Lancaster 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 Lancaster.
On top of this, keep reading for detailed information on the demographics of Lancaster 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.
What are the demographics like in the city of Lancaster?
What is the city of Lancaster’s 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 Lancaster in grades A or B which are the highest skilled roles in the country is 12%. Realistically, you can expect workers in this category to earn a higher salary too.
For comparison, £32,600 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 12%.
In the city of Lancaster, how much green space remains for residents?
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 Lancaster currently has 5.7 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 Lancaster in this case.
In Lancaster, how has the population changed?
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 Lancaster is 26,247.
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 Lancaster.
In Lancaster, how has the population changed over the last five years?
In the last five years, over time, the change in population size was 5%. 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 Lancaster 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 (5%) 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.
Lancaster population difference over 10 years?
The population has adjusted in the area of Lancaster by 8% 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 Lancaster.
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.
Are the people in Lancaster earning a lot?
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 (12%). 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 Lancaster, this works out to be £32,600. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
For the city of Lancaster, what is the education level?
In the city of Lancaster, 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 Lancaster is £32,600.
This should correspond with the average percentage of people in the UK who have degrees at 22.6%.
Are the deprivation levels of the UK any different to Lancaster?
The number of people who are deprived can have an impact on the perception of your house in the general marketplace. Additionally, if you are looking for a house to live in for the long term, you can start to picture what your neighbours and the people in your area live like financially.
If the proportion of deprivation of Lancaster is 31% and in general for the UK this figure is somewhere around 33%, you can see if this figure is something you are happy with as you search for a house to buy.
Lancaster in the county of Lancashire is notable for its specific demographics and has individual characteristics.
For localised cities and the bigger areas of the UK there are wide variations in the demographics that shape an area so the same is also true for the wider region Lancaster is located in; North West.
Below, these demographics are talked about in headings that explain how the city has grown, what the education levels are like in Lancaster, what the social grade score of the city is like and if the green space matches the recommended levels people living in the UK should have.
In general, do people commit a lot of crime in Lancaster?
For every one thousand people living in Lancaster, 167 commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.
It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.
Nonetheless, the crime rate of 167 is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.
Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.
What is the final sale price of a house in Lancaster?
There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Lancaster. In Lancaster, this sale price works out to be £151,081. As an example, a factor like population growth over the last 10 years which works out to be 8% in Lancaster and impacts house prices of the houses for sale.
|Housing category||Total final sale price|
|Average sold price (detached)||£238,241|
|Average sold price (semi-detached)||£159,057|
|Average sold price (terraced)||£112,010|
|Average sold price (flat)||£93,269|
Above, the exact type of house is also shown to vary in price in a table in Lancaster. 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||£1,720|
|Average sold price/sqft (new build)||£3,080|
|Average sold price/sqft (old stock)||£1,640|
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 Lancaster which is £2,030. 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.
In Lancaster, what is the asking price in general for a house for sale?
Average asking prices for houses for sale in Lancaster
|Average asking price (1 bed)||£79,647|
|Average asking price (2 bed)||£175,844|
|Average asking price (3 bed)||£220,301|
|Average asking price (4 bed)||£256,037|
|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 (£2,350) for houses for sale with this table to get a good idea as to whether Lancaster is the right area to buy a house in for you.
On average, in Lancaster, the asking price for a house for sale in the area is £195,903.
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 Lancaster. 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.
What’s the rental yield in general for the city of Lancaster?
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 Lancaster.
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)|
|Lancaster||3.9%||£631||no relevant data for this city||15.0%|
Also, you can compare other data to the table above such as the number of houses sold per month in Lancaster which is 26 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 Lancaster is to invest in. Both in terms of rental yield and capital appreciation.
What is the growth in the housing market of Lancaster?
Before committing to Lancaster 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|
|Lancaster growth rate||2%||22%||27%|
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 Lancaster is building housing to find your answer.
Professional advice for houses for sale in Lancaster
Invest in a house for sale that meets your demands
What parameters impact the final price of a house for sale in Lancaster?
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.
Thinking about other cities with houses for sale?
Examine this short list of cities belonging to North West, the same region where Lancaster is located.
- Ashton-Upon-Mersey in North West
- Giggleswick in North West
- Abbey-Village in North West
- Burnley in North West
- Antrobus in North West
If none of these is of your interest, we suggest you visit our landing page with all data related to the houses for sale in the UK.
Who should you talk to while going through the process of making an offer on a house for sale?
Several experts specialise in giving advice to property investors or to first time potential buyers.
Since the process of finding the right house for sale can take months, you have all the time to consult with the experts you might need.
Find here a list of those you should contact to get professional guidance and assistance when purchasing a house for sale:
- Lender – This practitioner can lend you money to finalise a house purchase
- Insurer – Insuring companies will provide you with the insurance policy you need to protect the house for sale you want to buy
- Legal representative – This professional is usually there to handle all the legal tasks associated with purchasing a home for sale.
- Surveyor – Carries out and independent valuation on the house for sale based on its conditions. It is very useful to understand the correct price before making an offer
- Mortgage specialist – Mortgage advisors works on commissions. They will get a cut from the bank and will guide you with offering the best deals given your financial situation
- Energy assessor – We strongly suggest you to invest in a professional assessment of the Energy Performance of the house for sale you want to purchase