As a landlord, whenever you are looking at houses for sale in Lancashire, you could find varying prices throughout an area like Bacup. 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 Bacup 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 Bacup will be revealed. Keep reading.
In Bacup, what do houses for sale tend to sell for?
As well as looking at the asking price for house for sale in Bacup, 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 Bacup.
Houses for sale, are sold on average in Bacup, after the influence of these factors, at £128,818 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 5% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£212,028|
|Aerage sold price (semi-detached)||£135,632|
|Aerage sold price (terraced)||£84,128|
|Aerage sold price (flat)||no relevant data for this city|
This table above shows the average sale price for each variation of houses for sale in Bacup.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£1,370|
|Aerage sold price/sqft (new build)||£1,730|
|Aerage sold price/sqft (old stock)||£1,270|
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 Bacup is £1,370.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
What’s the rental yield in general for the city of Bacup?
Are there new houses being built in Bacup to make it grow?
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 Bacup that shows the growth in recent years.
|1 year||3 years||5 years|
|Bacup growth rate||1%||31%||26%|
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 Bacup is important.
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 Bacup.
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 (Lancashire) as well as the broader region; North West.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Bacup||no relevant data for this city||no relevant data for this city||no relevant data for this city||20.0%|
Also, you can compare other data to the table above such as the number of houses sold per month in Bacup which is 18 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 Bacup is to invest in. Both in terms of rental yield and capital appreciation.
What kind of demographics does the city of Bacup have?
For the city of Bacup, what is the education level?
Interestingly, the percentage of people who have a degree in the city of Bacup is 19%. Most of the time, the more people that have a degree, the higher the average household income and the more likely someone is to be able to afford to purchase a house. For example, the average income of the citizens in the area of Bacup is £35,000.
Generally, areas with high numbers of people with a degree are also areas with more people likely to be home owners and therefore the value of houses and relative prices of the houses for sale are more likely to go up too.
Nonetheless, making predictions about the appreciation of a house also has to be considered alongside other factors like population growth and the rental yields of the area.
However, most of the time, being educated is a good indication of affluence with 82% of people graded a first in tertiary education going on to eventually own a house.
Located in Lancashire is the city of Bacup, in a large part of the UK; North West. Before you look for houses for sale in this area, it is a reasonable question to ask what the people who live there are like.
Below, the population of Bacup has been dissected in terms of if the population is educated, what the crime rates are like and much more. All important factors to consider before making a house purchase among the offer of the houses for sale.
The knowledge below is based on a lot of different variables relevant to the city of Bacup which impacts the profitability of making an investment here or how desirable buying a house to live in is if you want to live on a permanent basis.
What is the population of Bacup?
In total, the number of people in Bacup is 15,293. 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 Bacup, depending on where exactly you are.
How has Bacup 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 Bacup 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 Bacup?
5% 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 Bacup 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.
Is there sufficient green space in Bacup?
Providing the right amount of green space for people in the UK is a difficult subject because there are clear benefits for human health but at the same time, it is hard to make sure all areas of the UK can get enough greenery. This is a result of land being already in use in cities where most people live.
In Bacup, 17.1 is the amount of acres of outdoor space there is for every 1000 people. Charities such as ‘Fields in Trust’ recommend there to be at least 6 acres. This should allow you to conclude whether this green space is sufficient for you if you are interested in buying in Bacup.
Are the people of Bacup deprived?
Deprivation levels refer to the ability of the population of the city to earn enough to keep their lifestyle going. Nationwide, it is thought that the number of people at this level or not being able to meet the costs of living is around 33%. In comparison, the deprivation level of Bacup is 31%.
What salary does the community in Bacup take home?
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 (15%). 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 Bacup, this works out to be £35,000. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
In Bacup, what is the crime rate?
Within Bacup, the number of people committing crimes is 133 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 133 figure carefully.
What is a social grade score and how does this relate to Bacup?
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 Bacup, the percentage of people in the two highest categories, A and B is 15%. 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 £35,000. This income will generally get bigger as the percentage of people in the A and B categories go up too (15%).
On average, what is the figure for the asking price of a house for sale in Bacup?
On average, in Bacup, the asking price for a house for sale in the area is £186,869.
The below table puts this figure into perspective as you can see the various average sale prices of the different type of houses for sale in Bacup. From a 1 bedroom house up to a 5 bedroom house.
As you can imagine, as the price goes up, the size of a room also goes up and in general, the larger a house is, the more you can expect the sale price to be as well.
Table showing the asking prices for houses for sale in Bacup
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£116,769|
|Average asking price (3 bed)||£167,681|
|Average asking price (4 bed)||£329,665|
|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 Bacup 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.