Chester 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 Chester.
On top of this, keep reading for detailed information on the demographics of Chester in Merseyside. 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.
What are the demographics like in the city of Chester?
In the city of Chester, the demographics are unique and must be looked at by themself to make a conclusion about the area before buying a house. This is because the growth could be greatly different to the wider area of Merseyside for example.
These demographics for Chester may impact the price of a house, how this house grows over time and the profitability of a house if you are buying it for an investment so knowing the area is crucial for a landlord making a purchasing decision in the city of Chester in North West.
In Chester, what are the deprivation levels like?
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 Chester, in particular, the deprivation levels are 21%.
This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.
In Chester, what is the crime rate?
The crime rate of Chester 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 74, 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 (74) is both useful and is recommended to be compared to the average.
What is the population of Chester?
The city of Chester has a total population of 80,254. Large population sizes can be good to show there is a high demand for people to buy houses in the area but a better indication is if the population of Chester is growing.
A small population city can also have high prices of houses for sale, because, if there is a growing population, and demand is still high, this could mean the house prices are pushed up.
Either way, a population must also be looked at in terms of the appreciation of the area as well as the rental yields and if the area really meets your needs.
The five year population change of Chester
Over time, in the last five years, the population of the city of Chester has changed by 2%. This figure can tell you a lot because a growing population indicates a house is likely to appreciate. Read more here
In addition, looking at the 10 year figure for population growth in the below paragraphs can give you further evidence as to what the change in population has been for a longer period of time. As a result, you’ll know if this 2% population change is something that has been there for a while or if it is a new trend. Click here to know more on the UK population trends.
What is the difference in population over the last 10 years in Chester?
In the last 10 years, there has been a shift in the population of 3%.
Comparing this to the 5 year figure of Chester can tell you if there is a long history of population growth or decline, if there are population fluctuations or if the trend is stable.
New industries opening up in the area, the addition of new jobs and also international and national migration might all be reasons for changes in population size. Resulting in people moving in or leaving an area.
A good example of a quick change in population was in Stratford, London in 2012. Here, there was an increase in government spending in the area because of the Olympics which resulted in massive population growth.
In Chester, what is the social grade score?
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 Chester, the percentage of people in the two highest categories, A and B is 25%. 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 £43,533. This income will generally get bigger as the percentage of people in the A and B categories go up too (25%).
Is the education level of Chester important when buying a house?
In Chester, the proportion of people who have a degree is 31%. Generally speaking, as the number of people with degrees increases, the more people are able to afford houses to buy as a degree is a good indicator of a higher income. To put this into perspective, the average income of Chester is £43,533.
This figure for average household income usually goes up alongside the percentage of people who have degrees.
However, this is not a hard and fast rule, there are many factors influencing the buying power of a population and hence the appreciation of housing and the number of houses for sale in the area. This can include the rental yields of the area and other demographic statistics like crime rate.
Nonetheless, it cannot be argued that those with degrees tend to live in more affluent areas as 82% of people who achieve a first in degree level education are owners of the place they live.
How much are those living in Chester earning?
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 (25%). 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 Chester, this works out to be £43,533. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
Do the people of Chester get to enjoy green space?
Whether you view green space in Chester 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 Chester, the number of acres of green space for every 1000 people currently is 16.2 which can be measured against the UK average of 1.7.
In Chester, what is the asking price in general for a house for sale?
When speaking about the city of Chester, £288,545 is the asking price for a house for sale.
We have compiled a table of data so you can know the asking prices of the specific size of home you’re most interested in. As you can imagine, a family looking to move out with children would be after a larger house than someone living alone in Chester.
The data is in fact very different compared to the number of rooms you’re interested in having in your home and the asking price also tends to go up in staggering amounts as you add rooms.
In the city of Chester, 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) | £215,171 |
| Average asking price (3 bed) | £266,019 |
| Average asking price (4 bed) | £432,834 |
| Average asking price (5 bed) | no relevant data for this city |
Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£783) for houses for sale with this table to get a good idea as to whether Chester is the right area to buy a house in for you.
Why you should consider the average rental yield when searching for houses for sale in Chester
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 Chester, 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 Merseyside, to give a smaller scale area to compare the data to.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Chester | 3.8% | £809 | 140% | 22.7% |
| Merseyside | 4.76% | £735 | 120.31% | 21.51% |
| 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 Chester you might be interested in the number of sales per month (69) that happen in the local housing market. Comparing this figure for Chester with the above table gives you a good understanding of the profitability of the area.
In Chester, how has the number of houses changed?
Before committing to Chester to make a housing investment, an investor should always ask the question, what is the growth like in the area?
So take a look below at the growth patterns of the previous years displaying the percentage of new houses being built. This will help you understand how the number of houses for sale will evolve in the future.
| 1 year | 3 years | 5 years | |
|---|---|---|---|
| Chester growth rate | 5% | 16% | 31% |
Whether housing growth actually changes the price of a house depends on if the city in question is outstripping demand with the supply of new housing. You’d have to do some more research on what rate Chester is building housing to find your answer.
In general, what do houses for sale sell for in Chester?
For the city of Chester, the average price a house sells for is £224,309. This value usually depends on the exact location of the house within Chester as well as other factors like the population growth in Chester which is 3% over a ten-year period.
| Housing category | Total final sale price |
|---|---|
| Aerage sold price (detached) | £309,787 |
| Aerage sold price (semi-detached) | £189,896 |
| Aerage sold price (terraced) | £162,978 |
| Aerage sold price (flat) | £114,780 |
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 Chester.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £2,260 |
| Aerage sold price/sqft (new build) | £2,337 |
| Aerage sold price/sqft (old stock) | £2,153 |
Generalising the bottom table, the average value per square foot of a house for sale is £2,333. This value averages all of the types of houses for sale in Chester. 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 Chester.
Who can help you buy a house for sale in Chester?
Invest in a house for sale that meets your demands
What parameters impact the final price of a house for sale in Chester?
Here below is our list with the most important ones:
-
House for sale affordability – check out the (see house affordability guide)
on the UK gov website to know more
-
House Location – the actual location of a house for sale drastically changes the final price of a property
-
Transports you can reach by foot – Commuting is part of our lives, especially in big cities, check it out before buying a house for sale.
-
Number of bedrooms – Usually, the bigger the house for sale the more bedrooms it will have. For example, if you are a single person (or a couple) one bedroom will do.
-
Energy Performance Certificate of the house for sale – Bad EPCs can result in thousands of pounds more in bills you will have to pay on an annual basis. Consider this when purchasing a new property.
-
Internet connection – Having a quick internet connection is fundamental nowadays. Check the area of the house for sale to understand what the average internet speed is and see if it fits your needs
-
Do you drive to the office? – If yes, ask about parking. Is it included in the house price?
-
Special areas – Start by taking a look at the National Heritage list by the UK government. If a house listed for sale appears in the list, the future landlord won’t be able to invest in changes to the real estate asset.
-
Houses for sale Conditions – When looking for houses for sale you should always consider the amount of time and money you will have to invest to complete the needed repairs, if any at all.
Other cities you can consider looking for with houses for sale
See here below a list of cities in the same UK region of Chester which is North West. You might want to consider these as alternatives for your next real estate investment:
- Becconsall in North West
- Bardsley in North West
- Duddon-Bridge in North West
- Stretford in North West
- Fleetwood in North West
Or, visit our dedicated page on the houses for sale data for the whole of the UK – houses for sale in the UK.
Nowadays, there are so many properties on the real estate market that it can be difficult to decide which one is the best house for sale for you.
So, who can help you navigate the process of choosing a house for sale?
The number of professionals that offer real estate investors advice and assistance is broad and when it comes to dealing with houses for sale, the process can be complex.
Find here a list of those that can help when buying a house for sale:
- Moneylender – lends you the sum of money you need to buy the house for sale you are looking for
- Insurance agent – A firm that provides several insurances and protections for the house for sale that might become your future house
- Solicitor – A person or company that will sort out the legal work needed before buying a house for sale
- Civil engineer – Also called surveyor, he or she will provide you with an independent valuation of the house for sale you are willing to buy
- Mortgage advisor – Realistically, you will need a mortgage in order to afford to buy a house for sale. Mortgage advisors will guide you and propose the best mortgage deals based on your financial records
- EPC specialist – Especially nowadays, getting professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering buying is crucial
Recent Comments