fbpx

What is it like buying a house in Station Town?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in the North East $ What is it like buying a house in Station Town?

Station Town can be a tough place to find accurate information like any city in the UK. Read on to learn about which data to stay on top of when looking at house for sale in Station Town.

On top of this, keep reading for detailed information on the demographics of Station Town in Durham. This is crucial in finding out if the area is worth for looking at houses for sale in the UK for an investment over the long term too.

In Station Town, what do houses for sale tend to sell for?

In Station Town, the average sale price of a house for sale is in fact £117,250. This is dependent on the 10 year population growth of Station Town being 4%. Growing populations are more likely to inflate the prices of houses for sale in the city of Station Town.

Housing category Total final sale price
Aerage sold price (detached) £204,066
Aerage sold price (semi-detached) £94,349
Aerage sold price (terraced) £57,208
Aerage sold price (flat) no relevant data for this city

The list below is able to inform you of what these prices are. Giving you an accurate estimate of whether a landlord is likely to accept your offer based on the prices of the houses for sale in Station Town.

Housing category Sale price per square foot
Aerage sold price/sqft £1,030
Aerage sold price/sqft (new build) £1,800
Aerage sold price/sqft (old stock) £930

Evidently, certain types of houses for sale will have different types of demand and this will be reflected on the final price.

On average, the cost of a house for sale per square foot works out to be £1,030. This means if you are just looking out the houses sold in Station Town in general and didn’t take into consideration the type of build. For example, a new build.

Asking price in Station Town for a house for sale

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 Station Town 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 £129,263.

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 Station Town.

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

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) £138,516
Average asking price (4 bed) no relevant data for this city
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 Station Town has a lack of supply of housing in certain categories.

Always consider average rental yield when searching for houses for sale in Station Town

The figure of rental yield is commonly looked at by investors who wish to increase their income by investing in areas where rental yields of the houses for sale are higher. Usually, the higher the rental yield, the more attractive a house for sale is for an investor.

Nonetheless, there are also instances where an investor will go with a house with lower yields in order to benefit from the appreciation of a house too which is why it’s vital to look in to all the details of Station Town.

The data below shows the rental yield, rent turnover and the percentage of the money made on the sale of a house. The data is broken down into the county city is in (Durham) as well as the broader region; North East.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Station Town no relevant data for this city no relevant data for this city no relevant data for this city 13.0%
Durham 4.93% £607 132.62% 16.57%
North East 4.67% £757 123.96% 19.25%

Also, you can compare other data to the table above such as the number of houses sold per month in Station Town which is 5 and get a better understanding of the housing market.

This is great if you want to gauge if investors are actively looking for houses for sale in the area over other areas in the UK which may be an induction of how profitable Station Town is to invest in. Both in terms of rental yield and capital appreciation.

Is the housing market in Station Town 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 Station Town at 1 year, 3 year and 5 year intervals:

1 year 3 years 5 years
Station Town growth rate -8% -29% -1%

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 Station Town 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 Station Town.

Are there any important statistics about the population of Station Town?

In the city of Station Town, how much green space remains for residents?

Whether you view green space in Station Town as important to you as a homeowner is up to your personal preferences. Having said this, there is a clear benefit on the overall health of people who live near green space as the government has stated keeping green space in proximity to people is one of the biggest factors for combating obesity.

In Station Town, the number of acres of green space for every 1000 people currently is 5.7 which can be measured against the UK average of 1.7.

The city of Station Town, 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 Station Town 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 Station Town. So, taking a good look at the data is essential to understand the area you are considering to buy in.

In Station Town, what is the crime rate?

For every one thousand people living in Station Town, 133 commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.

It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.

Nonetheless, the crime rate of 133 is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.

Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.

What’s a social grade score and how does it relate to Station Town?

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 Station Town in grades A or B which are the highest skilled roles in the country is 11%. Realistically, you can expect workers in this category to earn a higher salary too.

For comparison, £34,900 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 11%.

How deprived is the population of Station Town?

Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Station Town, currently, 38% 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.

Have the people of Station Town grown in numbers?

Population growth in Station Town 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 Station Town, 5,318 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 Station Town 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 Station Town, 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 Station Town?

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 Station Town.

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.

How much are those living in Station Town earning?

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.

£34,900 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 11% for Station Town.

Is the education level of Station Town important when buying a house?

In the city of Station Town, 15% of people have degrees. In general, as the number of people who are highly educated goes up, the more likely they are to have the ability to buy houses as their annual household income goes up too.

So you can see for yourself, the average income for the people of Station Town is £34,900. This generally goes up with the education level of the area. Additionally, looking at the difference between the proportion of people with degrees and the UK average for this statistic (22.6%) should give you an idea of the affluence and education of the city.

A higher education level can therefore tell you if the house prices are likely to be high as the higher income level often results in people buying a bigger, more valuable house.

Having said this, whale education level can be a good factor to go by, there are also things like the rental yields, the population growth and social grades scores that can impact the value of a house and whether it will go up in value as time goes on.

Professional advice for houses for sale in Station Town

Considering all the above data and information provided, you may want know who can help you buy a house for sale.
Lots of professionals offer property investors and first-time buyers advice and assistance in dealing with the process of acquiring a house for sale.

Below, you can find a list of professionals that come in handy when looking for houses for sale:

  • Lender – Is someone capable of lending you the money you need to complete the purchase of the house for sale
  • Insurer – Insurance companies provide building insurances and other financial products you need to protect your real estate assets
  • Conveyancer – This professional will take care of the legal work needed when looking for a house for sale
  • Surveyor – Use this professional to assess the condition of the house for sale you are willing to buy, get an independent valuation and feel more comfortable when negotiating the final price
  • Mortgage broker or adviser – Different buyers can access different mortgages to buy a house for sale. Let the mortgage broker suggest to you which one is the best given your financial situation
  • Energy professional – Nowadays is more important than ever, to get professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering as your next investment

Are you considering other cities with houses for sale?

We have prepared a list of cities in North East, the same UK region of Station Town that can help you evaluate the different houses for sale listed in the region:

Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.

Finding the ideal house for sale for you

When browsing houses for sale in Station Town you should think about lots of different criteria:

  • House for sale affordability – visit the dedicated page of the UK government to understand (see what you can afford)

  • Location of the house for sale – the region and town you are considering to live in are crucial factors to consider before looking for houses for sale. In this article, we define lots of demographic factors that should help you make a decision.

  • House for sale transport links – even if working from home is becoming more and more predominant, we suggest you check the transport links the house for sale has.

  • Number of bedrooms in the house for sale – are you looking for houses for sale for the whole family or are you single? Always think about how many bedrooms you need and if that number might change in the future

  • energy performance of the house for sale – What is the EPC of the house for sale? Today more than ever, is important that you check the EPC rating of the real estate assets available for sale on the market.

  • Internet speed in the area of the house for sale – is important to remember that internet speed is a consequence of two factors: your plan and the infrastructure available in the area. Always check these parameters before looking for houses for sale

  • Does the house for sale have parking – if yes, is it on-street or is the house for sale equipped with a garage?

  • Houses for sale in conservation areas – always check the National Heritage list. If a house for sale is part of this list it means that it might be impossible for you to make changes to the property’s internal and external structure.

  • Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.

0 Comments

Submit a Comment

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