Looking for your next home or investment?

We partner with the best agents to help you find your dream house. We also partner with Strike to help you sell your property if you are moving out

Find your dream property:

See properties for sale

Sell your property with Strike:

Get a free valuation

Our customers trust our expertise

Greenock – What to look for in houses for sale?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in Scotland $ Greenock – What to look for in houses for sale?

We help you find the right agent

At lofti we want to simplify your life and help you buy, sell or rent your property. We have assembled all the agent in Greenock to help you find the perfect agent for you

Download the directory

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.

Why you should consider the average rental yield when searching for houses for sale in Greenock

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

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.

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 Greenock, 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 Inverclyde, to give a smaller scale area to compare the data to.

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 £1
Inverclyde no relevant data for this city no relevant data for this city no relevant data for this city 66.75%
Scotland 0.05 871.42 £1 59.40%

Assuming that in the future you want to re-sell the house you will eventually purchased in Greenock you might be interested in the number of sales per month (no relevant data for this city) that happen in the local housing market. Comparing this figure for Greenock with the above table gives you a good understanding of the profitability of the area.

Professional advice for houses for sale in Greenock

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

On average, what is the figure for the asking price of a house for sale 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

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 Greenock is the right area to buy a house in for you.

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.

Thinking of a different city and perhaps a different location?

If you are looking for a list of cities that are different to the City of Greenock 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.

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

As well as looking at the asking price for house for sale in Greenock, 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 Greenock.

Houses for sale, are sold on average in Greenock, after the influence of these factors, at £112,357 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 -6% over the last 10 years.

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

This table above shows the average sale price for each variation of houses for sale in Greenock.

Housing category Sale price per square foot
Aerage sold price/sqft £1,240
Aerage sold price/sqft (new build) £1,390
Aerage sold price/sqft (old stock) £1,210

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 Greenock is £1,240.

This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.

What kind of demographics does the city of Greenock have?

How much are those living in Greenock earning?

By and large, a higher household income in a population can have positive effects on the crime rate and the quality of space. This is due to the fact that higher earners tend to buy houses where there are better schools and more desirable amenities that impact the quality of life someone has.

In Greenock, the average income is no relevant data for this city. Measuring this figure against the average household income for the UK of price34,000 should tell you if the city is higher or lower earning.

When buying a house, use this statistic with other factors when making a decision too like the crime rate or the social grade score of no relevant data for this city to decide on what the demographics are like in the area.

In the city of Greenock, the demographics are unique and must be looked at by themself to make a conclusion about the area before buying a house. This is because the growth could be greatly different to the wider area of Inverclyde for example.

These demographics for Greenock may impact the price of a house, how this house grows over time and the profitability of a house if you are buying it for an investment so knowing the area is crucial for a landlord making a purchasing decision in the city of Greenock in Scotland.

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 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

What does the population of Greenock look like?

In total, the number of people in Greenock is 28859. 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 Greenock, depending on where exactly you are.

How has Greenock 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 Greenock has changed by -3%. 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 -3% 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 Greenock?

-6% 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 Greenock 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 Greenock important when buying a house?

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 Greenock 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 Greenock, 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.

How much green space is available to residents of Greenock?

There are cities in the UK such as Edinburgh and Bristol that have a higher percentages of green space with Edinburgh being the most at 49%. The city of Greenock currently has 22 for every 1000 residents.

Green space helps the quality of people’s mental health as well as fight against diseases like obesity. As studies have shown that the proximity of people to green spaces in the UK has a positive impact on the physical health of people in the UK and Greenock in this case.

In Greenock, what is the crime rate?

The crime rate of Greenock 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.

Finding the ideal house for sale for you

Find here below a list of criteria that we suggest you consider before looking for houses for sale in Greenock

  • affordability – the UK gov website comes in helpful when you want to understand (see what house for sale you can afford)

  • Geographic Location – the county and region across the UK you are considering to invest in are crucial factors to consider when browsing houses for sale.

  • Transport network of the house for sale – Hopefully, the pandemic stays in the past. Therefore, working from home may become less predominant than a couple of years ago. Check the commuting time of the house for sale you are considering buying.

  • Bedrooms in the house for sale – are you looking for houses for sale for yourself, for a couple or for the whole family? This condition will narrow down the number of houses for sale relevant to buy.

  • EPC of the house for sale – today more than ever, the energy performance of the properties for sale on the market should be one of the first things you check.

  • Broadband speed – having a good internet connection is crucial nowadays. Always check the available subscriptions available for the areas of the house for sale you want to purchase

  • Are you a car owner? – if yes, you will have to check for parking availability of the house for sale. Does it come with a garage included in the price?

  • Conservation areas – when browsing for houses for sale, we suggest you take a look at the National Heritage list. When a house for sale is included it means that it is not possible for the future homeowner to make changes to the property, both inside and outside.

  • 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.

FAQ

Is it possible to renovate a property in Greenock?

Greenock 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 28859. You can find out if this is above or below similar areas in the UK by comparing it to a nearby place

In Greenock, how many property sales per month are there?

In the city of Greenock, 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 Greenock, what’s the yearly fluctuation in population?

For a comprehensive analysis of Greenock’s population trends, observe the population fluctuation over a decade, indicated by -6%, and the five-year alteration represented by -3%. Perhaps also look at data from another nearby city too so you can see a comparison.

What are the asking rates for houses for sale in the surrounding area of Greenock?

The average asking price of a house in Greenock is currently £0 based on the average price per square foot.

Would acquiring a house for sale in Greenock be regarded as a high-priced option?

Calculate if a property is on the pricier side by matching a listed house for sale against the mean selling prices. In Greenock, this value is £112,357, compared to the UK’s average of £286,500.

Grab the latest property news, tailored for landlords

Viral, succinct and crucial information, straight to your inbox, every week

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.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *