How much does a house for sale cost in Grays?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in Greater London $ How much does a house for sale cost in Grays?

Grays can be a tough place to find accurate information like any city in the UK. Read on to learn about which data to stay on top of when looking at house for sale in Grays.

On top of this, keep reading for detailed information on the demographics of Grays in Essex. This is crucial in finding out if the area is worth for looking at houses for sale in the UK for an investment over the long term too.

On average, what is the figure for the asking price of a house for sale in Grays?

On average, in Grays, the asking price for a house for sale in the area is £303,760.

The below table puts this figure into perspective as you can see the various average sale prices of the different type of houses for sale in Grays. From a 1 bedroom house up to a 5 bedroom house.

As you can imagine, as the price goes up, the size of a room also goes up and in general, the larger a house is, the more you can expect the sale price to be as well.

In the city of Grays, what is the average asking price for the houses for sale?

Average asking price (1 bed) £183,333
Average asking price (2 bed) £267,954
Average asking price (3 bed) £379,000
Average asking price (4 bed) £502,727
Average asking price (5 bed) no relevant data for this city

After looking at this table about prices of houses for sale in Grays, someone who is buying a home would be able to know in great detail what kind of house for sale available on the market best suits the amount of money they are looking to invest. Also, using a more general figure like the average asking price per square foot of a property which is £0 will help them to have a more wholistic understanding.

Always consider average rental yield when searching for houses for sale in Grays

Assuming you are not looking for a house for sale in a certain area because of private reasons such as being close to a family member or you have been relocated to a new office, these are some of the factors to consider in order to understand if an investment is worth your money.

Investors typically look at data such as the average rental yield, the average asking price of rent per month, rent turnover and sale turnover. These KPIs give property investors a solid idea of how the market is performing in that area.

For the city of Grays, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; Greater London. As well as Essex, to give a smaller scale area to compare the data to.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Grays 4.3% £1,084 140% 31.0%
Essex 3.51% £1,237 125.97% 17.61%
Greater London 3.88% £1,899 129.14% 13.30%

Assuming that in the future you want to re-sell the house you will eventually purchased in Grays you might be interested in the number of sales per month (24) that happen in the local housing market. Comparing this figure for Grays with the above table gives you a good understanding of the profitability of the area.

What is the growth in the housing market of Grays?

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 Grays that shows the growth in recent years.

1 year 3 years 5 years
Grays growth rate 5% 14% 23%

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 Grays is important.

What kind of demographics does the city of Grays have?

In Grays, what is the crime rate?

For every one thousand people living in Grays, 147 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 147 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.

What’s a social grade score and how does it relate to Grays?

In the city of Grays 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 Grays has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 15%.

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

In Grays, how educated are people in general?

The number of people as a percentage who have been through university and gained a degree is 19%. The ability to buy a home is greatly influenced by the number of people who have degrees. £42,700 is the amount people in Grays 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 Grays, 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.

In the city of Grays, how much green space remains for residents?

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 Grays, 3.3 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 Grays.

What does the population of Grays look like?

In the UK in general and specifically in the region in question, large population sizes can be good indications that there are a lot of people in the area looking for houses for sale which can drive up demand and therefore impact the cost. You should also check to see if the population is growing in the area too to show an increasing demand, this is even better. Currently, the total population of Grays is 27,309.

Sometimes, smaller populations can have higher buyer demand than large populations on the other hand. This is because the price of houses and hence the demand for houses is based on a variety of variables.

The most important variable is the location of the houses for sale in the city of Grays.

In Grays, how has the population changed over the last five years?

In the last five years, over time, the change in population size was 6%. Looking at this figure can inform you of the buyer demand for the houses for sale in the area. Read more here

This may mean that the city has now started to slow down in terms of population growth or it may mean the city is also building a lot of houses which would indicate the supply of houses for sale will be matching the demand.

Making predictions about the future growth of Grays is hence important in making a decision if capital appreciation of your real estate investment is something you’re after as a landlord.

Comparing this figure for the 5 year growth (6%) as well as the ten year growth in the subheading below should allow you to make some accurate forecasts on the growth rate. Click here to know more on the UK population trends.

Grays population difference over 10 years?

The population has adjusted in the area of Grays by 12% in the most recent decade. This change is even more useful when compared alongside the figure for the five year growth of the area too.

This will tell you if the population is changing at the moment or if change is more recent. Through this a landlord can accurately look at the fluctuations in population size of the area over time and therefore better understand the trend of the houses for sale in Grays.

To make an example, the town of Salford which is a part of Manchester has seen a 10% increase in population. house price has therefore followed.

How much do people in Grays earn?

As earning potential goes up in a city, so does the quality of schools in the area, the general infrastructure and the social grade score (15%). All in all, the area becomes a more desirable place to live in.

This is why it is vital to pay attention to how much people are making annually in any city you plan on making a house purchase in. In Grays, this works out to be £42,700. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.

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

In the below headings, the city of Grays 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 Grays. So, taking a good look at the data is essential to understand the area you are considering to buy in.

How deprived is the population of Grays?

Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Grays, currently, 26% people fall into this category.

Measuring this statistic against the nationwide average of 33% should give you a pretty good idea of where the city lies in the scale of poverty in the area.

In general, for the city of Grays, what are the final purchase prices for the houses for sale?

For the city of Grays, the average price a house sells for is £274,731. This value usually depends on the exact location of the house within Grays as well as other factors like the population growth in Grays which is 12% over a ten-year period.

Housing category Total final sale price
Aerage sold price (detached) £401,754
Aerage sold price (semi-detached) £339,514
Aerage sold price (terraced) £273,883
Aerage sold price (flat) £185,054

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 Grays.

Housing category Sale price per square foot
Aerage sold price/sqft £3,510
Aerage sold price/sqft (new build) £3,450
Aerage sold price/sqft (old stock) £3,410

Generalising the bottom table, the average value per square foot of a house for sale is £3,510. This value averages all of the types of houses for sale in Grays. 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 Grays.