Whenever looking for a house for sale in the UK or in Banff, it is vital you look at the market trends and house price fluctuations in the wider area of Aberdeenshire too. House prices of houses for sale can change even among different streets very close to each other so, as a landlord, it would be a good idea to be familiar with the area of Banff.
In this article, we will be looking at the city of Banff in detail so you know how to navigate the area and have a better understanding on where to invest.
What is the asking price on average of houses for sale in Banff?
When speaking about the city of Banff, £220,682 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 Banff.
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.
Table showing the asking prices for houses for sale in Banff
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||no relevant data for this city|
|Average asking price (3 bed)||no relevant data for this city|
|Average asking price (4 bed)||no relevant data for this city|
|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 Banff is the right area to buy a house in for you.
In general, what do houses for sale sell for in Banff?
In Banff, the average sale price of a house for sale is in fact £142,079. This is dependent on the 10 year population growth of Banff being 4%. Growing populations are more likely to inflate the prices of houses for sale in the city of Banff.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£209,460|
|Aerage sold price (semi-detached)||£112,459|
|Aerage sold price (terraced)||£105,198|
|Aerage sold price (flat)||£97,022|
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 Banff.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£1,270|
|Aerage sold price/sqft (new build)||£1,150|
|Aerage sold price/sqft (old stock)||£1,270|
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 £1,270. This means if you are just looking out the houses sold in Banff in general and didn’t take into consideration the type of build. For example, a new build.
In Banff, what are the rental yields?
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 Banff, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; Scotland. As well as Aberdeenshire, to give a smaller scale area to compare the data to.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Banff||no relevant data for this city||no relevant data for this city||no relevant data for this city||51.0%|
Assuming that in the future you want to re-sell the house you will eventually purchased in Banff you might be interested in the number of sales per month (12) that happen in the local housing market. Comparing this figure for Banff with the above table gives you a good understanding of the profitability of the area.
In Banff, how has the number of houses changed?
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 Banff at 1 year, 3 year and 5 year intervals:
|1 year||3 years||5 years|
|Banff growth rate||-3%||-6%||no relevant data for this city|
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 Banff 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 Banff.
What are the people like in Banff?
In the city of Banff, has the population grown or shrunk?
Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Banff if 11,123 and in the below heading how this population has changed will be broken down.
Like most data to do with houses, all data has to be considered holistically with multiple variables to determine if the population growth actually impacts the statistics that matter to you as a landlord in Banff such as rental yield or house appreciation.
How has the population size of Banff adjusted in the last 5 years?
In the previous five years there has been a change in the number of people of Banff by 0%. Analysing this figure is a great way to tell if there is new demand for housing or not as a decreasing figure reduces the number of people who want to buy houses. Read more here
To compare this figure over a greater period of time, you could look at the figure for the 1 year population too and compare them. This way you can see if the population has changed recently or if this 0% change has historically occurred before. Click here to know more on the UK population trends.
Over the last 10 years, how has the population size adjusted in Banff?
In the last decade, the population of Banff has been adjusted by 4%. This growth may be as a result of factors like new industries employing people or emigration and immigration balancing out to create this population change.
A precedent that shows population change in this way over decades is the region of Greater London. The capital city has grown by 27% in the past 20 years. Population growth has caused house prices to go up to price523,666 on average.
In general, do people commit a lot of crime in Banff?
The crime rate of Banff 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 no relevant data for this city, 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 (no relevant data for this city) is both useful and is recommended to be compared to the average.
Are the people of Banff deprived?
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 Banff is no relevant data for this city.
Banff in the county of Aberdeenshire 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 Banff is located in; Scotland.
Below, these demographics are talked about in headings that explain how the city has grown, what the education levels are like in Banff, 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’s a social grade score and how does it relate to Banff?
In the city of Banff, the social grade score of the area is no relevant data for this city. 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 Banff.
|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|
In the city of Banff, how much green space remains for residents?
In the UK, there are a range of cities which have a lot of green space. In some cases, green space can get as high as 49% of outdoor land like in the city of Edinburgh. When specifically talking about Banff, the city has 26.7 per 1000 residents.
This can be compared to an average of 1.7 acres of green space per 1000 residents which is the UK’s national average. It is up to you to decide how much you’ll let the amount of green space impact your buying decision in Banff.
How much are those living in Banff 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 (no relevant data for this city). 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 Banff, this works out to be no relevant data for this city. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
What is the education level like in Banff?
In the city of Banff, no relevant data for this city 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 Banff is no relevant data for this city. 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.
Who can help you buy a house for sale in Banff?
Finding the ideal house for sale for you
When browsing houses for sale in Banff 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.
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
houses for sale in other cities in the UK
We have prepared a list of cities in Scotland, the same UK region of Banff that can help you evaluate the different houses for sale listed in the region:
- Comrie in Scotland
- Badenscoth in Scotland
- Berryhillock in Scotland
- Ardallie in Scotland
- Balfron in Scotland
Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.