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As a landlord, whenever you are looking at houses for sale in Norfolk, you could find varying prices throughout an area like Costessey. 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 Costessey 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 Costessey will be revealed. Keep reading.
In general, what do houses for sale sell for in Costessey?
As well as looking at the asking price for house for sale in Costessey, 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 Costessey.
Houses for sale, are sold on average in Costessey, after the influence of these factors, at £250,993 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 9% over the last 10 years.
| Housing category | Total final sale price |
|---|---|
| Aerage sold price (detached) | £312,131 |
| Aerage sold price (semi-detached) | £222,333 |
| Aerage sold price (terraced) | £197,053 |
| Aerage sold price (flat) | £138,814 |
This table above shows the average sale price for each variation of houses for sale in Costessey.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £2,600 |
| Aerage sold price/sqft (new build) | £2,290 |
| Aerage sold price/sqft (old stock) | £2,550 |
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 Costessey is £3,020.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
houses for sale in other cities and regions in the UK
Below is a list of towns that differ from Costessey.
Going over these locations will help you evaluate the different houses for sale across the UK. Whether that be in the same or a very different region to East of England:
- beattock in East of England
- bowling in East of England
- henlow in East of England
- aldwick in East of England
- bidston in East of England
If you are interested in other cities or even regions of the UK, please visit the following page for more information:houses for sale in the UK it contains all the data related to the houses for sale in our nation.
Why you should consider the average rental yield when searching for houses for sale in Costessey
Is the housing market in Costessey growing?
Before committing to Costessey 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 | |
|---|---|---|---|
| Costessey growth rate | -1% | 14% | 19% |
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 Costessey is building housing to find your answer.
Let’s consider that you’re not looking to buy a house for sale to live in for the long term future such as if you changed location with your family and want to settle down and you want to find somewhere to buy as an investor in Costessey. If this is the case, rental yield is a crucial statistic to consider.
If looking to invest, you should also consider other data about the area. The average rental income, the turnover of the sale of the house and what the net rental yields are like for the area do also have an impact on the final price of houses for sale in Costessey.
It is clear to see from the table below that there is a difference between all of these pieces of information and how they can be compared and contrasted on a county level (Norfolk), a regional level (East of England) and finally on the level of the city talked about in this article, Costessey.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Costessey | £0 | £1,007 | no relevant data for this city | £0 |
| Norfolk | 3.75% | £974.67 | 117.20% | 16.23% |
| East of England | 0.03 | 1,148.32 | £1 | 16.58% |
You may also find it useful to compare the data above to the number of properties sold per month Costessey experiences. This figure for house sales per month is 25. Looking at all this information holistically is what a smart investor should do when deciding on the right area for investment before looking for houses for sale.
Invest in a house for sale that meets your demands
Many criteria impact the price of houses for sale in Costessey.
Here below are the most important ones according to Lofti’s expertise:
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Affordability – (see what house for sale can you afford?)
A guide from the UK government
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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.
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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
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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
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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.
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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
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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
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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.
What are the people like in Costessey?
Is the education level of Costessey important when buying a house?
Interestingly, the percentage of people who have a degree in the city of Costessey is 26%. Most of the time, the more people that have a degree, the higher the average household income and the more likely someone is to be able to afford to purchase a house. For example, the average income of the citizens in the area of Costessey is £45,300.00.
Generally, areas with high numbers of people with a degree are also areas with more people likely to be home owners and therefore the value of houses and relative prices of the houses for sale are more likely to go up too.
Nonetheless, making predictions about the appreciation of a house also has to be considered alongside other factors like population growth and the rental yields of the area.
However, most of the time, being educated is a good indication of affluence with 82% of people graded a first in tertiary education going on to eventually own a house.
Costessey within Norfolk is notable for the type of people that live there. The statistics below show how this is the case.
As you read on, Costessey will be looked at by comparing it to the local region, as well as comparing it to the wider region too (East of England). From what the population of the city is to how it’s growing as well as factors like the overall crime rate.
This data is impacted by the history of the area and what kind of industry there is around. All of which also impact house prices which is crucial for you to understand as you look at houses for sale in Costessey.
In Costessey, what is the crime rate?
Within Costessey, the number of people committing crimes is 4500% 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 4500% figure carefully.
In Costessey, how has the population changed?
The city of Costessey has a total population of 20321. 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 Costessey 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 Costessey
Over time, in the last five years, the population of the city of Costessey has changed by 6%. 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 6% 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 Costessey?
In the last 10 years, there has been a shift in the population of 9%.
Comparing this to the 5 year figure of Costessey 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.
What is the social grade score of Costessey?
Most of the time, the social grade score of a city is what it takes to determine what the economic levels are like as this score refers to what type of jobs the people of the area generally work as. So, from highly skilled, managerial roles, to the manual labour workers of the UK, how does Costessey compare?
At the highest end of the scale (A) jobs that are managerial administrative or professional are all lumped into this category. On the other hand, there is the lowest grade (E) where workers who are on benefits, state pensions or work casual jobs fall into.
In Costessey, the percentage of people who work in the two highest skilled categories of this scale (A and B) is 24%.
So you can compare this data, here is the estimated grouping of the social grades of the UK for the general population. Adding the two highest categories of A and B and comparing this percentage to the high social grade score which combines A and B should give you a good comparison.
| 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 |
Is there sufficient green space in Costessey?
Whether you view green space in Costessey 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 Costessey, the number of acres of green space for every 1000 people currently is 21 which can be measured against the UK average of 1.7.
Are the deprivation levels of the UK any different to Costessey?
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 Costessey, 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.
How much do people in Costessey earn?
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.
£45,300.00 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 24% for Costessey.
What is the asking price on average of houses for sale in Costessey?
Average price of houses for sale in Costessey
| Average asking price (1 bed) | no relevant data for this city |
| Average asking price (2 bed) | £216,427 |
| Average asking price (3 bed) | £303,000 |
| Average asking price (4 bed) | £423,627 |
| Average asking price (5 bed) | no relevant data for this city |
Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£3,450) for houses for sale with this table to get a good idea as to whether Costessey is the right area to buy a house in for you.
When investors make offers for houses for sale in Costessey, the average price asked by the homeowners works out to be £331,504.
In the table below, for all the different sizes of houses in the area, the average asking prices have been displayed. This tells you what kind of house is more or less expensive and sought after despite houses with fewer bedrooms being overall less expensive anyway.
Any house that looks like it is overpriced for the number of bedrooms it has in Costessey is typically not overpriced. It is just the case that that type of housing has a higher demand, therefore, people are willing to pay more.
Advice from experts on properties for sale in Costessey
In today’s market with an abundance of homes available for sale, choosing the best house for sale can be challenging.
With several houses for sale to choose from, who will guide you through the process of choosing?
We have listed here below several experts and companies able to advise and support potential buyers.
The process of finding and investing in a house for sale can be lengthy and time-consuming, this is why we suggest you consult with the following professionals:
- Banks – Lend you the cash
- Insurance companies – Insure your new real estate investment
- Conveyancer – handles all the legal labour that is needed to proceed in buying a house for sale.
- Surveyor – Carries out an independent and complete property valuation of the house for sale
- Mortgage advisor – If you are thinking to get a mortgage to get the finances needed to afford to buy a house for sale, a mortgage advisor is the person you should be looking for
- EPC person – Always get a quote on the Energy Performance Certificate of the houses for sale listed in a certain city
FAQ
Do properties in Costessey have the potential for renovation?
Every single month in Costessey, there are 7 planning applications, of which nan result in a success. Look at this in terms of the population size of 20321 to work out if you think you’d have good planning success if you were to renovate.
On a monthly basis, how many property transactions take place in Costessey?
Costessey boasts a monthly total of 25 property transactions, while the entire UK witnesses approximately 1.1 million property sales. You can visit our pages that give information on houses for sale based on Rightmove data from the same region using the link
How does the population in a city like Costessey change annually?
For a comprehensive analysis of Costessey’s population trends, observe the population fluctuation over a decade, indicated by 9%, and the five-year alteration represented by 6%. Perhaps also look at data from another nearby city too so you can see a comparison.
What is the asking price for houses for sale in the wider region of Costessey?
In Costessey, the mean asking price per square foot for a house is currently £3,450, based on the average value per square foot
Is a house for sale in Costessey an expensive choice?
To assess the affordability of a property, locate a house for sale and contrast it with the mean selling prices. In Costessey, the value is £250,993, whereas the UK’s mean is £286,500
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