As a landlord, whenever you are looking at houses for sale in Norfolk, you could find varying prices throughout an area like Lakenham. 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 Lakenham 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 Lakenham will be revealed. Keep reading.
In Lakenham, what are the rental yields?
If you’re buying a house for investment rather than for the reason to live in the house over time and use the house as a place to stay in the long term, there is a need to look at the rental yield figure to see if the house for sale you are considering to buy is a good investment or not.
This figure is usually looked at by investors as well as the rental income of the area, the sale turnover and the rent turnover.
The table below represents this data and compares Lakenham to Norfolk and the broader suburb of the UK; East of England.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|East of England||3.49%||£1,148||126.76%||16.58%|
Let’s assume you want to sell the house you’re looking to buy in Lakenham for profit in the future, in this case, looking at the data for the number of houses sold per month in Lakenham would give you an idea of whether the area is actively getting new investors. This figure is 33.
It is vital you be careful with this figure however as the data can suggest something that isn’t true in Lakenham. To give an example, a lot of people buying new houses could also indicate there are a lot of new first time buyers in the area which would in fact drive down the rental yield.
The more people there are interested in renting, rather than buying, the more likely that area of the UK has high rental yields and hence investors like these areas to invest in to create a large amount of cash flow.
Is the housing market in Lakenham growing?
Whenever you are thinking about looking for houses for sale in Lakenham, think about how the city is growing and how this may impact the overall growth of the area.
Comparing the growth at different time periods would be a great way to assess whether the growth has slowed down, remained the same or perhaps stagnated over the years.
|1 year||3 years||5 years|
|Lakenham growth rate||-4%||11%||5%|
As the population of Lakenham grows, this may also push up the price of the houses for sale. More people would be looking to buy homes and permanently live in the area. This demand helps a home appreciate. However, this isn’t always true because some cities build a lot of houses too to match the supply.
On average, what is the figure for the asking price of a house for sale in Lakenham?
The average asking price for the houses for sale in the city of Lakenham
|Average asking price (1 bed)||£155,488|
|Average asking price (2 bed)||£223,902|
|Average asking price (3 bed)||£271,791|
|Average asking price (4 bed)||£446,875|
|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 (£2,990) for houses for sale with this table to get a good idea as to whether Lakenham is the right area to buy a house in for you.
When speaking about the city of Lakenham, £234,948 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 Lakenham.
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.
In Lakenham, what are the demographics like?
What is a social grade score and how does this relate to Lakenham?
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 Lakenham 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 Lakenham, 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|
In Lakenham, how has the population changed?
The city of Lakenham has a total population of 24,541. 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 Lakenham 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 Lakenham
Over time, in the last five years, the population of the city of Lakenham has changed by 3%. 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 3% 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 Lakenham?
In the last 10 years, there has been a shift in the population of 8%.
Comparing this to the 5 year figure of Lakenham 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.
In Lakenham, what are the deprivation levels like?
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 Lakenham, in particular, the deprivation levels are 25%.
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 green space is available to residents of Lakenham?
In the UK, there are a range of cities which have a lot of green space. In some cases, green space can get as high as 49% of outdoor land like in the city of Edinburgh. When specifically talking about Lakenham, the city has 10.7 per 1000 residents.
This can be compared to an average of 1.7 acres of green space per 1000 residents which is the UK’s national average. It is up to you to decide how much you’ll let the amount of green space impact your buying decision in Lakenham.
What’s the crime rate in Lakenham?
For the city of Lakenham, crime rate is at 231. So for every 1000 people in the area, 231 commit a crime which is prosecuted. Paying close attention to this figure of crime rate is not only important for the value of a house but also to calculate the maintenance cost of owning a house and how attractive an area can be for future buyers.
So, compare it to the nationwide average of 79.52 per 1000 people and consider if you are happy with this figure based on the price you’re paying for a house you’re interested in.
On top of this, houses that are in areas where there is a high crime rate tend to have to pay higher insurance rates, costing a homeowner in the long term.
Additionally, paying for further security on a house such as CCTV or potentially gates and fences that deter thieves may be necessary for an area with a high crime rate.
How educated are the people in Lakenham?
In the city of Lakenham, 32% 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 Lakenham is £38,400.
This should correspond with the average percentage of people in the UK who have degrees at 22.6%.
Lakenham 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, Lakenham 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 Lakenham.
How much do people in Lakenham 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.
£38,400 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 Lakenham.
What is the final sale price of a house in Lakenham?
As well as looking at the asking price for house for sale in Lakenham, 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 Lakenham.
Houses for sale, are sold on average in Lakenham, after the influence of these factors, at £199,313 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 8% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£367,381|
|Aerage sold price (semi-detached)||£238,701|
|Aerage sold price (terraced)||£221,045|
|Aerage sold price (flat)||£158,673|
This table above shows the average sale price for each variation of houses for sale in Lakenham.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£2,680|
|Aerage sold price/sqft (new build)||£3,230|
|Aerage sold price/sqft (old stock)||£2,560|
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 Lakenham is £2,830.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
Who can help you buy a house for sale in Lakenham?
houses for sale in other cities in the UK
We have prepared a list of cities in East of England, the same UK region of Lakenham that can help you evaluate the different houses for sale listed in the region:
- Alphamstone in East of England
- Chalfont-St-Giles in East of England
- Chelmsford in East of England
- Aylesbury in East of England
- Chalton in East of England
Alternatively, you can visit our webpage dedicated to houses for sale in the UK, 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
A house for sale appropriate to your needs
Many criteria impact the price of houses for sale in Lakenham.
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.