A guide on houses for sale in Bank Hey

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in the North West $ A guide on houses for sale in Bank Hey

Bank Hey 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 Bank Hey.

On top of this, keep reading for detailed information on the demographics of Bank Hey in Lancashire. 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 general, what do houses for sale sell for in Bank Hey?

As well as looking at the asking price for house for sale in Bank Hey, 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 Bank Hey.

Houses for sale, are sold on average in Bank Hey, after the influence of these factors, at £130,054 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 2% over the last 10 years.

Housing category Total final sale price
Aerage sold price (detached) £230,860
Aerage sold price (semi-detached) £143,278
Aerage sold price (terraced) £90,431
Aerage sold price (flat) £79,029

This table above shows the average sale price for each variation of houses for sale in Bank Hey.

Housing category Sale price per square foot
Aerage sold price/sqft £1,410
Aerage sold price/sqft (new build) £1,950
Aerage sold price/sqft (old stock) £1,320

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 Bank Hey is £1,410.

This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.

In Bank Hey, what is the asking price in general for a house for sale?

Average asking prices for houses for sale in Bank Hey

Average asking price (1 bed) no relevant data for this city
Average asking price (2 bed) £120,056
Average asking price (3 bed) £164,962
Average asking price (4 bed) £284,188
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 Bank Hey has a lack of supply of housing in certain categories.

On average, in Bank Hey, the asking price for a house for sale in the area is £162,417.

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 Bank Hey. 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.

Why you should consider the average rental yield when searching for houses for sale in Bank Hey

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 Bank Hey.

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)
Bank Hey 4.9% £658 78% 24.0%
Lancashire 4.25% £691 100.27% 17.49%
North West 4.36% £808 120.36% 20.19%

Also, you can compare other data to the table above such as the number of houses sold per month in Bank Hey which is 36 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 Bank Hey is to invest in. Both in terms of rental yield and capital appreciation.

Is the housing market in Bank Hey growing?

The growth of an area like Bank Hey can be a great indicator of a thriving city and the influx of new people can drive demand for housing and help appreciate the value of your house after you buy it.

Paying attention to the table below tells you how the number of houses has changed over time at one year, three year and five year intervals.

1 year 3 years 5 years
Bank Hey growth rate -6% 13% 18%

Despite the number of houses being built rising, this may not indicate that the housing price of the houses for sale is going up. It could be the case that there are a lot of new builds in the area which are causing the supply of the houses for sale to match demand and this could cause a decline in house price as time goes on.

Make sure you do your own research specific to the city of Bank Hey if you want to find out the exact reasons for the housing change.

What kind of demographics does the city of Bank Hey have?

Is there sufficient green space in Bank Hey?

In the city of Bank Hey, there are 10.7 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 Bank Hey is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.

Are the deprivation levels of the UK any different to Bank Hey?

Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Bank Hey, currently, 33% 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.

Located in Lancashire is the city of Bank Hey, 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 Bank Hey 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 Bank Hey 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.

In Bank Hey, how educated are people in general?

In the city of Bank Hey, 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 Bank Hey is £34,100.

This should correspond with the average percentage of people in the UK who have degrees at 22.6%.

How much are those living in Bank Hey earning?

By and large, a higher household income in a population can have positive effects on the crime rate and the quality of space. This is due to the fact that higher earners tend to buy houses where there are better schools and more desirable amenities that impact the quality of life someone has.

In Bank Hey, the average income is £34,100. Measuring this figure against the average household income for the UK of price34,000 should tell you if the city is higher or lower earning.

When buying a house, use this statistic with other factors when making a decision too like the crime rate or the social grade score of 14% to decide on what the demographics are like in the area.

In Bank Hey, what is the crime rate?

Within Bank Hey, the number of people committing crimes is 129 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 129 figure carefully.

In Bank Hey, what is the social grade score?

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 Bank Hey in grades A or B which are the highest skilled roles in the country is 14%. Realistically, you can expect workers in this category to earn a higher salary too.

For comparison, £34,100 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 14%.

What does the population of Bank Hey look like?

In total, the number of people in Bank Hey is 66,802. 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 Bank Hey, depending on where exactly you are.

How has Bank Hey 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 Bank Hey has changed by 2%. 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 2% 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 Bank Hey?

2% 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 Bank Hey 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.

Professional advice for houses for sale in Bank Hey

A house for sale that is right for you

When browsing houses for sale in Bank Hey 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.

Thinking about other cities with houses for sale?

Below are a list of towns with a similar location to Bank Hey.
Reading these analysis will help you evaluate the different houses for sale currently listed in North West:

If you are interested in some other city or even region of the UK, please visit the following page houses for sale in the UK it contains all the data related to the houses for sale.

Choosing the perfect house for sale for you might be challenging in today’s market due to the abundance of available houses.
You may wonder who can guide you through the process of selecting a house that is for sale.
There are several experts that provide guidance and support to potential buyers and the procedure can be drawn out, particularly when dealing with houses for sale.

Here is a list of who to contact to get assistance when purchasing a house for sale:

  • Banks – The ones that can lend you the money you need for the house for sale
  • Insurance companies – Companies that give you access to various insurances specific to the house for sale you are considering to buy
  • Solicitor – The individual or business responsible for handling the legal tasks required to purchase a home that is for sale.
  • Civil engineer – Provides you with an appraisal of the house up for sale that you want to purchase.
  • Mortgage advisor – Professional advisors that will guide you and propose the best mortgage deals according to your finances
  • EPC specialist – Getting professional advice on the energy performance of the house for sale is crucial, especially nowadays.