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A guide on houses for sale in Banff

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in Scotland $ A guide on houses for sale in Banff

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Banff 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 Banff.

On top of this, keep reading for detailed information on the demographics of Banff in Aberdeenshire. This is crucial in finding houses for sale in the UK, that are worth investing in for the long term too.

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

There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Banff. In Banff, this sale price works out to be £142,079. As an example, a factor like population growth over the last 10 years which works out to be 4% in Banff and impacts house prices of the houses for sale.

Housing category Total final sale price
Average sold price (detached) £209,460
Average sold price (semi-detached) £112,459
Average sold price (terraced) £105,198
Average sold price (flat) £97,022

Above, the exact type of house is also shown to vary in price in a table in Banff. 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 £1,270
Average sold price/sqft (new build) £1,150
Average sold price/sqft (old stock) £1,270

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 Banff which is £1,270. 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.

What kind of demographics does the city of Banff have?

Are the people in Banff earning a lot?

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.

What’s the crime rate 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.

How deprived is the population of Banff?

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.

What does the population of Banff look like?

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 Banff is 11123.

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 Banff.

In Banff, how has the population changed over the last five years?

In the last five years, over time, the change in population size was 0%. 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 Banff 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 (0%) 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.

Banff population difference over 10 years?

The population has adjusted in the area of Banff by 4% 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 Banff.

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.

Is there sufficient green space in Banff?

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 27 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.

In Banff, what is the social grade score?

In the city of Banff and throughout the UK, the social grade score is assessed by observing what type of jobs people have and then grouping this into a grading system.

In general, the people at the top of the scale (the A category) have the highest paid, most skilled jobs and this is just 4% of the general UK population. On the lower end of the scale, people who are on benefits, state pensions and also manual workers all are grouped into this category that represents the most unskilled.

When trying to determine if the area of Banff has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is no relevant data for this city.

Below, you can see how this compares to the National average as the average for the top two categories nationwide is 27% (Adding together the A and B categories)

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 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.

Asking price in Banff for a house for sale

Average prices for the 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

After looking at this table about prices of houses for sale in Banff, someone who is buying a home would have a detailed understanding of what kind of house for sale is available on the market that best suits the amount of money they are looking to invest. Also, using a more general figure like the average asking price per square foot of a property which is £0 will help them to have a more holistic understanding.

Before a house gets sold, the figure it sells for always starts off as an asking price. This average asking price for the houses for sale in Banff determines the eventual sale price of the house so it isn’t the most important figure but is still important to take note of. This figure is currently £220,682.

Below, there is a table showing the asking price of the different sizes of houses based on the number of bedrooms of the houses in Banff.

A house for sale appropriate to your needs

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 – it 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. Especially if you are renting the property as this will impact your business costs. Whether that be in an excluded tenancy agreement or a more common, assured shorthold tenancy.

  • 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.

houses for sale in other cities and regions in the UK

If you are looking for a list of cities that are different to the City of Banff and in different UK region to Scotland. 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 which will allow you to pick based on where you think you want to live or invest – houses for sale in the UK.

Professional advice for houses for sale in Banff

Considering all the above data and information provided, you may want know who can help you buy a house for sale.
Lots of professionals offer property investors and first-time buyers advice and assistance in dealing with the process of acquiring a house for sale.

Below, you can find a list of professionals that come in handy when looking for houses for sale:

  • Lender – Is someone capable of lending you the money you need to complete the purchase of the house for sale
  • Insurer – Insurance companies provide building insurances and other financial products you need to protect your real estate assets
  • Conveyancer – This professional will take care of the legal work needed when looking for a house for sale
  • Surveyor – Use this professional to assess the condition of the house for sale you are willing to buy, get an independent valuation and feel more comfortable when negotiating the final price
  • Mortgage broker or adviser – Different buyers can access different mortgages to buy a house for sale. Let the mortgage broker suggest to you which one is the best given your financial situation
  • Energy professional – Nowadays is more important than ever, to get professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering as your next investment

In Banff, what are the rental yields?

Are there new houses being built in Banff to make it grow?

The growth of an area like Banff can be a great indicator of a thriving city and the influx of new people can drive demand for housing and help appreciate the value of your house after you buy it.

Paying attention to the table below tells you how the number of houses has changed over time at one year, three year and five year intervals.

1 year 3 years 5 years
Banff growth rate -3% -6% no relevant data for this city

Despite the number of houses being built rising, this may not indicate that the housing price of the houses for sale is going up. It could be the case that there are a lot of new builds in the area which are causing the supply of the houses for sale to match demand and this could cause a decline in house price as time goes on.

Make sure you do your own research specific to the city of Banff if you want to find out the exact reasons for the housing change.

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 £1
Aberdeenshire 6.03% £792.14 125.40% 81.91%
Scotland 0.05 871.42 £1 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 no relevant data for this city. 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.

Frequently Asked Questions (FAQ)

Is it possible to renovate a property in Banff?

Banff is likely to be a great place for revamping property if there is a lot of greenlit planning permission. The are no relevant data for this city each month, attaining a success rate of no relevant data for this city and a total population of 11123. You can find out if this is above or below similar areas in the UK by comparing it to a nearby place

What is the monthly count of property transactions in Banff?

In the city of Banff, there are no relevant data for this city and in the total for the UK, there are around 1.1 million property sales.

In a city like Banff, what’s the yearly fluctuation in population?

Calculating the evolution of Banff’s population requires an examination of the population transformation over a decade, amounting to 4%, and the five-year adjustment at 0%. By contrasting these values, analyse recent changes in population to attain a thorough understanding of demographic trends and perhaps also look at house for sale data nearby

What is the asking price for houses for sale in the wider region of Banff?

The average cost per square foot for a house in Banff is presently £0.

Does opting for a house for sale in Banff come with a hefty price tag?

To work out if you are looking at an expensive property, find a house for sale and compare it to the average prices sell for. In Banff this number is £142,079 and in the average for the UK is £286,500. Also, make sure you don’t miss a crucial step by following our tutorial when buying a house

Buying a Home? Find Top-Rated Estate Agents in Banff

If you’re purchasing property in Banff? The right estate agent can make all the difference in guiding you through the home buying process. We understand how stressful and time-consuming finding an agent can be so we’ve compiled a list of the highest-rated real estate agencies in the area below. Our goal is to simplify your search and take you straight to reputable agents equipped to help buy your ideal home.

Name of the Agent Email Address Address Phone Number
Stewart & Watson Phone number only 65 High Street, Banff, AB45 1AN 441261438993
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donnell-bailey

Donnell Bailey

Property expert

Donnell is a property expert focusing on the property market, he looks at a combination of legislation, information from property managers, letting agents and market trends to produce information to help landlords.

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