Backworth 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 Tyne and Wear.
Before looking for a house for sale in the city of Backworth 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 Backworth.
Asking price in Backworth for a house for sale
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 Backworth is £224,484.
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 Backworth is useful when negotiating and knowing what to expect for every type of house for sale.
Average asking prices for houses for sale in Backworth
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£127,210|
|Average asking price (3 bed)||£223,150|
|Average asking price (4 bed)||£329,719|
|Average asking price (5 bed)||no relevant data for this city|
The above table is perfect for understanding the distribution of properties in the area as well as looking at this data alongside the average asking price per square foot of £0. Telling you what type of house is most in demand relative to the price of the area.
This could be due to more people looking at particular types of houses for sale over others or even due to the fact that Backworth has a lack of supply of housing in certain categories.
What kind of demographics does the city of Backworth have?
What salary does the community in Backworth 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 £39,500.
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 Backworth this figure is 20%.
For the city of Backworth, what is the education level?
In Backworth, the proportion of people who have a degree is 22%. Generally speaking, as the number of people with degrees increases, the more people are able to afford houses to buy as a degree is a good indicator of a higher income. To put this into perspective, the average income of Backworth is £39,500.
This figure for average household income usually goes up alongside the percentage of people who have degrees.
However, this is not a hard and fast rule, there are many factors influencing the buying power of a population and hence the appreciation of housing and the number of houses for sale in the area. This can include the rental yields of the area and other demographic statistics like crime rate.
Nonetheless, it cannot be argued that those with degrees tend to live in more affluent areas as 82% of people who achieve a first in degree level education are owners of the place they live.
What’s the crime rate in Backworth?
The crime rate of Backworth 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 140, 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 (140) is both useful and is recommended to be compared to the average.
In the city of Backworth, has the population grown or shrunk?
Population growth in Backworth 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 Backworth, 12,335 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 Backworth 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 Backworth, this change has been 3%. 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 3%. Click here to know more on the UK population trends.
Over the last decade, how has the population differed in Backworth?
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 4% in Backworth.
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.
Is there sufficient green space in Backworth?
In the city of Backworth, there are 15.6 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 Backworth is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
In the city of Backworth, the demographics are unique and must be looked at by themself to make a conclusion about the area before buying a house. This is because the growth could be greatly different to the wider area of Tyne and Wear for example.
These demographics for Backworth may impact the price of a house, how this house grows over time and the profitability of a house if you are buying it for an investment so knowing the area is crucial for a landlord making a purchasing decision in the city of Backworth in North East.
Is the city of Backworth deprived?
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 Backworth, in particular, the deprivation levels are 26%.
This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.
What’s a social grade score and how does it relate to Backworth?
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 Backworth in grades A or B which are the highest skilled roles in the country is 20%. Realistically, you can expect workers in this category to earn a higher salary too.
For comparison, £39,500 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 20%.
In general, what do houses for sale sell for in Backworth?
There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Backworth. In Backworth, this sale price works out to be £214,561. As an example, a factor like population growth over the last 10 years which works out to be 4% in Backworth and impacts house prices of the houses for sale.
|Housing category||Total final sale price|
|Average sold price (detached)||£290,556|
|Average sold price (semi-detached)||£162,064|
|Average sold price (terraced)||£134,436|
|Average sold price (flat)||£109,058|
Above, the exact type of house is also shown to vary in price in a table in Backworth. 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||£2,070|
|Average sold price/sqft (new build)||£2,200|
|Average sold price/sqft (old stock)||£1,870|
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 Backworth which is £2,070. 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.
Always consider average rental yield when searching for houses for sale in Backworth
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 Backworth. 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 Backworth.
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 (Tyne and Wear), a regional level (North East) and finally on the level of the city talked about in this article, Backworth.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Backworth||no relevant data for this city||no relevant data for this city||no relevant data for this city||24.0%|
|Tyne and Wear||5.54%||£749||138.20%||21.54%|
You may also find it useful to compare the data above to the number of properties sold per month Backworth experiences. This figure for house sales per month is 11. 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 Backworth growing?
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 Backworth that shows the growth in recent years.
|1 year||3 years||5 years|
|Backworth growth rate||1%||-21%||-13%|
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 Backworth is important.
Professional advice for houses for sale in Backworth
In today’s market with an abundance of homes available for sale, choosing the best house for sale can be challenging.
With several houses for sale to choose from, who will guide you through the process of choosing?
We have listed here below several experts and companies able to advise and support potential buyers.
The process of finding and investing in a house for sale can be lengthy and time-consuming, this is why we suggest you consult with the following professionals:
- Banks – Lend you the cash
- Insurance companies – Insure your new real estate investment
- Conveyancer – handles all the legal labour that is needed to proceed in buying a house for sale.
- Surveyor – Carries out an independent and complete property valuation of the house for sale
- Mortgage advisor – If you are thinking to get a mortgage to get the finances needed to afford to buy a house for sale, a mortgage advisor is the person you should be looking for
- EPC person – Always get a quote on the Energy Performance Certificate of the houses for sale listed in a certain city
Other cities you can consider looking for with houses for sale
We have prepared a list of cities in North East, the same UK region of Backworth that can help you evaluate the different houses for sale listed in the region:
- Bomarsund in North East
- Ackton in North East
- Barmston in North East
- Beckwithshaw in North East
- Birtley in North East
Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.
A house for sale appropriate to your needs
Many criteria impact the price of houses for sale in Backworth.
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.