As a landlord, whenever you are looking at houses for sale in Northumberland, you could find varying prices throughout an area like Bingfield. 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 Bingfield 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 Bingfield will be revealed. Keep reading.
Why you should consider the average rental yield when searching for houses for sale in Bingfield
Assuming you are not looking for a house for sale in a certain area because of private reasons such as being close to a family member or you have been relocated to a new office, these are some of the factors to consider in order to understand if an investment is worth your money.
Investors typically look at data such as the average rental yield, the average asking price of rent per month, rent turnover and sale turnover. These KPIs give property investors a solid idea of how the market is performing in that area.
For the city of Bingfield, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; North East. As well as Northumberland, to give a smaller scale area to compare the data to.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Bingfield | no relevant data for this city | no relevant data for this city | no relevant data for this city | 16.0% |
| Northumberland | 4.28% | £659 | 106.75% | 18.57% |
| North East | 4.67% | £757 | 123.96% | 19.25% |
Assuming that in the future you want to re-sell the house you will eventually purchased in Bingfield you might be interested in the number of sales per month (2) that happen in the local housing market. Comparing this figure for Bingfield with the above table gives you a good understanding of the profitability of the area.
Are there more or fewer houses being built in Bingfield?
Whenever you are thinking about looking for houses for sale in Bingfield, 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 | |
|---|---|---|---|
| Bingfield growth rate | -19% | 11% | 17% |
As the population of Bingfield 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 Bingfield, what are the demographics like?
Is the city of Bingfield 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 Bingfield, in particular, the deprivation levels are 19%.
This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.
Is there sufficient green space in Bingfield?
In the UK, there are a range of cities which have a lot of green space. In some cases, green space can get as high as 49% of outdoor land like in the city of Edinburgh. When specifically talking about Bingfield, the city has 57.9 per 1000 residents.
This can be compared to an average of 1.7 acres of green space per 1000 residents which is the UK’s national average. It is up to you to decide how much you’ll let the amount of green space impact your buying decision in Bingfield.
What salary does the community in Bingfield 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 Bingfield. Compare the area’s average household income of £40,700 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 24% for more conclusive data on the affluence of the area.
In Bingfield, what is the crime rate?
Within Bingfield, the number of people committing crimes is 34 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 34 figure carefully.
What is the population of Bingfield?
The city of Bingfield has a total population of 2,144. Large population sizes can be good to show there is a high demand for people to buy houses in the area but a better indication is if the population of Bingfield is growing.
A small population city can also have high prices of houses for sale, because, if there is a growing population, and demand is still high, this could mean the house prices are pushed up.
Either way, a population must also be looked at in terms of the appreciation of the area as well as the rental yields and if the area really meets your needs.
The five year population change of Bingfield
Over time, in the last five years, the population of the city of Bingfield has changed by 2%. This figure can tell you a lot because a growing population indicates a house is likely to appreciate. Read more here
In addition, looking at the 10 year figure for population growth in the below paragraphs can give you further evidence as to what the change in population has been for a longer period of time. As a result, you’ll know if this 2% population change is something that has been there for a while or if it is a new trend. Click here to know more on the UK population trends.
What is the difference in population over the last 10 years in Bingfield?
In the last 10 years, there has been a shift in the population of 3%.
Comparing this to the 5 year figure of Bingfield can tell you if there is a long history of population growth or decline, if there are population fluctuations or if the trend is stable.
New industries opening up in the area, the addition of new jobs and also international and national migration might all be reasons for changes in population size. Resulting in people moving in or leaving an area.
A good example of a quick change in population was in Stratford, London in 2012. Here, there was an increase in government spending in the area because of the Olympics which resulted in massive population growth.
The city of Bingfield, situated in Northumberland, is a particularly impressive part of the UK because of the specific demographics of the location.
In the below headings, the city of Bingfield and its demographics will be compared to its wider location (North East). 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 Bingfield. So, taking a good look at the data is essential to understand the area you are considering to buy in.
How educated are the people in Bingfield?
In Bingfield, the proportion of people who have a degree is 31%. 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 Bingfield is £40,700.
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 a social grade score and how does it relate to Bingfield?
In the city of Bingfield, the social grade score of the area is 24%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.
The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.
This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Bingfield.
| 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 general, for the city of Bingfield, what are the final purchase prices for the houses for sale?
For the city of Bingfield, the average price a house sells for is £243,643. This value usually depends on the exact location of the house within Bingfield as well as other factors like the population growth in Bingfield which is 3% over a ten-year period.
| Housing category | Total final sale price |
|---|---|
| Aerage sold price (detached) | £358,873 |
| Aerage sold price (semi-detached) | £151,429 |
| Aerage sold price (terraced) | £138,761 |
| Aerage sold price (flat) | no relevant data for this city |
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 Bingfield.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £1,660 |
| Aerage sold price/sqft (new build) | £2,710 |
| Aerage sold price/sqft (old stock) | £1,580 |
Generalising the bottom table, the average value per square foot of a house for sale is £1,660. This value averages all of the types of houses for sale in Bingfield. 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 Bingfield.
Asking price in Bingfield for a house for sale
Average price of houses for sale in Bingfield
| Average asking price (1 bed) | no relevant data for this city |
| Average asking price (2 bed) | no relevant data for this city |
| Average asking price (3 bed) | no relevant data for this city |
| 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 Bingfield 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 £0 should also give you an overview of what the asking price for houses for sale are in general.
When investors make offers for houses for sale in Bingfield, the average price asked by the homeowners works out to be £333,058.
In the table below, for all the different sizes of houses in the area, the average asking prices have been displayed. This tells you what kind of house is more or less expensive and sought after despite houses with fewer bedrooms being overall less expensive anyway.
Any house that looks like it is overpriced for the number of bedrooms it has in Bingfield is typically not overpriced. It is just the case that that type of housing has a higher demand, therefore, people are willing to pay more.
Get professional help on the houses for sale in Bingfield
Thinking about other cities with houses for sale?
We have prepared a list of cities in North East, the same UK region of Bingfield that can help you evaluate the different houses for sale listed in the region:
- Battle-Hill in North East
- Cleadon in North East
- Ganstead in North East
- Burmantofts in North East
- North-Sunderland in North East
Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.
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
Choose the right house for sale that suits your needs
What parameters impact the final price of a house for sale in Bingfield?
Here below is our list with the most important ones:
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House for sale affordability – check out the (see house affordability guide)
on the UK gov website to know more
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House Location – the actual location of a house for sale drastically changes the final price of a property
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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.
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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.
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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.
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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
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Do you drive to the office? – If yes, ask about parking. Is it included in the house price?
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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.
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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.
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