Banks might be an interesting area to invest in when looking for a house for sale in the UK as it is a unique area in the county of Lancashire.
Before looking for a house for sale in the city of Banks we strongly suggest landlords and real estate investors to research in detail and consider all involved factors. Indeed, house prices can change quite a bit depending on the square foot of the property, the number of rooms, the economic climate, the location of the house and more.
In this data heavy article the reader will be able to find out more on the topic and see the specific data to consider when evaluating different houses for sale in Banks.
In Banks, what is the asking price in general 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 Banks 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 £233,711.
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 Banks.
The average asking price for the houses for sale in the city of Banks
|Average asking price (1 bed)||£89,634|
|Average asking price (2 bed)||£168,814|
|Average asking price (3 bed)||£206,929|
|Average asking price (4 bed)||£401,214|
|Average asking price (5 bed)||no relevant data for this city|
The tables should give you a generic view of what the prices of the houses for sale are like. To close things off in terms of the house asking price, the average asking price for the house for sale in the whole of Banks is £1,005. This should show you the general prices overall and for individual types of houses too.
What kind of demographics does the city of Banks have?
Is the crime rate bad in the city of Banks?
The crime rate of Banks must be looked at sceptically. The reason for this is that the crime rate can vary within a city greatly and the type of crime committed can also vary too.
For example, the area has a crime rate of 75, but another city may have a higher crime rate but not be deemed as dangerous due to lower level crime or minor offences being committed.
Either way, high crime rates are never a good sign so consider the rate against the UK average of 79.52 for every 1000 people as a benchmark.
Lower rates could mean things like home insurance is cheaper and you have to install fewer security measures throughout your house. Saving you money in the long run. So the statistic of crime rate (75) is both useful and is recommended to be compared to the average.
What is the population of Banks?
In the UK in general and specifically in the region in question, large population sizes can be good indications that there are a lot of people in the area looking for houses for sale which can drive up demand and therefore impact the cost. You should also check to see if the population is growing in the area too to show an increasing demand, this is even better. Currently, the total population of Banks is 53,043.
Sometimes, smaller populations can have higher buyer demand than large populations on the other hand. This is because the price of houses and hence the demand for houses is based on a variety of variables.
The most important variable is the location of the houses for sale in the city of Banks.
In Banks, how has the population changed over the last five years?
In the last five years, over time, the change in population size was 1%. Looking at this figure can inform you of the buyer demand for the houses for sale in the area. Read more here
This may mean that the city has now started to slow down in terms of population growth or it may mean the city is also building a lot of houses which would indicate the supply of houses for sale will be matching the demand.
Making predictions about the future growth of Banks is hence important in making a decision if capital appreciation of your real estate investment is something you’re after as a landlord.
Comparing this figure for the 5 year growth (1%) as well as the ten year growth in the subheading below should allow you to make some accurate forecasts on the growth rate. Click here to know more on the UK population trends.
Banks population difference over 10 years?
The population has adjusted in the area of Banks by 2% in the most recent decade. This change is even more useful when compared alongside the figure for the five year growth of the area too.
This will tell you if the population is changing at the moment or if change is more recent. Through this a landlord can accurately look at the fluctuations in population size of the area over time and therefore better understand the trend of the houses for sale in Banks.
To make an example, the town of Salford which is a part of Manchester has seen a 10% increase in population. house price has therefore followed.
In the city of Banks, is there a lot of green space?
There are cities in the UK such as Edinburgh and Bristol that have a higher percentages of green space with Edinburgh being the most at 49%. The city of Banks currently has 65.3 for every 1000 residents.
Green space helps the quality of people’s mental health as well as fight against diseases like obesity. As studies have shown that the proximity of people to green spaces in the UK has a positive impact on the physical health of people in the UK and Banks in this case.
In Banks, how educated are people in general?
In the city of Banks, 28% 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 Banks is £37,250. 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.
Are the people of Banks deprived?
The deprivation levels of the UK can vary quite a bit. High deprivation levels signal a particular area has people who are struggling to make ends meet and pay for basic living expenses. For Banks, in particular, the deprivation levels are 23%.
This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.
Located in Lancashire is the city of Banks, 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 Banks 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 Banks 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 a social grade score and how does this relate to Banks?
In the city of Banks, the social grade score of the area is 22%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.
The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.
This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Banks.
|Social Score||Category||The proportion of the UK population (%)|
|A||Professional, managerial or administrative||4|
|B||Intermediate managerial or professional jobs||23|
|C1||Supervisory, junior managerial or professional jobs||29|
|C2||Skilled manual workers||21|
|D||Semi and unskilled manual workers||15|
|E||State pensioners, casual & lowest grade workers||8|
Are the people in Banks earning a lot?
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.
£37,250 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 22% for Banks.
In Banks, what are the rental yields?
What is the growth in the housing market of Banks?
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 Banks at 1 year, 3 year and 5 year intervals:
|1 year||3 years||5 years|
|Banks growth rate||-11%||2%||6%|
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 Banks 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 Banks.
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 Banks. 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 Banks.
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 (Lancashire), a regional level (North West) and finally on the level of the city talked about in this article, Banks.
|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 Banks experiences. This figure for house sales per month is 51. 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.
In general, for the city of Banks, what are the final purchase prices for the houses for sale?
There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Banks. In Banks, this sale price works out to be £188,412. As an example, a factor like population growth over the last 10 years which works out to be 2% in Banks and impacts house prices of the houses for sale.
|Housing category||Total final sale price|
|Average sold price (detached)||£284,428|
|Average sold price (semi-detached)||£165,268|
|Average sold price (terraced)||£131,412|
|Average sold price (flat)||£96,259|
Above, the exact type of house is also shown to vary in price in a table in Banks. You may think that the bigger the house is the more expensive, but actually, this table is more based on the demand for the properties in each category.
|Housing category||Sale price per square foot|
|Average sold price/sqft||£1,735|
|Average sold price/sqft (new build)||£2,060|
|Average sold price/sqft (old stock)||£1,680|
In addition, here is the price per square foot. By taking this data and doing an average, it is also possible to work out the average square foot of houses in Banks which is £1,795. From here you can get a sense of the price of the overall housing market and therefore, also find out the prices of the houses for sale.
Get professional help on the houses for sale in Banks
In today’s market with an abundance of homes available for sale, choosing the best house for sale can be challenging.
With several houses for sale to choose from, who will guide you through the process of choosing?
We have listed here below several experts and companies able to advise and support potential buyers.
The process of finding and investing in a house for sale can be lengthy and time-consuming, this is why we suggest you consult with the following professionals:
- Banks – Lend you the cash
- Insurance companies – Insure your new real estate investment
- Conveyancer – handles all the legal labour that is needed to proceed in buying a house for sale.
- Surveyor – Carries out an independent and complete property valuation of the house for sale
- Mortgage advisor – If you are thinking to get a mortgage to get the finances needed to afford to buy a house for sale, a mortgage advisor is the person you should be looking for
- EPC person – Always get a quote on the Energy Performance Certificate of the houses for sale listed in a certain city
A house for sale appropriate to your needs
When browsing houses for sale in Banks 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.
Are you considering other cities with houses for sale?
You can assess the various houses for sale offered in the area by consulting this list of cities in North West, the same UK region as Banks:
- Blackley in North West
- Audlem in North West
- Little-Bollington in North West
- Earlestown in North West
- Huddersfield in North West
You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK