Merton 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 Merton.
On top of this, keep reading for detailed information on the demographics of Merton in London. 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.
In general, what do houses for sale sell for in Merton?
In Merton, the average sale price of a house for sale is in fact £435,709. This is dependent on the 10 year population growth of Merton being 4%. Growing populations are more likely to inflate the prices of houses for sale in the city of Merton.
| Housing category | Total final sale price |
|---|---|
| Aerage sold price (detached) | £543,611 |
| Aerage sold price (semi-detached) | £508,359 |
| Aerage sold price (terraced) | £441,115 |
| Aerage sold price (flat) | £301,120 |
The list below is able to inform you of what these prices are. Giving you an accurate estimate of whether a landlord is likely to accept your offer based on the prices of the houses for sale in Merton.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £5,120 |
| Aerage sold price/sqft (new build) | £4,550 |
| Aerage sold price/sqft (old stock) | £5,070 |
Evidently, certain types of houses for sale will have different types of demand and this will be reflected on the final price.
On average, the cost of a house for sale per square foot works out to be £5,410. This means if you are just looking out the houses sold in Merton in general and didn’t take into consideration the type of build. For example, a new build.
What are the demographics like in the city of Merton?
In Merton, 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 Merton if 36,292 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 Merton such as rental yield or house appreciation.
How has the population size of Merton adjusted in the last 5 years?
In the previous five years there has been a change in the number of people of Merton 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 Merton?
In the last decade, the population of Merton has been adjusted by 4%. 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.
What is the education level like in Merton?
Interestingly, the percentage of people who have a degree in the city of Merton is 25%. Most of the time, the more people that have a degree, the higher the average household income and the more likely someone is to be able to afford to purchase a house. For example, the average income of the citizens in the area of Merton is £52,700.
Generally, areas with high numbers of people with a degree are also areas with more people likely to be home owners and therefore the value of houses and relative prices of the houses for sale are more likely to go up too.
Nonetheless, making predictions about the appreciation of a house also has to be considered alongside other factors like population growth and the rental yields of the area.
However, most of the time, being educated is a good indication of affluence with 82% of people graded a first in tertiary education going on to eventually own a house.
What salary does the community in Merton take home?
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 Merton. Compare the area’s average household income of £52,700 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 21% for more conclusive data on the affluence of the area.
The city of Merton, 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 Merton 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 Merton. So, taking a good look at the data is essential to understand the area you are considering to buy in.
In the city of Merton, 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 Merton, 15.9 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 Merton.
Are the deprivation levels of the UK any different to Merton?
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 28% for Merton should give you a nice idea of the deprivation in the area.
What is the social grade score of Merton?
In the city of Merton 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 Merton has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 21%.
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 |
Is the crime rate bad in the city of Merton?
In Merton, 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.
In Merton, what are the rental yields?
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 Merton. 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 Merton.
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, Merton.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Merton | 3.8% | £1,520 | 140% | 20.0% |
| London | 3.96% | £2,001 | 129.93% | 12.05% |
| Greater London | 3.88% | £1,899 | 129.14% | 13.30% |
You may also find it useful to compare the data above to the number of properties sold per month Merton experiences. This figure for house sales per month is 17. 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.
Is the housing market in Merton growing?
Whenever you are thinking about looking for houses for sale in Merton, think about how the city is growing and how this may impact the overall growth of the area.
Comparing the growth at different time periods would be a great way to assess whether the growth has slowed down, remained the same or perhaps stagnated over the years.
| 1 year | 3 years | 5 years | |
|---|---|---|---|
| Merton growth rate | no relevant data for this city | 12% | 13% |
As the population of Merton grows, this may also push up the price of the houses for sale. More people would be looking to buy homes and permanently live in the area. This demand helps a home appreciate. However, this isn’t always true because some cities build a lot of houses too to match the supply.
Asking price in Merton for a house for sale
Average price of houses for sale in Merton
| Average asking price (1 bed) | £274,000 |
| Average asking price (2 bed) | £371,873 |
| Average asking price (3 bed) | £558,451 |
| Average asking price (4 bed) | £726,535 |
| Average asking price (5 bed) | no relevant data for this city |
The tables should give you a generic view of what the prices of the houses for sale are like. To close things off in terms of the house asking price, the average asking price for the house for sale in the whole of Merton is £5,710. This should show you the general prices overall and for individual types of houses too.
As you go ahead and make offers on a house for sale, it is sometimes best to know what other people are offering for the same type of house for sale so you know what to offer yourself to get a good deal. So you should know, the average asking price of Merton is £479,111.
Even though the asking price is not what the eventual price the house is sold at, making a note of the averages for the city of Merton is useful when negotiating and knowing what to expect for every type of house for sale.
Invest in houses for sale in Merton with the right professional advice
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
House for sale in the same UK region
Below are a list of towns with a similar location to Merton.
Reading these analysis will help you evaluate the different houses for sale currently listed in Greater London:
- Crockenhill in Greater London
- East-Central-London in Greater London
- Hayes in Greater London
- Ilford in Greater London
- Creekmouth 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.
Finding the ideal house for sale for you
What parameters impact the final price of a house for sale in Merton?
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.
Recent Comments