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 Bishop Middleham, Durham.
From the average asking price of houses for sale in Bishop Middleham to the growth of the population in the area, all will be talked about regarding the city of Bishop Middleham. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
In Bishop Middleham, what are the rental yields?
Are there new houses being built in Bishop Middleham to make it grow?
Whenever you are thinking about looking for houses for sale in Bishop Middleham, 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|
|Bishop Middleham growth rate||7%||5%||42%|
As the population of Bishop Middleham 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.
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 Bishop Middleham. 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 Bishop Middleham.
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 (Durham), a regional level (North East) and finally on the level of the city talked about in this article, Bishop Middleham.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
You may also find it useful to compare the data above to the number of properties sold per month Bishop Middleham experiences. This figure for house sales per month is 14. 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.
What are the people like in Bishop Middleham?
Is there sufficient green space in Bishop Middleham?
In the city of Bishop Middleham, there are 41.7 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 Bishop Middleham is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
What salary does the community in Bishop Middleham take home?
While not always the case, the amount people earn can be associated with better schools in the area and perhaps a nicer environment to live in.
£30,900 is the average household income of the area. And the higher this figure is the more likely it is that there is a higher percentage of people with a social grade score in the A or B categories which is 9% for Bishop Middleham.
What is a social grade score and how does this relate to Bishop Middleham?
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 Bishop Middleham in grades A or B which are the highest skilled roles in the country is 9%. Realistically, you can expect workers in this category to earn a higher salary too.
For comparison, £30,900 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 9%.
Is the crime rate bad in the city of Bishop Middleham?
In Bishop Middleham, for every 1000 people, there is currently a crime rate of 161. This can be compared to the national average of 79.52 for every 1000 people.
Low crime rates are desirable for your safety as a homeowner. Even if you don’t tend to leave the house too often and tend to not mind living in a slightly more dangerous area. Things like burglaries are always a possibility which could harm your ability to pay for home insurance and also may force you to install additional security in your home that can cost you further.
Having said this, you can look at the crime rate on a deeper level to find out what the threats are exactly. It could be the case that a proportion of these crimes (161 for every 1000 people) come from things like anti-social behaviour rather than more serious crimes like violence and sexual offences.
If this is the case you may be more willing to look over a high crime rate within the areas you’re looking to buy a home.
Have the people of Bishop Middleham grown in numbers?
In total, the number of people in Bishop Middleham is 17,623. This figure can be used to estimate the appreciation of the houses but it is also important you look at the population growth figure in order to make this more accurate.
Whether a large population benefits you as a landlord is dependent on what you want from a home. A large population is great if you have children who prefer the bustle of crowds in cities but there are also those who purposely want to buy somewhere rural.
You may also be able to find a balance of both where there are shops, restaurants and entertainment and also rural areas all within a short distance which may be the case ni Bishop Middleham, depending on where exactly you are.
How has Bishop Middleham changed in the past five years?
Five years provides enough time for a city to grow dramatically. It may be the case that the population grows or shrinks but the city of Bishop Middleham has changed by 3%. Read more here
It is also helpful to compare this data to a longer time period like 10 years like in the below subheading. If the population trend of growth or decline has been there for a longer period of time you’ll be able to tell if 3% is a recent change or not.
Click here to know more on the UK population trends.
In the last decade, what is the difference in population in Bishop Middleham?
4% has been the population growth change in the past 10 years.
Usually, this is more of a conservative figure compared to the five year change of a city.
Industrial changes can also be the reason for this shift but it could also be due to immigration or emigration. Bringing people in or out of the area.
The recent global pandemic has also shifted the number of people living in cities as people realise they can now work remotely. It may be that the people of a Bishop Middleham have seen a more desirable way of working, moving to make themselves more comfortable in their careers.
For example, the population of the South west of England has seen a massive increase in population because workers want to move there to benefit from the slightly better weather, lower house prices and also the rural area. Nonetheless, they can also benefit from travelling to the capital city of the UK, London.
What is the education level like in Bishop Middleham?
In Bishop Middleham, the proportion of people who have a degree is 15%. 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 Bishop Middleham is £30,900.
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.
How deprived is the population of Bishop Middleham?
Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Bishop Middleham, currently, 35% 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.
The city of Bishop Middleham, situated in Durham, is a particularly impressive part of the UK because of the specific demographics of the location.
In the below headings, the city of Bishop Middleham 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 Bishop Middleham. So, taking a good look at the data is essential to understand the area you are considering to buy in.
In Bishop Middleham, what is the asking price in general for a house for sale?
Average price of houses for sale in Bishop Middleham
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£63,435|
|Average asking price (3 bed)||£99,482|
|Average asking price (4 bed)||£224,809|
|Average asking price (5 bed)||no relevant data for this city|
Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£0) for houses for sale with this table to get a good idea as to whether Bishop Middleham is the right area to buy a house in for you.
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 Bishop Middleham 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 £90,926.
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 Bishop Middleham.
In general, for the city of Bishop Middleham, what are the final purchase prices for the houses for sale?
For the city of Bishop Middleham, the average price a house sells for is £84,943. This value usually depends on the exact location of the house within Bishop Middleham as well as other factors like the population growth in Bishop Middleham which is 4% over a ten-year period.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£179,948|
|Aerage sold price (semi-detached)||£91,567|
|Aerage sold price (terraced)||£44,854|
|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 Bishop Middleham.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£650|
|Aerage sold price/sqft (new build)||£1,800|
|Aerage sold price/sqft (old stock)||£600|
Generalising the bottom table, the average value per square foot of a house for sale is £650. This value averages all of the types of houses for sale in Bishop Middleham. 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 Bishop Middleham.
Invest in houses for sale in Bishop Middleham with the right professional advice
A house for sale appropriate to your needs
What parameters impact the final price of a house for sale in Bishop Middleham?
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.
houses for sale in other cities in the UK
You can assess the various houses for sale offered in the area by consulting this list of cities in North East, the same UK region as Bishop Middleham:
- Billy-Row in North East
- Barningham in North East
- Crockey-Hill in North East
- Carleton in North East
- Chapel-Allerton in North East
You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK
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