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 Forest Hill, London.
From the average asking price of houses for sale in Forest Hill to the growth of the population in the area, all will be talked about regarding the city of Forest Hill. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
On average, what is the figure for the asking price of a house for sale in Forest Hill?
Average asking prices for houses for sale in Forest Hill
|Average asking price (1 bed)||£312,577|
|Average asking price (2 bed)||£453,366|
|Average asking price (3 bed)||£676,640|
|Average asking price (4 bed)||£858,992|
|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 Forest Hill 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 £3,050 should also give you an overview of what the asking price for houses for sale are in general.
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 Forest Hill 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 £527,945.
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 Forest Hill.
In Forest Hill, what are the demographics like?
Is the crime rate bad in the city of Forest Hill?
For every one thousand people living in Forest Hill, 92 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 92 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.
In Forest Hill, how educated are people in general?
The number of people as a percentage who have been through university and gained a degree is 42%. The ability to buy a home is greatly influenced by the number of people who have degrees. £57,850 is the amount people in Forest Hill 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 Forest Hill, 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.
Are the deprivation levels of the UK any different to Forest Hill?
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 20% for Forest Hill should give you a nice idea of the deprivation in the area.
Located in London is the city of Forest Hill, in a large part of the UK; Greater London. Before you look for houses for sale in this area, it is a reasonable question to ask what the people who live there are like.
Below, the population of Forest Hill has been dissected in terms of if the population is educated, what the crime rates are like and much more. All important factors to consider before making a house purchase among the offer of the houses for sale.
The knowledge below is based on a lot of different variables relevant to the city of Forest Hill which impacts the profitability of making an investment here or how desirable buying a house to live in is if you want to live on a permanent basis.
How much green space is available to residents of Forest Hill?
In the city of Forest Hill, there are 40.0 acres of green space per 1000 residents.
The charity, ‘Fields in Trusts’ recommends a minimum of 6 acres of green space per 1000 people so it is easy to see where Forest Hill is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
What salary does the community in Forest Hill take home?
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.
£57,850 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 35% for Forest Hill.
What is a social grade score and how does this relate to Forest Hill?
The social grade score is a good indicator of what type of jobs people generally work in the area. Whether that be working in the primary sector, secondary sector, tertiary sector or maybe the quaternary sector of jobs.
The scale is slightly different to this though on a scale of A to E. A refers to people who are in the most skilled, managerial roles whereas E include people such as casual workers.
In Forest Hill, the percentage of people in the two highest categories, A and B is 35%. This figure includes people who are therefore most likely to be more skilled and have higher paid jobs.
When contrasting these figures, the average household income for the area is £57,850. This income will generally get bigger as the percentage of people in the A and B categories go up too (35%).
Have the people of Forest Hill grown in numbers?
The city of Forest Hill has a total population of 41,233. 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 Forest Hill 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 Forest Hill
Over time, in the last five years, the population of the city of Forest Hill has changed by 4%. 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 4% 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 Forest Hill?
In the last 10 years, there has been a shift in the population of 10%.
Comparing this to the 5 year figure of Forest Hill 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 Forest Hill, what do houses for sale tend to sell for?
There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Forest Hill. In Forest Hill, this sale price works out to be £472,160. As an example, a factor like population growth over the last 10 years which works out to be 10% in Forest Hill and impacts house prices of the houses for sale.
|Housing category||Total final sale price|
|Average sold price (detached)||£761,305|
|Average sold price (semi-detached)||£627,912|
|Average sold price (terraced)||£503,881|
|Average sold price (flat)||£310,423|
Above, the exact type of house is also shown to vary in price in a table in Forest Hill. 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||£5,005|
|Average sold price/sqft (new build)||£4,825|
|Average sold price/sqft (old stock)||£4,965|
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 Forest Hill which is £5,055. 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.
What’s the rental yield in general for the city of Forest Hill?
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 Forest Hill. 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 Forest Hill.
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 (London), a regional level (Greater London) and finally on the level of the city talked about in this article, Forest Hill.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
You may also find it useful to compare the data above to the number of properties sold per month Forest Hill experiences. This figure for house sales per month is 39. 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.
Are there new houses being built in Forest Hill to make it grow?
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 Forest Hill at 1 year, 3 year and 5 year intervals:
|1 year||3 years||5 years|
|Forest Hill growth rate||5%||17%||8%|
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 Forest Hill 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 Forest Hill.
Professional advice for houses for sale in Forest Hill
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
Are you considering other cities with houses for sale?
Below are a list of towns with a similar location to Forest Hill.
Reading these analysis will help you evaluate the different houses for sale currently listed in Greater London:
- Harrow in Greater London
- Bulls-Cross in Greater London
- Creekmouth in Greater London
- Camberwell in Greater London
- Darenth in Greater London
If you are interested in some other city or even region of the UK, please visit the following page houses for sale in the UK it contains all the data related to the houses for sale.
A house for sale appropriate to your needs
Many criteria impact the price of houses for sale in Forest Hill.
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.