What is it like buying a house in Bingley?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in the North West $ What is it like buying a house in Bingley?

Bingley 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 West Yorkshire.
Before looking for a house for sale in the city of Bingley 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 Bingley.

On average, what is the figure for the asking price of a house for sale in Bingley?

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 Bingley is £258,002.

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 Bingley is useful when negotiating and knowing what to expect for every type of house for sale.

Average asking prices for houses for sale in Bingley

Average asking price (1 bed) no relevant data for this city
Average asking price (2 bed) £158,594
Average asking price (3 bed) £251,524
Average asking price (4 bed) £415,898
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 Bingley 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.

What is the final sale price of a house in Bingley?

For the city of Bingley, the average price a house sells for is £195,071. This value usually depends on the exact location of the house within Bingley as well as other factors like the population growth in Bingley which is 5% over a ten-year period.

Housing category Total final sale price
Aerage sold price (detached) £348,049
Aerage sold price (semi-detached) £193,858
Aerage sold price (terraced) £159,819
Aerage sold price (flat) £113,992

The above table puts this figure into perspective as you can see the various average sale prices of a house for the specific type of house you’re most interested in. This comparison is important because the type of house you’re considering to buy may be more or less in demand based on variations in supply and demand in the city of Bingley.

Housing category Sale price per square foot
Aerage sold price/sqft £2,070
Aerage sold price/sqft (new build) £2,390
Aerage sold price/sqft (old stock) £1,990

Generalising the bottom table, the average value per square foot of a house for sale is £2,070. This value averages all of the types of houses for sale in Bingley. So, if you’re not sure what type of house you want specifically, you can still get an idea of the real estate market of Bingley.

Always consider average rental yield when searching for houses for sale in Bingley

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 Bingley, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; North West. As well as West Yorkshire, to give a smaller scale area to compare the data to.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Bingley 3.2% £698 no relevant data for this city 24.0%
West Yorkshire 4.55% £778 125.25% 21.88%
North West 4.36% £808 120.36% 20.19%

Assuming that in the future you want to re-sell the house you will eventually purchased in Bingley you might be interested in the number of sales per month (26) that happen in the local housing market. Comparing this figure for Bingley with the above table gives you a good understanding of the profitability of the area.

Are there new houses being built in Bingley to make it grow?

The growth of an area like Bingley 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
Bingley growth rate -3% 10% 12%

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 Bingley if you want to find out the exact reasons for the housing change.

What are the demographics like in the city of Bingley?

What’s the crime rate in Bingley?

For the city of Bingley, crime rate is at 85. So for every 1000 people in the area, 85 commit a crime which is prosecuted. Paying close attention to this figure of crime rate is not only important for the value of a house but also to calculate the maintenance cost of owning a house and how attractive an area can be for future buyers.

So, compare it to the nationwide average of 79.52 per 1000 people and consider if you are happy with this figure based on the price you’re paying for a house you’re interested in.

On top of this, houses that are in areas where there is a high crime rate tend to have to pay higher insurance rates, costing a homeowner in the long term.

Additionally, paying for further security on a house such as CCTV or potentially gates and fences that deter thieves may be necessary for an area with a high crime rate.

Do the people of Bingley get to enjoy green space?

Whether you view green space in Bingley 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 Bingley, the number of acres of green space for every 1000 people currently is 23.3 which can be measured against the UK average of 1.7.

In the city of Bingley, has the population grown or shrunk?

Population growth in Bingley 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 Bingley, 25,301 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 Bingley 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 Bingley, this change has been 2%. 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 2%. Click here to know more on the UK population trends.

Over the last decade, how has the population differed in Bingley?

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 5% in Bingley.

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.

What is the city of Bingley’s social grade score?

In the city of Bingley and throughout the UK, the social grade score is assessed by observing what type of jobs people have and then grouping this into a grading system.

In general, the people at the top of the scale (the A category) have the highest paid, most skilled jobs and this is just 4% of the general UK population. On the lower end of the scale, people who are on benefits, state pensions and also manual workers all are grouped into this category that represents the most unskilled.

When trying to determine if the area of Bingley has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 29%.

Below, you can see how this compares to the National average as the average for the top two categories nationwide is 27% (Adding together the A and B categories)

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

Bingley within West Yorkshire is notable for the type of people that live there. The statistics below show how this is the case.

As you read on, Bingley will be looked at by comparing it to the local region, as well as comparing it to the wider region too (North West). 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 Bingley.

How much do people in Bingley earn?

You may be wondering what the amount people earn has to do with house price. Well, house prices generally go up as people earn more not just because they can afford more valuable properties but also because good areas generally attract more desirable infrastructure. For reference, the average household income is £44,200.

This may be better schools, doctors and areas with lower crime rates. This results in a snowball effect which polarises different areas further, increasing the demand for housing in richer areas by a greater amount. And increasing the proportion of people with high social grade scores. For Bingley this figure is 29%.

Are the deprivation levels of the UK any different to Bingley?

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 Bingley is 24%.

For the city of Bingley, what is the education level?

In the city of Bingley, 31% 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 Bingley is £44,200. 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.