to East of England. You might want to consider these as alternatives for your next real estate investment:
- hollinswood in East of England
- abbeycwmhir in East of England
- larbert in East of England
- byers-green in East of England
- brill in East of England
Or, visit our dedicated page on the houses for sale data for the whole of the UK which will allow you to pick based on where you think you want to live or invest – houses for sale in the UK.
Professional advice for houses for sale in Corringham
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