What is it like buying a house in Costessey?

by | Nov 15, 2022

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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.

What is the final sale price of a house in Costessey?

There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Costessey. In Costessey, this sale price works out to be £250,993. As an example, a factor like population growth over the last 10 years which works out to be 9% in Costessey and impacts house prices of the houses for sale.

Housing category Total final sale price
Average sold price (detached) £312,131
Average sold price (semi-detached) £222,333
Average sold price (terraced) £197,053
Average sold price (flat) £138,814

Above, the exact type of house is also shown to vary in price in a table in Costessey. 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 £2,600
Average sold price/sqft (new build) £2,290
Average sold price/sqft (old stock) £2,550

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 Costessey which is £3,020. 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.

In Costessey, what are the demographics like?

How deprived is the population of 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 15%.

This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.

What is the population of Costessey?

Population growth in Costessey is important to know if there is housing demand and the total population may also be looked at as large populations commonly have a lot of buyer demand.

In Costessey, 20,321 people live in the city as their main place of residence.

It is important to note that it is not the case that everyone likes a large population to live in. People who tend to prefer a more relaxed life are more likely to buy or rent somewhere to live that has a small population and perhaps also wouldn’t mind if the population isn’t growing.

Other people also like to have a mix of both. Where they can visit rural areas and also benefit from the amenities of a busy city.

In Costessey in the previous five years, have population numbers transformed?

Five years may seem like a long time but it is rare for a city to grow that much unless there is dramatic population growth. In Costessey, this change has been 6%. Read more here

Someone who wishes to find out how this change has occurred over a longer period of time may also wish to read the headings below and see if the change has continued throughout the past decade too. Or if the change is only true for the more recent figure for five years of 6%. Click here to know more on the UK population trends.

Over the last decade, how has the population differed in Costessey?

Populations change all the time but if there is a clear change in population in the last ten years this is even more reliable data about the population of the area as opposed to five. This adjustment in population works out to be 9% in Costessey.

What this statistic is like in comparison to the population change in five years should provide you with a comprehensive understanding of what direction the population is heading in.

In recent years because of the pandemic, it is common to see dramatic differences in the population change in the last five years when comparing it to ten as people realise they can work from home but still keep the current jobs they have.

This means they can move to cities they wouldn’t have considered otherwise and be location-independent of their source of income. Perhaps making a longer commute into the office every week for example.

The city of Costessey, 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 Costessey 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 Costessey. So, taking a good look at the data is essential to understand the area you are considering to buy in.

How much green space is available to residents of Costessey?

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 Costessey currently has 21.4 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 Costessey in this case.

In Costessey, what is the social grade score?

In the city of Costessey, the social grade score of the area is 24%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.

The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.

This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Costessey.

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

In Costessey, how educated are people in general?

In Costessey, the proportion of people who have a degree is 26%. 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 Costessey is £45,300.

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.

How much do people in Costessey 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 Costessey. Compare the area’s average household income of £45,300 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 24% for more conclusive data on the affluence of the area.

What’s the crime rate in Costessey?

The crime rate of Costessey must be looked at sceptically. The reason for this is that the crime rate can vary within a city greatly and the type of crime committed can also vary too.

For example, the area has a crime rate of 45, but another city may have a higher crime rate but not be deemed as dangerous due to lower level crime or minor offences being committed.

Either way, high crime rates are never a good sign so consider the rate against the UK average of 79.52 for every 1000 people as a benchmark.

Lower rates could mean things like home insurance is cheaper and you have to install fewer security measures throughout your house. Saving you money in the long run. So the statistic of crime rate (45) is both useful and is recommended to be compared to the average.

Always consider average rental yield when searching for houses for sale in Costessey

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 3.6% £1,007 no relevant data for this city 27.0%
Norfolk 3.75% £975 117.20% 16.23%
East of England 3.49% £1,148 126.76% 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.

What is the growth in the housing market of Costessey?

The growth of an area like Costessey 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
Costessey growth rate -1% 14% 19%

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 Costessey if you want to find out the exact reasons for the housing change.

Asking price in Costessey for a house for sale

Before a house gets sold, the figure it sells for always starts off as an asking price. This average asking price for the houses for sale in Costessey determines the eventual sale price of the house so it isn’t the most important figure but is still important to take note of. This figure is currently £331,504.

Below, there is a table showing the asking price of the different sizes of houses based on the number of bedrooms of the houses in Costessey.

In the city of Costessey, what is the average asking price for the houses for sale?

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

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 Costessey has a lack of supply of housing in certain categories.