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 Romford, London.
From the average asking price of houses for sale in Romford to the growth of the population in the area, all will be talked about regarding the city of Romford. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
What is the asking price on average of houses for sale in Romford?
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 Romford 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 £458,286.
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 Romford.
Average asking prices for houses for sale in Romford
|Average asking price (1 bed)||£224,434|
|Average asking price (2 bed)||£308,245|
|Average asking price (3 bed)||£490,888|
|Average asking price (4 bed)||£639,131|
|Average asking price (5 bed)||£1,047,928|
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 Romford is £0. This should show you the general prices overall and for individual types of houses too.
What are the demographics like in the city of Romford?
Located in London is the city of Romford, 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 Romford 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 Romford 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 educated are the people in Romford?
The number of people as a percentage who have been through university and gained a degree is 23%. The ability to buy a home is greatly influenced by the number of people who have degrees. £47,625 is the amount people in Romford 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 Romford, 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.
Is there sufficient green space in Romford?
In the city of Romford, there are 20.6 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 Romford is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
How deprived is the population of Romford?
Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Romford, currently, 22% 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.
What is a social grade score and how does this relate to Romford?
In the city of Romford 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 Romford has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 23%.
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 Romford, what is the crime rate?
Within Romford, the number of people committing crimes is 110 per 1000 people. This figure directly relates to the safety of residents in the area which is one of the biggest factors in whether an area is considered desirable or not.
As a result, someone looking to buy a house here hoping for it to appreciate in value or buying a house here to produce rental income should check out the crime rate and compare it carefully to the UK average of 79.52 for every 1000 people to see how safe people living there will be.
If the area’s crime rate is too high, this may result in you having to pay for the renovation of burglaries or pay a premium on home insurance as insurance companies will charge you more for living in a dangerous area. So analyse this 110 figure carefully.
How much are those living in Romford earning?
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 £47,625.
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 Romford this figure is 23%.
What is the population of Romford?
Population growth in Romford is important to know if there is housing demand and the total population may also be looked at as large populations commonly have a lot of buyer demand.
In Romford, 92,337 people live in the city as their main place of residence.
It is important to note that it is not the case that everyone likes a large population to live in. People who tend to prefer a more relaxed life are more likely to buy or rent somewhere to live that has a small population and perhaps also wouldn’t mind if the population isn’t growing.
Other people also like to have a mix of both. Where they can visit rural areas and also benefit from the amenities of a busy city.
In Romford in the previous five years, have population numbers transformed?
Five years may seem like a long time but it is rare for a city to grow that much unless there is dramatic population growth. In Romford, this change has been 4%. Read more here
Someone who wishes to find out how this change has occurred over a longer period of time may also wish to read the headings below and see if the change has continued throughout the past decade too. Or if the change is only true for the more recent figure for five years of 4%. Click here to know more on the UK population trends.
Over the last decade, how has the population differed in Romford?
Populations change all the time but if there is a clear change in population in the last ten years this is even more reliable data about the population of the area as opposed to five. This adjustment in population works out to be 9% in Romford.
What this statistic is like in comparison to the population change in five years should provide you with a comprehensive understanding of what direction the population is heading in.
In recent years because of the pandemic, it is common to see dramatic differences in the population change in the last five years when comparing it to ten as people realise they can work from home but still keep the current jobs they have.
This means they can move to cities they wouldn’t have considered otherwise and be location-independent of their source of income. Perhaps making a longer commute into the office every week for example.
How are rental yields of the houses for sale different to the rest of the UK in Romford?
In Romford, how has the number of houses changed?
The growth of an area like Romford 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|
|Romford growth rate||10%||19%||25%|
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 Romford if you want to find out the exact reasons for the housing change.
The figure of rental yield is commonly looked at by investors who wish to increase their income by investing in areas where rental yields of the houses for sale are higher. Usually, the higher the rental yield, the more attractive a house for sale is for an investor.
Nonetheless, there are also instances where an investor will go with a house with lower yields in order to benefit from the appreciation of a house too which is why it’s vital to look in to all the details of Romford.
The data below shows the rental yield, rent turnover and the percentage of the money made on the sale of a house. The data is broken down into the county city is in (London) as well as the broader region; Greater London.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Romford||4.0%||£1,501||no relevant data for this city||20.3%|
Also, you can compare other data to the table above such as the number of houses sold per month in Romford which is 83 and get a better understanding of the housing market.
This is great if you want to gauge if investors are actively looking for houses for sale in the area over other areas in the UK which may be an induction of how profitable Romford is to invest in. Both in terms of rental yield and capital appreciation.
In general, what do houses for sale sell for in Romford?
For the city of Romford, the average price a house sells for is £388,151. This value usually depends on the exact location of the house within Romford as well as other factors like the population growth in Romford which is 9% over a ten-year period.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£555,048|
|Aerage sold price (semi-detached)||£396,099|
|Aerage sold price (terraced)||£352,727|
|Aerage sold price (flat)||£230,025|
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 Romford.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£4,123|
|Aerage sold price/sqft (new build)||£5,065|
|Aerage sold price/sqft (old stock)||£4,010|
Generalising the bottom table, the average value per square foot of a house for sale is £4,123. This value averages all of the types of houses for sale in Romford. 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 Romford.
Invest in houses for sale in Romford with the right professional advice
House for sale in the same UK region
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 Romford:
- Littleton in Greater London
- High-Beach in Greater London
- Furzedown in Greater London
- Burgh-Heath in Greater London
- Dulwich in Greater London
You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK
A house for sale that is right for you
Many criteria impact the price of houses for sale in Romford.
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.
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