How much will you pay for a house for sale in Lumb?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in the North West $ How much will you pay for a house for sale in Lumb?

Lumb 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 Lumb 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 Lumb.

In general, what do houses for sale sell for in Lumb?

In Lumb, the average sale price of a house for sale is in fact £165,892. This is dependent on the 10 year population growth of Lumb being 4%. Growing populations are more likely to inflate the prices of houses for sale in the city of Lumb.

Housing category Total final sale price
Aerage sold price (detached) £354,046
Aerage sold price (semi-detached) £195,153
Aerage sold price (terraced) £128,807
Aerage sold price (flat) £112,845

The list below is able to inform you of what these prices are. Giving you an accurate estimate of whether a landlord is likely to accept your offer based on the prices of the houses for sale in Lumb.

Housing category Sale price per square foot
Aerage sold price/sqft £1,750
Aerage sold price/sqft (new build) £1,970
Aerage sold price/sqft (old stock) £1,670

Evidently, certain types of houses for sale will have different types of demand and this will be reflected on the final price.

On average, the cost of a house for sale per square foot works out to be £1,750. This means if you are just looking out the houses sold in Lumb in general and didn’t take into consideration the type of build. For example, a new build.

What kind of demographics does the city of Lumb have?

In the city of Lumb, how much green space remains for residents?

Providing the right amount of green space for people in the UK is a difficult subject because there are clear benefits for human health but at the same time, it is hard to make sure all areas of the UK can get enough greenery. This is a result of land being already in use in cities where most people live.

In Lumb, 7.6 is the amount of acres of outdoor space there is for every 1000 people. Charities such as ‘Fields in Trust’ recommend there to be at least 6 acres. This should allow you to conclude whether this green space is sufficient for you if you are interested in buying in Lumb.

What is a social grade score and how does this relate to Lumb?

Most of the time, the social grade score of a city is what it takes to determine what the economic levels are like as this score refers to what type of jobs the people of the area generally work as. So, from highly skilled, managerial roles, to the manual labour workers of the UK, how does Lumb compare?

At the highest end of the scale (A) jobs that are managerial administrative or professional are all lumped into this category. On the other hand, there is the lowest grade (E) where workers who are on benefits, state pensions or work casual jobs fall into.

In Lumb, the percentage of people who work in the two highest skilled categories of this scale (A and B) is 24%.

So you can compare this data, here is the estimated grouping of the social grades of the UK for the general population. Adding the two highest categories of A and B and comparing this percentage to the high social grade score which combines A and B should give you a good comparison.

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

How much do people in Lumb 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 £40,500.

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 Lumb this figure is 24%.

How educated are the people in Lumb?

In the city of Lumb, 27% 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 Lumb is £40,500.

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

In Lumb, what is the crime rate?

The crime rate of Lumb 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 108, 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 (108) is both useful and is recommended to be compared to the average.

In Lumb, how has the population changed?

The city of Lumb has a total population of 18,673. 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 Lumb 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 Lumb

Over time, in the last five years, the population of the city of Lumb 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 Lumb?

In the last 10 years, there has been a shift in the population of 4%.

Comparing this to the 5 year figure of Lumb 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.

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

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 Lumb, in particular, the deprivation levels are 24%.

This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.

Lumb in the county of West Yorkshire 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 Lumb 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 Lumb, 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.

What is the asking price on average of houses for sale in Lumb?

On average, in Lumb, the asking price for a house for sale in the area is £196,270.

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 Lumb. 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.

In the city of Lumb, 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) £145,402
Average asking price (3 bed) £193,889
Average asking price (4 bed) £372,059
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 (£0) for houses for sale with this table to get a good idea as to whether Lumb is the right area to buy a house in for you.

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

If you’re buying a house for investment rather than for the reason to live in the house over time and use the house as a place to stay in the long term, there is a need to look at the rental yield figure to see if the house for sale you are considering to buy is a good investment or not.

This figure is usually looked at by investors as well as the rental income of the area, the sale turnover and the rent turnover.

The table below represents this data and compares Lumb to West Yorkshire and the broader suburb of the UK; North West.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Lumb 4.0% £662 no relevant data for this city 23.0%
West Yorkshire 4.55% £778 125.25% 21.88%
North West 4.36% £808 120.36% 20.19%

Let’s assume you want to sell the house you’re looking to buy in Lumb for profit in the future, in this case, looking at the data for the number of houses sold per month in Lumb would give you an idea of whether the area is actively getting new investors. This figure is 16.

It is vital you be careful with this figure however as the data can suggest something that isn’t true in Lumb. To give an example, a lot of people buying new houses could also indicate there are a lot of new first time buyers in the area which would in fact drive down the rental yield.

The more people there are interested in renting, rather than buying, the more likely that area of the UK has high rental yields and hence investors like these areas to invest in to create a large amount of cash flow.

What is the growth in the housing market of Lumb?

Whenever you are thinking about looking for houses for sale in Lumb, think about how the city is growing and how this may impact the overall growth of the area.

Comparing the growth at different time periods would be a great way to assess whether the growth has slowed down, remained the same or perhaps stagnated over the years.

1 year 3 years 5 years
Lumb growth rate -13% -2% -3%

As the population of Lumb grows, this may also push up the price of the houses for sale. More people would be looking to buy homes and permanently live in the area. This demand helps a home appreciate. However, this isn’t always true because some cities build a lot of houses too to match the supply.

Who can help you buy a house for sale in Lumb?

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

Choose the right house for sale that suits your needs

Find here below a list of criteria that we suggest you consider before looking for houses for sale in Lumb

  • affordability – the UK gov website comes in helpful when you want to understand (see what house for sale you can afford)

  • Geographic Location – the county and region across the UK you are considering to invest in are crucial factors to consider when browsing houses for sale.

  • Transport network of the house for sale – Hopefully, the pandemic stays in the past. Therefore, working from home may become less predominant than a couple of years ago. Check the commuting time of the house for sale you are considering buying.

  • Bedrooms in the house for sale – are you looking for houses for sale for yourself, for a couple or for the whole family? This condition will narrow down the number of houses for sale relevant to buy.

  • EPC of the house for sale – today more than ever, the energy performance of the properties for sale on the market should be one of the first things you check.

  • Broadband speed – having a good internet connection is crucial nowadays. Always check the available subscriptions available for the areas of the house for sale you want to purchase

  • Are you a car owner? – if yes, you will have to check for parking availability of the house for sale. Does it come with a garage included in the price?

  • Conservation areas – when browsing for houses for sale, we suggest you take a look at the National Heritage list. When a house for sale is included it means that it is not possible for the future homeowner to make changes to the property, both inside and outside.

  • 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?

See here below a list of cities in the same UK region of Lumb which is North West. You might want to consider these as alternatives for your next real estate investment:

Or, visit our dedicated page on the houses for sale data for the whole of the UK – houses for sale in the UK.