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.
Other cities in different locations you can consider to buy property
If you are looking for similar places to buy a house that are just like Banff, examine this short list of cities below from outside of the region of Scotland for some inspiration.
- Ansley in Scotland
- Chadwell Heath in Scotland
- Breadsall in Scotland
- Crafthole in Scotland
- Antrobus in Scotland
If none of these suit your interest, we suggest you visit our page with all of the relevant data concerning houses for sale in the UK, allowing you to buy the right property.
What are the demographics like in the city of Banff?
Is there sufficient green space in Banff?
In the city of Banff, there are 26.7 acres of green space per 1000 residents.
The charity, ‘Fields in Trusts’ recommends a minimum of 6 acres of green space per 1000 people so it is easy to see where Banff is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
In Banff, how educated are people in general?
The number of people as a percentage who have been through university and gained a degree is no relevant data for this city. The ability to buy a home is greatly influenced by the number of people who have degrees. no relevant data for this city is the amount people in Banff are earning.
As you can tell, this figure along with the number of people who have degrees roughly correlate. For reference, the percentage of people who have degrees in the UK is 22.6% and the average household income is.
As a general rule, the bigger the difference between this 22.6% figure and the percentage of people with a degree in Banff, the bigger the difference in the ability to earn and hence buy a house. A higher number of degrees will increase the potential for people to earn and hence the buying power of the population. This will also push up the price of houses in the area.
Nonetheless, making accurate estimates for the appreciation of homes must be done with other pieces of data in mind such as the rental yields or perhaps the crime rate of the area to name some examples.
In the city of Banff, has the population grown or shrunk?
The city of Banff has a total population of 11,123. 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 Banff 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 Banff
Over time, in the last five years, the population of the city of Banff has changed by 0%. 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 0% 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 Banff?
In the last 10 years, there has been a shift in the population of 4%.
Comparing this to the 5 year figure of Banff 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.
What is a social grade score and how does this relate to Banff?
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 Banff 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 Banff, the percentage of people who work in the two highest skilled categories of this scale (A and B) is no relevant data for this city.
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 |
Is the city of Banff deprived?
Deprivation of a city is defined as the number of people who are considered to not be earning enough to sustain their lifestyle. The UK average of deprivation nationwide is 33% so comparing the figure of no relevant data for this city for Banff should give you a nice idea of the deprivation in the area.
How much do people in Banff earn?
While not always the case, the amount people earn can be associated with better schools in the area and perhaps a nicer environment to live in.
no relevant data for this city is the average household income of the area. And the higher this figure is the more likely it is that there is a higher percentage of people with a social grade score in the A or B categories which is no relevant data for this city for Banff.
Located in Aberdeenshire is the city of Banff, in a large part of the UK; Scotland. Before you look for houses for sale in this area, it is a reasonable question to ask what the people who live there are like.
Below, the population of Banff has been dissected in terms of if the population is educated, what the crime rates are like and much more. All important factors to consider before making a house purchase among the offer of the houses for sale.
The knowledge below is based on a lot of different variables relevant to the city of Banff which impacts the profitability of making an investment here or how desirable buying a house to live in is if you want to live on a permanent basis.
In Banff, what is the crime rate?
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.
In Banff, what are the rental yields?
Let’s consider that you’re not looking to buy a house for sale to live in for the long term future such as if you changed location with your family and want to settle down and you want to find somewhere to buy as an investor in Banff. If this is the case, rental yield is a crucial statistic to consider.
If looking to invest, you should also consider other data about the area. The average rental income, the turnover of the sale of the house and what the net rental yields are like for the area do also have an impact on the final price of houses for sale in Banff.
It is clear to see from the table below that there is a difference between all of these pieces of information and how they can be compared and contrasted on a county level (Aberdeenshire), a regional level (Scotland) and finally on the level of the city talked about in this article, Banff.
| 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% |
| Aberdeenshire | 6.03% | £792 | 125.40% | 81.91% |
| Scotland | 5.48% | £871 | 125.36% | 59.40% |
You may also find it useful to compare the data above to the number of properties sold per month Banff experiences. This figure for house sales per month is 12. Looking at all this information holistically is what a smart investor should do when deciding on the right area for investment before looking for houses for sale.
Are there new houses being built in Banff to make it grow?
Whenever you are thinking about looking for houses for sale in Banff, 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 | |
|---|---|---|---|
| Banff growth rate | -3% | -6% | no relevant data for this city |
As the population of Banff 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.
A house for sale that is right for you
Criterias that have an impact on the actual price of a house for sale have been listed here below. Consider them all to find the perfect houses for sale in Banff.
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Affordability – check this article from the UK government to find out (see what house for sale you can afford)
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Location – if the house for sale is in the city centre rather than further out, this may be why it is more expensive than the market average.
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Transports near the house for sale – Being able to use public transports is a huge plus for a house, especially in big cities. This will have an impact on the price as well.
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Bedrooms – the more bedrooms there are in a house for sale, the more tenants a buy to let investors will be able to host, therefore, realistically the price will also increase.
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EPC of the house for sale – today more than ever, the energy performance of properties for sale on the market should be one of the first things you check.
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Wi-Fi speed – We recommend you check the internet plans available for the areas where you are considering to buy a house for sale
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Are you a motorist? – If yes, filter out your searches and compare prices of houses for sale with parking availability. Remember, a car parking space can cost as much as £400 per month
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Conditions of the house for sale – New builds and properties that were recently built usually need little to no repairs; instead, other houses for sale may require consistent or structural maintenance. These investments that can be both expensive and laborious to complete. Before making your offer for a house for sale you should always carefully assess this criteria.
Who can help you buy a house for sale in Banff?
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
Asking price in Banff for a house for sale
The average asking price for the houses for sale in the city of 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.
When investors make offers for houses for sale in Banff, the average price asked by the homeowners works out to be £220,682.
In the table below, for all the different sizes of houses in the area, the average asking prices have been displayed. This tells you what kind of house is more or less expensive and sought after despite houses with fewer bedrooms being overall less expensive anyway.
Any house that looks like it is overpriced for the number of bedrooms it has in Banff is typically not overpriced. It is just the case that that type of housing has a higher demand, therefore, people are willing to pay more.
In general, for the city of Banff, what are the final purchase prices for the houses for sale?
As well as looking at the asking price for house for sale in Banff, a sensible homeowner or investor will also consider the final price a house sells for. This final price may be influenced by elements like the amount people are earning in the area and what opportunities for employment there are in Banff.
Houses for sale, are sold on average in Banff, after the influence of these factors, at £142,079 as a result. And may be on the rise or decline depending on a combination of variables such as the crime rate, or population growth which was 4% over the last 10 years.
| 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 |
This table above shows the average sale price for each variation of 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 |
This final table looks at the price per square foot of houses for sale. Looking at the final table, you can take a further average and conclude that the average price per square foot of houses in general in Banff is £1,270.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
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