Sometimes, working out the prices of the houses for sale can be tricky business. This is why we created this article all about the price of houses for sale in Letchworth, Hertfordshire.
From the average asking price of houses for sale in Letchworth to the growth of the population in the area, all will be talked about regarding the city of Letchworth. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
What kind of demographics does the city of Letchworth have?
Are the deprivation levels of the UK any different to Letchworth?
Deprivation of a city is defined as the number of people who are considered to not be earning enough to sustain their lifestyle. The UK average of deprivation nationwide is 33% so comparing the figure of 23% for Letchworth should give you a nice idea of the deprivation in the area.
Do the people of Letchworth get to enjoy green space?
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 Letchworth, 11.8 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 Letchworth.
Letchworth within Hertfordshire is notable for the type of people that live there. The statistics below show how this is the case.
As you read on, Letchworth 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 Letchworth.
In Letchworth, how educated are people in general?
The number of people as a percentage who have been through university and gained a degree is 28%. The ability to buy a home is greatly influenced by the number of people who have degrees. £46,100 is the amount people in Letchworth are earning.
As you can tell, this figure along with the number of people who have degrees roughly correlate. For reference, the percentage of people who have degrees in the UK is 22.6% and the average household income is.
As a general rule, the bigger the difference between this 22.6% figure and the percentage of people with a degree in Letchworth, the bigger the difference in the ability to earn and hence buy a house. A higher number of degrees will increase the potential for people to earn and hence the buying power of the population. This will also push up the price of houses in the area.
Nonetheless, making accurate estimates for the appreciation of homes must be done with other pieces of data in mind such as the rental yields or perhaps the crime rate of the area to name some examples.
What’s the crime rate in Letchworth?
In Letchworth, for every 1000 people, there is currently a crime rate of 82. This can be compared to the national average of 79.52 for every 1000 people.
Low crime rates are desirable for your safety as a homeowner. Even if you don’t tend to leave the house too often and tend to not mind living in a slightly more dangerous area. Things like burglaries are always a possibility which could harm your ability to pay for home insurance and also may force you to install additional security in your home that can cost you further.
Having said this, you can look at the crime rate on a deeper level to find out what the threats are exactly. It could be the case that a proportion of these crimes (82 for every 1000 people) come from things like anti-social behaviour rather than more serious crimes like violence and sexual offences.
If this is the case you may be more willing to look over a high crime rate within the areas you’re looking to buy a home.
What is a social grade score and how does this relate to Letchworth?
The social grade of a city is useful when searching for a house for sale because it tells you what kind of jobs people have in the area. For example, there could be a lot of skilled manual workers or there could be a lot of pensioners and people on benefits.
The scale goes from a social grade of an A who are high managerial, administrative or professional workers to an E where people in this category are on state pensions, casual workers or unemployed on state benefits.
The number of people in Letchworth in grades A or B which are the highest skilled roles in the country is 27%. Realistically, you can expect workers in this category to earn a higher salary too.
For comparison, £46,100 is the average household income of the area. You can see how this figure is congruent with the number of people in the top two categories of the social grade at 27%.
How much are those living in Letchworth earning?
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 Letchworth. Compare the area’s average household income of £46,100 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 27% for more conclusive data on the affluence of the area.
In Letchworth, how has the population changed?
Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Letchworth if 33,166 and in the below heading how this population has changed will be broken down.
Like most data to do with houses, all data has to be considered holistically with multiple variables to determine if the population growth actually impacts the statistics that matter to you as a landlord in Letchworth such as rental yield or house appreciation.
How has the population size of Letchworth adjusted in the last 5 years?
In the previous five years there has been a change in the number of people of Letchworth by 1%. Analysing this figure is a great way to tell if there is new demand for housing or not as a decreasing figure reduces the number of people who want to buy houses. Read more here
To compare this figure over a greater period of time, you could look at the figure for the 1 year population too and compare them. This way you can see if the population has changed recently or if this 1% change has historically occurred before. Click here to know more on the UK population trends.
Over the last 10 years, how has the population size adjusted in Letchworth?
In the last decade, the population of Letchworth has been adjusted by 6%. This growth may be as a result of factors like new industries employing people or emigration and immigration balancing out to create this population change.
A precedent that shows population change in this way over decades is the region of Greater London. The capital city has grown by 27% in the past 20 years. Population growth has caused house prices to go up to price523,666 on average.
Why you should consider the average rental yield when searching for houses for sale in Letchworth
The figure of rental yield is commonly looked at by investors who wish to increase their income by investing in areas where rental yields of the houses for sale are higher. Usually, the higher the rental yield, the more attractive a house for sale is for an investor.
Nonetheless, there are also instances where an investor will go with a house with lower yields in order to benefit from the appreciation of a house too which is why it’s vital to look in to all the details of Letchworth.
The data below shows the rental yield, rent turnover and the percentage of the money made on the sale of a house. The data is broken down into the county city is in (Hertfordshire) as well as the broader region; East of England.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|East of England||3.49%||£1,148||126.76%||16.58%|
Also, you can compare other data to the table above such as the number of houses sold per month in Letchworth which is 22 and get a better understanding of the housing market.
This is great if you want to gauge if investors are actively looking for houses for sale in the area over other areas in the UK which may be an induction of how profitable Letchworth is to invest in. Both in terms of rental yield and capital appreciation.
In Letchworth, how has the number of houses changed?
Before making an investment and move forward with buying a house for sale, another important set of data an investor should analyse is the growth trends of the area in question.
Below are the forecasted growth rates for the city of Letchworth at 1 year, 3 year and 5 year intervals:
|1 year||3 years||5 years|
|Letchworth growth rate||6%||15%||10%|
Examine this figure carefully as the addition of a lot of new houses to meet demand could mean that house price of the houses for sale in Letchworth gradually reduces with an increase in the housing supply. This could be a good indicator to understand if your house will appreciate or not. Too many houses and too much supply could drive down the prices of homes or stagnate them. So be sure to check out what is exactly happening in Letchworth.
What are the asking prices for the houses for sale in the city of Letchworth?
In the city of Letchworth, what is the average asking price for the houses for sale?
|Average asking price (1 bed)||£190,357|
|Average asking price (2 bed)||£307,379|
|Average asking price (3 bed)||£450,634|
|Average asking price (4 bed)||£667,647|
|Average asking price (5 bed)||no relevant data for this city|
Reading the table above should therefore give you a good idea of the type of house for sale that is within your budget in Letchworth and if you may need to look at a different area in order to buy the type of house you can afford.
Also, noting the £0 should also give you an overview of what the asking price for houses for sale are in general.
When investors make offers for houses for sale in Letchworth, the average price asked by the homeowners works out to be £418,893.
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 Letchworth 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.
In general, what do houses for sale sell for in Letchworth?
As well as looking at the asking price for house for sale in Letchworth, 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 Letchworth.
Houses for sale, are sold on average in Letchworth, after the influence of these factors, at £346,471 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 6% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£606,275|
|Aerage sold price (semi-detached)||£415,609|
|Aerage sold price (terraced)||£302,645|
|Aerage sold price (flat)||£199,468|
This table above shows the average sale price for each variation of houses for sale in Letchworth.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£3,840|
|Aerage sold price/sqft (new build)||£3,940|
|Aerage sold price/sqft (old stock)||£3,790|
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 Letchworth is £3,840.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
Professional advice for houses for sale in Letchworth
Thinking about other cities with houses for sale?
We have prepared a list of cities in East of England, the same UK region of Letchworth that can help you evaluate the different houses for sale listed in the region:
- Benwick in East of England
- Berden in East of England
- Hatfield in East of England
- Dogsthorpe in East of England
- Albury in East of England
Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.
Finding the ideal house for sale for you
What parameters impact the final price of a house for sale in Letchworth?
Here below is our list with the most important ones:
House for sale affordability – check out the (see house affordability guide)
on the UK gov website to know more
House Location – the actual location of a house for sale drastically changes the final price of a property
Transports you can reach by foot – Commuting is part of our lives, especially in big cities, check it out before buying a house for sale.
Number of bedrooms – Usually, the bigger the house for sale the more bedrooms it will have. For example, if you are a single person (or a couple) one bedroom will do.
Energy Performance Certificate of the house for sale – Bad EPCs can result in thousands of pounds more in bills you will have to pay on an annual basis. Consider this when purchasing a new property.
Internet connection – Having a quick internet connection is fundamental nowadays. Check the area of the house for sale to understand what the average internet speed is and see if it fits your needs
Do you drive to the office? – If yes, ask about parking. Is it included in the house price?
Special areas – Start by taking a look at the National Heritage list by the UK government. If a house listed for sale appears in the list, the future landlord won’t be able to invest in changes to the real estate asset.
Houses for sale Conditions – When looking for houses for sale you should always consider the amount of time and money you will have to invest to complete the needed repairs, if any at all.
Choosing the perfect house for sale for you might be challenging in today’s market due to the abundance of available houses.
You may wonder who can guide you through the process of selecting a house that is for sale.
There are several experts that provide guidance and support to potential buyers and the procedure can be drawn out, particularly when dealing with houses for sale.
Here is a list of who to contact to get assistance when purchasing a house for sale:
- Banks – The ones that can lend you the money you need for the house for sale
- Insurance companies – Companies that give you access to various insurances specific to the house for sale you are considering to buy
- Solicitor – The individual or business responsible for handling the legal tasks required to purchase a home that is for sale.
- Civil engineer – Provides you with an appraisal of the house up for sale that you want to purchase.
- Mortgage advisor – Professional advisors that will guide you and propose the best mortgage deals according to your finances
- EPC specialist – Getting professional advice on the energy performance of the house for sale is crucial, especially nowadays.