How much will you pay for a house for sale in Banstead?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in Greater London $ How much will you pay for a house for sale in Banstead?

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 Banstead, Surrey.

From the average asking price of houses for sale in Banstead to the growth of the population in the area, all will be talked about regarding the city of Banstead. So you will get better clued up on the area, and make finding a house for sale in the UK easier.

In Banstead, what is the asking price in general for a house for sale?

When speaking about the city of Banstead, £679,933 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 Banstead.

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 the city of Banstead, 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) £380,474
Average asking price (3 bed) £631,892
Average asking price (4 bed) £889,231
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 Banstead 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.

What are the people like in Banstead?

In Banstead, what is the social grade score?

In the city of Banstead 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 Banstead has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 34%.

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

Have the people of Banstead grown in numbers?

In total, the number of people in Banstead is 18,556. 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 Banstead, depending on where exactly you are.

How has Banstead 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 Banstead has changed by 4%. 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 4% 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 Banstead?

9% 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 Banstead 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.

How much are those living in Banstead earning?

You may be wondering what the amount people earn has to do with house price. Well, house prices generally go up as people earn more not just because they can afford more valuable properties but also because good areas generally attract more desirable infrastructure. For reference, the average household income is £58,200.

This may be better schools, doctors and areas with lower crime rates. This results in a snowball effect which polarises different areas further, increasing the demand for housing in richer areas by a greater amount. And increasing the proportion of people with high social grade scores. For Banstead this figure is 34%.

In Banstead, what is the crime rate?

For every one thousand people living in Banstead, 60 commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.

It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.

Nonetheless, the crime rate of 60 is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.

Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.

The city of Banstead, situated in Surrey, is a particularly impressive part of the UK because of the specific demographics of the location.

In the below headings, the city of Banstead and its demographics will be compared to its wider location (Greater London). 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 Banstead. So, taking a good look at the data is essential to understand the area you are considering to buy in.

How educated are the people in Banstead?

In Banstead, the proportion of people who have a degree is 33%. 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 Banstead is £58,200.

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.

Is the city of Banstead deprived?

Deprivation levels refer to the ability of the population of the city to earn enough to keep their lifestyle going. Nationwide, it is thought that the number of people at this level or not being able to meet the costs of living is around 33%. In comparison, the deprivation level of Banstead is 13%.

Do the people of Banstead get to enjoy green space?

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 Banstead currently has 40.9 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 Banstead in this case.

What’s the rental yield in general for the city of Banstead?

Is the housing market in Banstead growing?

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 Banstead that shows the growth in recent years.

1 year 3 years 5 years
Banstead growth rate 11% 25% 27%

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 Banstead is important.

You may have heard of rental yield as being important for investors who wish to make a sizable profit on their rental properties. If this sounds like you and you’re looking to invest in a house currently for sale and collect rental income in Banstead this statistic is what you were looking for.

Data should also be compared to the broader region of the UK (Greater London) alongside Surrey then looked at with other statistics like the area’s rent and the turnover of sale of the houses in question. It could be that an investor prefers to make a profit on the sale of a house rather than the rental income and optimal properties for this investment varies throughout Banstead.

This decision is made differently depending on the investor’s tolerance for risk, investing strategy, the location they’re investing in and their overall goal for buying a house currently listed for sale.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Banstead no relevant data for this city no relevant data for this city no relevant data for this city 18.0%
Surrey 3.38% £1,657 117.61% 16.05%
Greater London 3.88% £1,899 129.14% 13.30%

As you observe table above, it could be valuable to contrast these figures with other pieces of data relevant to the process of buying like the crime rate or the appreciation of houses for sale in Banstead.

As you can tell, the best conclusions are drawn when the buyer of a house for sale looks at all the data involved holistically and doesn’t make quick decisions based on one or two pieces of data. As an example, comparing the data with the number of property sold per month (12) will be useful.

In general, what do houses for sale sell for in Banstead?

For the city of Banstead, the average price a house sells for is £576,673. This value usually depends on the exact location of the house within Banstead as well as other factors like the population growth in Banstead which is 9% over a ten-year period.

Housing category Total final sale price
Aerage sold price (detached) £765,021
Aerage sold price (semi-detached) £550,418
Aerage sold price (terraced) £452,066
Aerage sold price (flat) £313,711

The above table puts this figure into perspective as you can see the various average sale prices of a house for the specific type of house you’re most interested in. This comparison is important because the type of house you’re considering to buy may be more or less in demand based on variations in supply and demand in the city of Banstead.

Housing category Sale price per square foot
Aerage sold price/sqft £4,900
Aerage sold price/sqft (new build) £4,870
Aerage sold price/sqft (old stock) £4,810

Generalising the bottom table, the average value per square foot of a house for sale is £4,900. This value averages all of the types of houses for sale in Banstead. So, if you’re not sure what type of house you want specifically, you can still get an idea of the real estate market of Banstead.

Professional advice for houses for sale in Banstead

House for sale in the same UK region

You can assess the various houses for sale offered in the area by consulting this list of cities in Greater London, the same UK region as Banstead:

You may also refer to our landing page specific to UK houses for sale, 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 that is right for you

Many criteria impact the price of houses for sale in Banstead.
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.