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What is it like buying a house in Greenock?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in Scotland $ What is it like buying a house in Greenock?

Whenever looking for a house for sale in the UK or in Greenock, it is vital you look at the market trends and house price fluctuations in the wider area of Inverclyde 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 Greenock.

In this article, we will be looking at the city of Greenock in detail so you know how to navigate the area and have a better understanding on where to invest.

What is the final sale price of a house in Greenock?

There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Greenock. In Greenock, this sale price works out to be £112,357. As an example, a factor like population growth over the last 10 years which works out to be -6% in Greenock and impacts house prices of the houses for sale.

Housing category Total final sale price
Average sold price (detached) £236,490
Average sold price (semi-detached) £121,039
Average sold price (terraced) £90,447
Average sold price (flat) £97,528

Above, the exact type of house is also shown to vary in price in a table in Greenock. 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 £1,240
Average sold price/sqft (new build) £1,390
Average sold price/sqft (old stock) £1,210

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 Greenock which is £1,240. 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.

Are there any important statistics about the population of Greenock?

In Greenock, how educated are people in general?

Interestingly, the percentage of people who have a degree in the city of Greenock 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 Greenock 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.

In the city of Greenock, 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 Greenock, the city has 21.6 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 Greenock.

What is the population of Greenock?

Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Greenock if 28,859 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 Greenock such as rental yield or house appreciation.

How has the population size of Greenock adjusted in the last 5 years?

In the previous five years there has been a change in the number of people of Greenock by -3%. 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 -3% 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 Greenock?

In the last decade, the population of Greenock has been adjusted by -6%. 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.

What is the city of Greenock’s social grade score?

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 Greenock 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 Greenock, 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

The city of Greenock, situated in Inverclyde, is a particularly impressive part of the UK because of the specific demographics of the location.

In the below headings, the city of Greenock 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 Greenock. So, taking a good look at the data is essential to understand the area you are considering to buy in.

What’s crime like in Greenock?

For every one thousand people living in Greenock, no relevant data for this city commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.

It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.

Nonetheless, the crime rate of no relevant data for this city is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.

Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.

Are the people in Greenock earning a lot?

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 Greenock this figure is no relevant data for this city.

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

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 Greenock should give you a nice idea of the deprivation in the area.

What are the asking prices for the houses for sale in the city of Greenock?

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 Greenock 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 £131,805.

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 Greenock.

In the city of Greenock, 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) £93,645
Average asking price (3 bed) £157,444
Average asking price (4 bed) £272,727
Average asking price (5 bed) no relevant data for this city

The above table is perfect for understanding the distribution of properties in the area as well as looking at this data alongside the average asking price per square foot of £0. Telling you what type of house is most in demand relative to the price of the area.

This could be due to more people looking at particular types of houses for sale over others or even due to the fact that Greenock has a lack of supply of housing in certain categories.

What’s the rental yield in general for the city of Greenock?

Is the housing market in Greenock growing?

Growth in the area can be a good signal of a booming house market. However, too much growth could also have negative consequences on the capital appreciation of a house as time goes on.

Take a look at the table below for Greenock that shows the growth in recent years.

1 year 3 years 5 years
Greenock growth rate 8% 1% no relevant data for this city

High growth rates can signal an appreciating housing market, nonetheless, if there are too many houses being built, this could reduce demand for housing as the supply of houses for sale starts to catch up with the demand. Leading to stagnation or a decline in house pricing so understanding the growth in Greenock is important.

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 Greenock to Inverclyde and the broader suburb of the UK; Scotland.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Greenock no relevant data for this city no relevant data for this city no relevant data for this city 58.0%
Inverclyde no relevant data for this city no relevant data for this city no relevant data for this city 66.75%
Scotland 5.48% £871 125.36% 59.40%

Let’s assume you want to sell the house you’re looking to buy in Greenock for profit in the future, in this case, looking at the data for the number of houses sold per month in Greenock would give you an idea of whether the area is actively getting new investors. This figure is 33.

It is vital you be careful with this figure however as the data can suggest something that isn’t true in Greenock. 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.

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

A house for sale appropriate to your needs

When browsing houses for sale in Greenock 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.

Thinking about other cities with houses for sale?

Below are a list of towns with a similar location to Greenock.
Reading these analysis will help you evaluate the different houses for sale currently listed 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.

Nowadays, there are so many properties on the real estate market that it can be difficult to decide which one is the best house for sale for you.
So, who can help you navigate the process of choosing a house for sale?
The number of professionals that offer real estate investors advice and assistance is broad and when it comes to dealing with houses for sale, the process can be complex.

Find here a list of those that can help when buying a house for sale:

  • Moneylender – lends you the sum of money you need to buy the house for sale you are looking for
  • Insurance agent – A firm that provides several insurances and protections for the house for sale that might become your future house
  • Solicitor – A person or company that will sort out the legal work needed before buying a house for sale
  • Civil engineer – Also called surveyor, he or she will provide you with an independent valuation of the house for sale you are willing to buy
  • Mortgage advisor – Realistically, you will need a mortgage in order to afford to buy a house for sale. Mortgage advisors will guide you and propose the best mortgage deals based on your financial records
  • EPC specialist – Especially nowadays, getting professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering buying is crucial

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