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 Bournmoor, Durham.
From the average asking price of houses for sale in Bournmoor to the growth of the population in the area, all will be talked about regarding the city of Bournmoor. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
What kind of demographics does the city of Bournmoor have?
How deprived is the population of Bournmoor?
Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Bournmoor, currently, 30% 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.
Are the people in Bournmoor earning a lot?
As earning potential goes up in a city, so does the quality of schools in the area, the general infrastructure and the social grade score (16%). All in all, the area becomes a more desirable place to live in.
This is why it is vital to pay attention to how much people are making annually in any city you plan on making a house purchase in. In Bournmoor, this works out to be £36,100. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
What is the social grade score of Bournmoor?
The social grade score is a good indicator of what type of jobs people generally work in the area. Whether that be working in the primary sector, secondary sector, tertiary sector or maybe the quaternary sector of jobs.
The scale is slightly different to this though on a scale of A to E. A refers to people who are in the most skilled, managerial roles whereas E include people such as casual workers.
In Bournmoor, the percentage of people in the two highest categories, A and B is 16%. This figure includes people who are therefore most likely to be more skilled and have higher paid jobs.
When contrasting these figures, the average household income for the area is £36,100. This income will generally get bigger as the percentage of people in the A and B categories go up too (16%).
In Bournmoor, how educated are people in general?
In the city of Bournmoor, 19% people have a degree from a university. The higher this proportion is, in general, the more likely it is that the population is able to buy a house.
Interestingly, as people who have degrees go up, the average income of the area goes up too. You can see if there is a correlation, the average household income in the UK is price34,000 and the average income in Bournmoor is £36,100.
This should correspond with the average percentage of people in the UK who have degrees at 22.6%.
Bournmoor within Durham is notable for the type of people that live there. The statistics below show how this is the case.
As you read on, Bournmoor will be looked at by comparing it to the local region, as well as comparing it to the wider region too (North East). From what the population of the city is to how it’s growing as well as factors like the overall crime rate.
This data is impacted by the history of the area and what kind of industry there is around. All of which also impact house prices which is crucial for you to understand as you look at houses for sale in Bournmoor.
What does the population of Bournmoor look like?
In total, the number of people in Bournmoor is 33,332. 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 Bournmoor, depending on where exactly you are.
How has Bournmoor 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 Bournmoor has changed by 1%. 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 1% 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 Bournmoor?
1% 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 Bournmoor 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.
In the city of Bournmoor, is there a lot of green space?
In the city of Bournmoor, there are 19.6 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 Bournmoor is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
In Bournmoor, what is the crime rate?
Within Bournmoor, the number of people committing crimes is 104 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 104 figure carefully.
In general, what do houses for sale sell for in Bournmoor?
As well as looking at the asking price for house for sale in Bournmoor, a sensible homeowner or investor will also consider the final price a house sells for. This final price may be influenced by elements like the amount people are earning in the area and what opportunities for employment there are in Bournmoor.
Houses for sale, are sold on average in Bournmoor, after the influence of these factors, at £146,918 as a result. And may be on the rise or decline depending on a combination of variables such as the crime rate, or population growth which was 1% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£234,149|
|Aerage sold price (semi-detached)||£130,370|
|Aerage sold price (terraced)||£87,764|
|Aerage sold price (flat)||£71,329|
This table above shows the average sale price for each variation of houses for sale in Bournmoor.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£1,540|
|Aerage sold price/sqft (new build)||£1,950|
|Aerage sold price/sqft (old stock)||£1,350|
This final table looks at the price per square foot of houses for sale. Looking at the final table, you can take a further average and conclude that the average price per square foot of houses in general in Bournmoor is £1,540.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
On average, what is the figure for the asking price of a house for sale in Bournmoor?
Table showing the asking prices for houses for sale in Bournmoor
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£110,599|
|Average asking price (3 bed)||£157,545|
|Average asking price (4 bed)||£288,091|
|Average asking price (5 bed)||£331,229|
Reading the table above should therefore give you a good idea of the type of house for sale that is within your budget in Bournmoor 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.
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 Bournmoor is £170,130.
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 Bournmoor is useful when negotiating and knowing what to expect for every type of house for sale.
What’s the rental yield in general for the city of Bournmoor?
Is the housing market in Bournmoor growing?
Before making an investment and move forward with buying a house for sale, another important set of data an investor should analyse is the growth trends of the area in question.
Below are the forecasted growth rates for the city of Bournmoor at 1 year, 3 year and 5 year intervals:
|1 year||3 years||5 years|
|Bournmoor growth rate||-6%||-3%||2%|
Examine this figure carefully as the addition of a lot of new houses to meet demand could mean that house price of the houses for sale in Bournmoor gradually reduces with an increase in the housing supply. This could be a good indicator to understand if your house will appreciate or not. Too many houses and too much supply could drive down the prices of homes or stagnate them. So be sure to check out what is exactly happening in Bournmoor.
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 Bournmoor, 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 Durham, to give a smaller scale area to compare the data to.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
Assuming that in the future you want to re-sell the house you will eventually purchased in Bournmoor you might be interested in the number of sales per month (29) that happen in the local housing market. Comparing this figure for Bournmoor with the above table gives you a good understanding of the profitability of the area.