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 Bethnal Green, London.
From the average asking price of houses for sale in Bethnal Green to the growth of the population in the area, all will be talked about regarding the city of Bethnal Green. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
In general, for the city of Bethnal Green, what are the final purchase prices for the houses for sale?
In Bethnal Green, houses for sale are sold at an average of £515,242. In general, multiple factors impact this figure because lots of variables impact properties valuation. This can include the quality of the buildings in general, whether the population has grown, if there is demand for housing or if there is a low crime rate which would make the area more desirable.
In the table below, you can see for yourself how the average price of a house for sale looks based on the different sizes of housing in Bethnal Green. The exact amount of variation between the types of housing depends on the local demand for particular types of houses in the area.
| Housing category | Total final sale price |
|---|---|
| Aerage sold price (detached) | no relevant data for this city |
| Aerage sold price (semi-detached) | no relevant data for this city |
| Aerage sold price (terraced) | £908,650 |
| Aerage sold price (flat) | £490,185 |
As you can see above, for Bethnal Green, price varies based on the type of house that is being sold. If these prices shock you it could be due to population change in the last 10 years of 30% where lots of movement may inflate or deflate house prices.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £7,420 |
| Aerage sold price/sqft (new build) | £9,100 |
| Aerage sold price/sqft (old stock) | £7,150 |
Looking at the second table about Bethnal Green, you are able to tell which type of housing is most affordable to you as a buyer. However, for a general overview of what house price is, the average price per square foot for a house in Bethnal Green is £7,600.
In Bethnal Green, what are the rental yields?
Are there new houses being built in Bethnal Green to make it grow?
The growth of an area like Bethnal Green 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 | |
|---|---|---|---|
| Bethnal Green growth rate | 11% | 21% | 9% |
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 Bethnal Green if you want to find out the exact reasons for the housing change.
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 Bethnal Green to London and the broader suburb of the UK; Greater London.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Bethnal Green | 4.8% | £2,136 | 140% | 8.0% |
| London | 3.96% | £2,001 | 129.93% | 12.05% |
| Greater London | 3.88% | £1,899 | 129.14% | 13.30% |
Let’s assume you want to sell the house you’re looking to buy in Bethnal Green for profit in the future, in this case, looking at the data for the number of houses sold per month in Bethnal Green would give you an idea of whether the area is actively getting new investors. This figure is 21.
It is vital you be careful with this figure however as the data can suggest something that isn’t true in Bethnal Green. 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.
What are the asking prices for the houses for sale in the city of Bethnal Green?
When investors make offers for houses for sale in Bethnal Green, the average price asked by the homeowners works out to be £534,025.
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 Bethnal Green 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.
Average price of houses for sale in Bethnal Green
| Average asking price (1 bed) | £400,700 |
| Average asking price (2 bed) | £568,695 |
| Average asking price (3 bed) | £624,474 |
| Average asking price (4 bed) | no relevant data for this city |
| 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 £7,780. 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 Bethnal Green has a lack of supply of housing in certain categories.
In Bethnal Green, what are the demographics like?
What is a social grade score and how does this relate to Bethnal Green?
In the city of Bethnal Green, the social grade score of the area is 29%. 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 Bethnal Green.
| 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 the city of Bethnal Green, has the population grown or shrunk?
In total, the number of people in Bethnal Green is 46,219. 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 Bethnal Green, depending on where exactly you are.
How has Bethnal Green 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 Bethnal Green has changed by 11%. 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 11% 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 Bethnal Green?
30% 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 Bethnal Green 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 Bethnal Green 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 Bethnal Green. Compare the area’s average household income of £50,400 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 29% for more conclusive data on the affluence of the area.
The city of Bethnal Green, situated in London, is a particularly impressive part of the UK because of the specific demographics of the location.
In the below headings, the city of Bethnal Green 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 Bethnal Green. So, taking a good look at the data is essential to understand the area you are considering to buy in.
Do the people of Bethnal Green get to enjoy green space?
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 Bethnal Green, the city has 2.9 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 Bethnal Green.
In Bethnal Green, what is the crime rate?
The crime rate of Bethnal Green 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 216, 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 (216) is both useful and is recommended to be compared to the average.
In Bethnal Green, what are the deprivation levels like?
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 36% for Bethnal Green should give you a nice idea of the deprivation in the area.
How educated are the people in Bethnal Green?
In Bethnal Green, the proportion of people who have a degree is 38%. 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 Bethnal Green is £50,400.
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.
Who can help you buy a house for sale in Bethnal Green?
Other cities you can consider looking for with houses for sale
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 Bethnal Green:
- Forest-Hill in Greater London
- Hither-Green in Greater London
- Hammersmith in Greater London
- Barnes in Greater London
- Crouch-End in Greater London
You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK
Finding the ideal house for sale for you
Many criteria impact the price of houses for sale in Bethnal Green.
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.
Who should you talk to while going through the process of making an offer on a house for sale?
Several experts specialise in giving advice to property investors or to first time potential buyers.
Since the process of finding the right house for sale can take months, you have all the time to consult with the experts you might need.
Find here a list of those you should contact to get professional guidance and assistance when purchasing a house for sale:
- Lender – This practitioner can lend you money to finalise a house purchase
- Insurer – Insuring companies will provide you with the insurance policy you need to protect the house for sale you want to buy
- Legal representative – This professional is usually there to handle all the legal tasks associated with purchasing a home for sale.
- Surveyor – Carries out and independent valuation on the house for sale based on its conditions. It is very useful to understand the correct price before making an offer
- Mortgage specialist – Mortgage advisors works on commissions. They will get a cut from the bank and will guide you with offering the best deals given your financial situation
- Energy assessor – We strongly suggest you to invest in a professional assessment of the Energy Performance of the house for sale you want to purchase
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