Mile End – What to look for in houses for sale?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in Greater London $ Mile End – What to look for in houses for sale?

As a landlord, whenever you are looking at houses for sale in London, you could find varying prices throughout an area like Mile End. In this article, this data will be simplified so you can find all of the data on one, convenient page.

So, from the rental yield of Mile End to the success you may expect to get when submitting planning permission. Everything you need to know about house for sale in the UK and in Mile End will be revealed. Keep reading.

What is the final sale price of a house in Mile End?

There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Mile End. In Mile End, this sale price works out to be £578,874. As an example, a factor like population growth over the last 10 years which works out to be 34% in Mile End and impacts house prices of the houses for sale.

Housing category Total final sale price
Average sold price (detached) no relevant data for this city
Average sold price (semi-detached) no relevant data for this city
Average sold price (terraced) £783,100
Average sold price (flat) £579,167

Above, the exact type of house is also shown to vary in price in a table in Mile End. 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 £8,340
Average sold price/sqft (new build) £11,950
Average sold price/sqft (old stock) £7,360

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 Mile End which is £8,250. 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 are the demographics like in the city of Mile End?

What salary does the community in Mile End take home?

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 £55,000.

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 Mile End this figure is 31%.

In Mile End, what is the social grade score?

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 Mile End, the percentage of people in the two highest categories, A and B is 31%. 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 £55,000. This income will generally get bigger as the percentage of people in the A and B categories go up too (31%).

Mile End within London is notable for the type of people that live there. The statistics below show how this is the case.

As you read on, Mile End will be looked at by comparing it to the local region, as well as comparing it to the wider region too (Greater London). From what the population of the city is to how it’s growing as well as factors like the overall crime rate.

This data is impacted by the history of the area and what kind of industry there is around. All of which also impact house prices which is crucial for you to understand as you look at houses for sale in Mile End.

Have the people of Mile End grown in numbers?

Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Mile End if 81,940 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 Mile End such as rental yield or house appreciation.

How has the population size of Mile End adjusted in the last 5 years?

In the previous five years there has been a change in the number of people of Mile End by 14%. 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 14% 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 Mile End?

In the last decade, the population of Mile End has been adjusted by 34%. 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.

How deprived is the population of Mile End?

The deprivation levels of the UK can vary quite a bit. High deprivation levels signal a particular area has people who are struggling to make ends meet and pay for basic living expenses. For Mile End, in particular, the deprivation levels are 34%.

This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.

How much green space is available to residents of Mile End?

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 Mile End, 0.9 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 Mile End.

Is the crime rate bad in the city of Mile End?

For the city of Mile End, crime rate is at 220. So for every 1000 people in the area, 220 commit a crime which is prosecuted. Paying close attention to this figure of crime rate is not only important for the value of a house but also to calculate the maintenance cost of owning a house and how attractive an area can be for future buyers.

So, compare it to the nationwide average of 79.52 per 1000 people and consider if you are happy with this figure based on the price you’re paying for a house you’re interested in.

On top of this, houses that are in areas where there is a high crime rate tend to have to pay higher insurance rates, costing a homeowner in the long term.

Additionally, paying for further security on a house such as CCTV or potentially gates and fences that deter thieves may be necessary for an area with a high crime rate.

For the city of Mile End, what is the education level?

In the city of Mile End, 41% of people have degrees. In general, as the number of people who are highly educated goes up, the more likely they are to have the ability to buy houses as their annual household income goes up too.

So you can see for yourself, the average income for the people of Mile End is £55,000. This generally goes up with the education level of the area. Additionally, looking at the difference between the proportion of people with degrees and the UK average for this statistic (22.6%) should give you an idea of the affluence and education of the city.

A higher education level can therefore tell you if the house prices are likely to be high as the higher income level often results in people buying a bigger, more valuable house.

Having said this, whale education level can be a good factor to go by, there are also things like the rental yields, the population growth and social grades scores that can impact the value of a house and whether it will go up in value as time goes on.

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

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 Mile End to London and the broader suburb of the UK; Greater London.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Mile End 4.7% £2,269 140% 3.0%
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 Mile End for profit in the future, in this case, looking at the data for the number of houses sold per month in Mile End would give you an idea of whether the area is actively getting new investors. This figure is 31.

It is vital you be careful with this figure however as the data can suggest something that isn’t true in Mile End. 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.

In Mile End, how has the number of houses changed?

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 Mile End at 1 year, 3 year and 5 year intervals:

1 year 3 years 5 years
Mile End growth rate -2% -16% -16%

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 Mile End 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 Mile End.

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

When speaking about the city of Mile End, £582,563 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 Mile End.

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.

Table showing the asking prices for houses for sale in Mile End

Average asking price (1 bed) £456,126
Average asking price (2 bed) £640,249
Average asking price (3 bed) £816,576
Average asking price (4 bed) £905,000
Average asking price (5 bed) no relevant data for this city

After looking at this table about prices of houses for sale in Mile End, 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 £8,150 will help them to have a more wholistic understanding.

Who can help you buy a house for sale in Mile End?

House for sale in the same UK region

See here below a list of cities in the same UK region of Mile End which is Greater London. You might want to consider these as alternatives for your next real estate investment:

Or, visit our dedicated page on the houses for sale data for the whole of the UK – houses for sale in the UK.

Choosing the perfect house for sale for you might be challenging in today’s market due to the abundance of available houses.
You may wonder who can guide you through the process of selecting a house that is for sale.
There are several experts that provide guidance and support to potential buyers and the procedure can be drawn out, particularly when dealing with houses for sale.

Here is a list of who to contact to get assistance when purchasing a house for sale:

  • Banks – The ones that can lend you the money you need for the house for sale
  • Insurance companies – Companies that give you access to various insurances specific to the house for sale you are considering to buy
  • Solicitor – The individual or business responsible for handling the legal tasks required to purchase a home that is for sale.
  • Civil engineer – Provides you with an appraisal of the house up for sale that you want to purchase.
  • Mortgage advisor – Professional advisors that will guide you and propose the best mortgage deals according to your finances
  • EPC specialist – Getting professional advice on the energy performance of the house for sale is crucial, especially nowadays.

Choose the right house for sale that suits your needs

What parameters impact the final price of a house for sale in Mile End?
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.