Whenever looking for a house for sale in the UK or in Orkney, it is vital you look at the market trends and house price fluctuations in the wider area of Caithness 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 Orkney.
In this article, we will be looking at the city of Orkney in detail so you know how to navigate the area and have a better understanding on where to invest.
In general, for the city of Orkney, what are the final purchase prices for the houses for sale?
For the city of Orkney, the average price a house sells for is £101,921. This value usually depends on the exact location of the house within Orkney as well as other factors like the population growth in Orkney which is 2% over a ten-year period.
| Housing category | Total final sale price |
|---|---|
| Aerage sold price (detached) | £168,107 |
| Aerage sold price (semi-detached) | £97,038 |
| Aerage sold price (terraced) | £78,515 |
| Aerage sold price (flat) | £70,753 |
The above table puts this figure into perspective as you can see the various average sale prices of a house for the specific type of house you’re most interested in. This comparison is important because the type of house you’re considering to buy may be more or less in demand based on variations in supply and demand in the city of Orkney.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £965 |
| Aerage sold price/sqft (new build) | £860 |
| Aerage sold price/sqft (old stock) | £970 |
Generalising the bottom table, the average value per square foot of a house for sale is £965. This value averages all of the types of houses for sale in Orkney. So, if you’re not sure what type of house you want specifically, you can still get an idea of the real estate market of Orkney.
What’s the rental yield in general for the city of Orkney?
Is the housing market in Orkney 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 Orkney that shows the growth in recent years.
| 1 year | 3 years | 5 years | |
|---|---|---|---|
| Orkney growth rate | 19% | 27% | 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 Orkney is important.
You may have heard of rental yield as being important for investors who wish to make a sizable profit on their rental properties. If this sounds like you and you’re looking to invest in a house currently for sale and collect rental income in Orkney this statistic is what you were looking for.
Data should also be compared to the broader region of the UK (Scotland) alongside Caithness then looked at with other statistics like the area’s rent and the turnover of sale of the houses in question. It could be that an investor prefers to make a profit on the sale of a house rather than the rental income and optimal properties for this investment varies throughout Orkney.
This decision is made differently depending on the investor’s tolerance for risk, investing strategy, the location they’re investing in and their overall goal for buying a house currently listed for sale.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Orkney | no relevant data for this city | no relevant data for this city | no relevant data for this city | 26.0% |
| Caithness | no relevant data for this city | no relevant data for this city | no relevant data for this city | 26.00% |
| Scotland | 5.48% | £871 | 125.36% | 59.40% |
As you observe table above, it could be valuable to contrast these figures with other pieces of data relevant to the process of buying like the crime rate or the appreciation of houses for sale in Orkney.
As you can tell, the best conclusions are drawn when the buyer of a house for sale looks at all the data involved holistically and doesn’t make quick decisions based on one or two pieces of data. As an example, comparing the data with the number of property sold per month (23) will be useful.
In Orkney, what is the asking price in general for a house for sale?
In the city of Orkney, 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) | £83,267 |
| Average asking price (3 bed) | £173,594 |
| Average asking price (4 bed) | no relevant data for this city |
| 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 Orkney has a lack of supply of housing in certain categories.
When investors make offers for houses for sale in Orkney, the average price asked by the homeowners works out to be £141,273.
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 Orkney 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.
What are the demographics like in the city of Orkney?
What’s a social grade score and how does it relate to Orkney?
In the city of Orkney 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 Orkney 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 the city of Orkney, how much green space remains for residents?
Whether you view green space in Orkney as important to you as a homeowner is up to your personal preferences. Having said this, there is a clear benefit on the overall health of people who live near green space as the government has stated keeping green space in proximity to people is one of the biggest factors for combating obesity.
In Orkney, the number of acres of green space for every 1000 people currently is 16.3 which can be measured against the UK average of 1.7.
Is the city of Orkney 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 Orkney should give you a nice idea of the deprivation in the area.
The city of Orkney, situated in Caithness, is a particularly impressive part of the UK because of the specific demographics of the location.
In the below headings, the city of Orkney 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 Orkney. 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 Orkney?
For the city of Orkney, crime rate is at no relevant data for this city. So for every 1000 people in the area, no relevant data for this city commit a crime which is prosecuted. Paying close attention to this figure of crime rate is not only important for the value of a house but also to calculate the maintenance cost of owning a house and how attractive an area can be for future buyers.
So, compare it to the nationwide average of 79.52 per 1000 people and consider if you are happy with this figure based on the price you’re paying for a house you’re interested in.
On top of this, houses that are in areas where there is a high crime rate tend to have to pay higher insurance rates, costing a homeowner in the long term.
Additionally, paying for further security on a house such as CCTV or potentially gates and fences that deter thieves may be necessary for an area with a high crime rate.
Have the people of Orkney grown in numbers?
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 Orkney is 23,865.
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 Orkney.
In Orkney, how has the population changed over the last five years?
In the last five years, over time, the change in population size was 1%. 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 Orkney 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 (1%) 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.
Orkney population difference over 10 years?
The population has adjusted in the area of Orkney by 2% 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 Orkney.
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.
How much do people in Orkney 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 Orkney.
How educated are the people in Orkney?
In the city of Orkney, no relevant data for this city people have a degree from a university. The higher this proportion is, in general, the more likely it is that the population is able to buy a house.
Interestingly, as people who have degrees go up, the average income of the area goes up too. You can see if there is a correlation, the average household income in the UK is price34,000 and the average income in Orkney is no relevant data for this city.
This should correspond with the average percentage of people in the UK who have degrees at 22.6%.
Get professional help on the houses for sale in Orkney
Choose the right house for sale that suits your needs
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 Orkney.
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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 should you talk to while going through the process of making an offer on a house for sale?
Several experts specialise in giving advice to property investors or to first time potential buyers.
Since the process of finding the right house for sale can take months, you have all the time to consult with the experts you might need.
Find here a list of those you should contact to get professional guidance and assistance when purchasing a house for sale:
- Lender – This practitioner can lend you money to finalise a house purchase
- Insurer – Insuring companies will provide you with the insurance policy you need to protect the house for sale you want to buy
- Legal representative – This professional is usually there to handle all the legal tasks associated with purchasing a home for sale.
- Surveyor – Carries out and independent valuation on the house for sale based on its conditions. It is very useful to understand the correct price before making an offer
- Mortgage specialist – Mortgage advisors works on commissions. They will get a cut from the bank and will guide you with offering the best deals given your financial situation
- Energy assessor – We strongly suggest you to invest in a professional assessment of the Energy Performance of the house for sale you want to purchase
Other cities you can consider looking for with houses for sale
You can assess the various houses for sale offered in the area by consulting this list of cities in Scotland, the same UK region as Orkney:
- Auldhouse in Scotland
- Airth in Scotland
- Paisley in Scotland
- Milngavie in Scotland
- Bathgate in Scotland
You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK
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