fbpx

What is it like buying a house in SHOREDITCH?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in Greater London $ What is it like buying a house in SHOREDITCH?

SHOREDITCH might be an interesting area to invest in when looking for a house for sale in the UK as it is a unique area in the county of London.
Before looking for a house for sale in the city of SHOREDITCH we strongly suggest landlords and real estate investors to research in detail and consider all involved factors. Indeed, house prices can change quite a bit depending on the square foot of the property, the number of rooms, the economic climate, the location of the house and more.

In this data heavy article the reader will be able to find out more on the topic and see the specific data to consider when evaluating different houses for sale in SHOREDITCH.

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

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 SHOREDITCH is £1,152,991.

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 SHOREDITCH is useful when negotiating and knowing what to expect for every type of house for sale.

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

Average asking price (1 bed) £853,250
Average asking price (2 bed) £1,349,865
Average asking price (3 bed) £2,910,263
Average asking price (4 bed) no relevant data for this city
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 SHOREDITCH 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 £16,690 should also give you an overview of what the asking price for houses for sale are in general.

In SHOREDITCH, what are the demographics like?

Are the deprivation levels of the UK any different to SHOREDITCH?

The number of people who are deprived can have an impact on the perception of your house in the general marketplace. Additionally, if you are looking for a house to live in for the long term, you can start to picture what your neighbours and the people in your area live like financially.

If the proportion of deprivation of SHOREDITCH is 20% and in general for the UK this figure is somewhere around 33%, you can see if this figure is something you are happy with as you search for a house to buy.

What is the city of SHOREDITCH’s social grade score?

The social grade of a city is useful when searching for a house for sale because it tells you what kind of jobs people have in the area. For example, there could be a lot of skilled manual workers or there could be a lot of pensioners and people on benefits.

The scale goes from a social grade of an A who are high managerial, administrative or professional workers to an E where people in this category are on state pensions, casual workers or unemployed on state benefits.

The number of people in SHOREDITCH in grades A or B which are the highest skilled roles in the country is 61%. Realistically, you can expect workers in this category to earn a higher salary too.

For comparison, £61,700 is the average household income of the area. You can see how this figure is congruent with the number of people in the top two categories of the social grade at 61%.

Do the people of SHOREDITCH get to enjoy green space?

In the city of SHOREDITCH, there are 2.1 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 SHOREDITCH is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.

SHOREDITCH in the county of London is notable for its specific demographics and has individual characteristics.

For localised cities and the bigger areas of the UK there are wide variations in the demographics that shape an area so the same is also true for the wider region SHOREDITCH is located in; Greater London.

Below, these demographics are talked about in headings that explain how the city has grown, what the education levels are like in SHOREDITCH, what the social grade score of the city is like and if the green space matches the recommended levels people living in the UK should have.

What salary does the community in SHOREDITCH 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 SHOREDITCH. Compare the area’s average household income of £61,700 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 61% for more conclusive data on the affluence of the area.

How educated are the people in SHOREDITCH?

The number of people as a percentage who have been through university and gained a degree is 59%. The ability to buy a home is greatly influenced by the number of people who have degrees. £61,700 is the amount people in SHOREDITCH 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 SHOREDITCH, 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 SHOREDITCH, what is the crime rate?

The crime rate of SHOREDITCH must be looked at sceptically. The reason for this is that the crime rate can vary within a city greatly and the type of crime committed can also vary too.

For example, the area has a crime rate of 908, but another city may have a higher crime rate but not be deemed as dangerous due to lower level crime or minor offences being committed.

Either way, high crime rates are never a good sign so consider the rate against the UK average of 79.52 for every 1000 people as a benchmark.

Lower rates could mean things like home insurance is cheaper and you have to install fewer security measures throughout your house. Saving you money in the long run. So the statistic of crime rate (908) is both useful and is recommended to be compared to the average.

What does the population of SHOREDITCH 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 SHOREDITCH is 4,695.

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 SHOREDITCH.

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

In the last five years, over time, the change in population size was 36%. 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 SHOREDITCH 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 (36%) 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.

SHOREDITCH population difference over 10 years?

The population has adjusted in the area of SHOREDITCH by 35% 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 SHOREDITCH.

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.

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

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 SHOREDITCH to London and the broader suburb of the UK; Greater London.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
SHOREDITCH 4.2% £4,006 117% 5.0%
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 SHOREDITCH for profit in the future, in this case, looking at the data for the number of houses sold per month in SHOREDITCH would give you an idea of whether the area is actively getting new investors. This figure is 9.

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

What is the growth in the housing market of SHOREDITCH?

Whenever you are thinking about looking for houses for sale in SHOREDITCH, 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
SHOREDITCH growth rate -12% -1% -5%

As the population of SHOREDITCH 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.

In SHOREDITCH, what do houses for sale tend to sell for?

For the city of SHOREDITCH, the average price a house sells for is £957,850. This value usually depends on the exact location of the house within SHOREDITCH as well as other factors like the population growth in SHOREDITCH which is 35% over a ten-year period.

Housing category Total final sale price
Aerage sold price (detached) no relevant data for this city
Aerage sold price (semi-detached) no relevant data for this city
Aerage sold price (terraced) no relevant data for this city
Aerage sold price (flat) £912,486

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 SHOREDITCH.

Housing category Sale price per square foot
Aerage sold price/sqft £14,730
Aerage sold price/sqft (new build) £15,580
Aerage sold price/sqft (old stock) £11,910

Generalising the bottom table, the average value per square foot of a house for sale is £15,710. This value averages all of the types of houses for sale in SHOREDITCH. 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 SHOREDITCH.

Professional advice for houses for sale in SHOREDITCH

Thinking about other cities with houses for sale?

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 SHOREDITCH:

You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK

A house for sale appropriate to your needs

Criterias that have an impact on the actual price of a house for sale have been listed here below. Consider them all to find the perfect houses for sale in SHOREDITCH.

  • Affordability – check this article from the UK government to find out (see what house for sale you can afford)

  • Location – if the house for sale is in the city centre rather than further out, this may be why it is more expensive than the market average.

  • Transports near the house for sale – Being able to use public transports is a huge plus for a house, especially in big cities. This will have an impact on the price as well.

  • Bedrooms – the more bedrooms there are in a house for sale, the more tenants a buy to let investors will be able to host, therefore, realistically the price will also increase.

  • EPC of the house for sale – today more than ever, the energy performance of properties for sale on the market should be one of the first things you check.

  • Wi-Fi speed – We recommend you check the internet plans available for the areas where you are considering to buy a house for sale

  • Are you a motorist? – If yes, filter out your searches and compare prices of houses for sale with parking availability. Remember, a car parking space can cost as much as £400 per month

  • Conditions of the house for sale – New builds and properties that were recently built usually need little to no repairs; instead, other houses for sale may require consistent or structural maintenance. These investments that can be both expensive and laborious to complete. Before making your offer for a house for sale you should always carefully assess this criteria.

Nowadays, there are so many properties on the real estate market that it can be difficult to decide which one is the best house for sale for you.
So, who can help you navigate the process of choosing a house for sale?
The number of professionals that offer real estate investors advice and assistance is broad and when it comes to dealing with houses for sale, the process can be complex.

Find here a list of those that can help when buying a house for sale:

  • Moneylender – lends you the sum of money you need to buy the house for sale you are looking for
  • Insurance agent – A firm that provides several insurances and protections for the house for sale that might become your future house
  • Solicitor – A person or company that will sort out the legal work needed before buying a house for sale
  • Civil engineer – Also called surveyor, he or she will provide you with an independent valuation of the house for sale you are willing to buy
  • Mortgage advisor – Realistically, you will need a mortgage in order to afford to buy a house for sale. Mortgage advisors will guide you and propose the best mortgage deals based on your financial records
  • EPC specialist – Especially nowadays, getting professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering buying is crucial

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *