Sometimes, working out the prices of the houses for sale can be tricky business. This is why we created this article all about the price of houses for sale in Elphinstone, East Lothian.
From the average asking price of houses for sale in Elphinstone to the growth of the population in the area, all will be talked about regarding the city of Elphinstone. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
In Elphinstone, what is the asking price in general for a house for sale?
Table showing the asking prices for houses for sale in Elphinstone
|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)||£251,923|
|Average asking price (4 bed)||£355,283|
|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 Elphinstone is the right area to buy a house in for you.
When speaking about the city of Elphinstone, £262,974 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 Elphinstone.
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.
What kind of demographics does the city of Elphinstone have?
The city of Elphinstone, situated in East Lothian, is a particularly impressive part of the UK because of the specific demographics of the location.
In the below headings, the city of Elphinstone and its demographics will be compared to its wider location (Scotland). This includes population size, growth and population education now and into the future.
These statistics are heavily influenced by socio-economic factors and as a result this also shapes the projected house price of the houses for sale in Elphinstone. So, taking a good look at the data is essential to understand the area you are considering to buy in.
In the city of Elphinstone, has the population grown or shrunk?
In total, the number of people in Elphinstone is 14,001. This figure can be used to estimate the appreciation of the houses but it is also important you look at the population growth figure in order to make this more accurate.
Whether a large population benefits you as a landlord is dependent on what you want from a home. A large population is great if you have children who prefer the bustle of crowds in cities but there are also those who purposely want to buy somewhere rural.
You may also be able to find a balance of both where there are shops, restaurants and entertainment and also rural areas all within a short distance which may be the case ni Elphinstone, depending on where exactly you are.
How has Elphinstone changed in the past five years?
Five years provides enough time for a city to grow dramatically. It may be the case that the population grows or shrinks but the city of Elphinstone has changed by 5%. Read more here
It is also helpful to compare this data to a longer time period like 10 years like in the below subheading. If the population trend of growth or decline has been there for a longer period of time you’ll be able to tell if 5% is a recent change or not.
Click here to know more on the UK population trends.
In the last decade, what is the difference in population in Elphinstone?
9% has been the population growth change in the past 10 years.
Usually, this is more of a conservative figure compared to the five year change of a city.
Industrial changes can also be the reason for this shift but it could also be due to immigration or emigration. Bringing people in or out of the area.
The recent global pandemic has also shifted the number of people living in cities as people realise they can now work remotely. It may be that the people of a Elphinstone have seen a more desirable way of working, moving to make themselves more comfortable in their careers.
For example, the population of the South west of England has seen a massive increase in population because workers want to move there to benefit from the slightly better weather, lower house prices and also the rural area. Nonetheless, they can also benefit from travelling to the capital city of the UK, London.
Is the education level of Elphinstone important when buying a house?
Interestingly, the percentage of people who have a degree in the city of Elphinstone is no relevant data for this city. Most of the time, the more people that have a degree, the higher the average household income and the more likely someone is to be able to afford to purchase a house. For example, the average income of the citizens in the area of Elphinstone is no relevant data for this city.
Generally, areas with high numbers of people with a degree are also areas with more people likely to be home owners and therefore the value of houses and relative prices of the houses for sale are more likely to go up too.
Nonetheless, making predictions about the appreciation of a house also has to be considered alongside other factors like population growth and the rental yields of the area.
However, most of the time, being educated is a good indication of affluence with 82% of people graded a first in tertiary education going on to eventually own a house.
What is the city of Elphinstone’s social grade score?
The social grade score is a good indicator of what type of jobs people generally work in the area. Whether that be working in the primary sector, secondary sector, tertiary sector or maybe the quaternary sector of jobs.
The scale is slightly different to this though on a scale of A to E. A refers to people who are in the most skilled, managerial roles whereas E include people such as casual workers.
In Elphinstone, the percentage of people in the two highest categories, A and B is no relevant data for this city. This figure includes people who are therefore most likely to be more skilled and have higher paid jobs.
When contrasting these figures, the average household income for the area is no relevant data for this city. This income will generally get bigger as the percentage of people in the A and B categories go up too (no relevant data for this city).
How much do people in Elphinstone 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 no relevant data for this city.
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 Elphinstone this figure is no relevant data for this city.
Are the deprivation levels of the UK any different to Elphinstone?
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 Elphinstone should give you a nice idea of the deprivation in the area.
In the city of Elphinstone, 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 Elphinstone, 6.1 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 Elphinstone.
In Elphinstone, what is the crime rate?
Within Elphinstone, the number of people committing crimes is no relevant data for this city per 1000 people. This figure directly relates to the safety of residents in the area which is one of the biggest factors in whether an area is considered desirable or not.
As a result, someone looking to buy a house here hoping for it to appreciate in value or buying a house here to produce rental income should check out the crime rate and compare it carefully to the UK average of 79.52 for every 1000 people to see how safe people living there will be.
If the area’s crime rate is too high, this may result in you having to pay for the renovation of burglaries or pay a premium on home insurance as insurance companies will charge you more for living in a dangerous area. So analyse this no relevant data for this city figure carefully.
How are rental yields of the houses for sale different to the rest of the UK in Elphinstone?
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 Elphinstone, 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 East Lothian, to give a smaller scale area to compare the data to.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Elphinstone||no relevant data for this city||no relevant data for this city||no relevant data for this city||45.0%|
|East Lothian||no relevant data for this city||no relevant data for this city||no relevant data for this city||46.20%|
Assuming that in the future you want to re-sell the house you will eventually purchased in Elphinstone you might be interested in the number of sales per month (15) that happen in the local housing market. Comparing this figure for Elphinstone with the above table gives you a good understanding of the profitability of the area.
What is the growth in the housing market of Elphinstone?
Whenever you are thinking about looking for houses for sale in Elphinstone, 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|
|Elphinstone growth rate||-1%||18%||no relevant data for this city|
As the population of Elphinstone 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.
In general, for the city of Elphinstone, what are the final purchase prices for the houses for sale?
There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Elphinstone. In Elphinstone, this sale price works out to be £182,475. As an example, a factor like population growth over the last 10 years which works out to be 9% in Elphinstone and impacts house prices of the houses for sale.
|Housing category||Total final sale price|
|Average sold price (detached)||£271,405|
|Average sold price (semi-detached)||£190,070|
|Average sold price (terraced)||£149,885|
|Average sold price (flat)||£118,395|
Above, the exact type of house is also shown to vary in price in a table in Elphinstone. 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||£2,040|
|Average sold price/sqft (new build)||£1,770|
|Average sold price/sqft (old stock)||£2,040|
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 Elphinstone which is £2,040. 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.
Invest in houses for sale in Elphinstone with the right professional advice
Invest in a house for sale that meets your demands
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 Elphinstone.
Affordability – check this article from the UK government to find out (see what house for sale you can afford)
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.
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.
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.
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.
Wi-Fi speed – We recommend you check the internet plans available for the areas where you are considering to buy a house for sale
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
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.
Choosing the perfect house for sale for you might be challenging in today’s market due to the abundance of available houses.
You may wonder who can guide you through the process of selecting a house that is for sale.
There are several experts that provide guidance and support to potential buyers and the procedure can be drawn out, particularly when dealing with houses for sale.
Here is a list of who to contact to get assistance when purchasing a house for sale:
- Banks – The ones that can lend you the money you need for the house for sale
- Insurance companies – Companies that give you access to various insurances specific to the house for sale you are considering to buy
- Solicitor – The individual or business responsible for handling the legal tasks required to purchase a home that is for sale.
- Civil engineer – Provides you with an appraisal of the house up for sale that you want to purchase.
- Mortgage advisor – Professional advisors that will guide you and propose the best mortgage deals according to your finances
- EPC specialist – Getting professional advice on the energy performance of the house for sale is crucial, especially nowadays.
Other cities you can consider looking for with houses for sale
Below are a list of towns with a similar location to Elphinstone.
Reading these analysis will help you evaluate the different houses for sale currently listed in Scotland:
- Abbey-St-Bathans in Scotland
- Backmuir-Of-New-Gilston in Scotland
- Dollar in Scotland
- Ardbeg in Scotland
- Birkhill in Scotland
If you are interested in some other city or even region of the UK, please visit the following page houses for sale in the UK it contains all the data related to the houses for sale.