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How much does a house for sale cost in Orkney?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in Scotland $ How much does a house for sale cost in Orkney?

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As a landlord, whenever you are looking at houses for sale in Caithness, you could find varying prices throughout an area like Orkney. In this article, this data will be simplified so you can find all of the data on one, convenient page.

So, from the rental yield of Orkney to the success you may expect to get when submitting planning permission. Everything you need to know about house for sale in the UK and in Orkney will be revealed. Keep reading.

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

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 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.
Bear in mind that if you are a landlord looking to buy a property to rent, you will also run into other expenses like letting agent fees and the cost of listing your property for sale on Rightmove in your city.

In Orkney, what is the asking price in general for a house for sale?

The average asking price for the houses for sale in the city of Orkney

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

Reading the table above should therefore give you a good idea of the type of house for sale that is within your budget in Orkney and if you may need to look at a different area in order to buy the type of house you can afford.

Also, noting the £0 should also give you an overview of what the asking price for houses for sale are in general.

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 Orkney 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 £141,273.

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 Orkney.

A house for sale that is right for you

When browsing houses for sale in Orkney 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.

Get professional help on the houses for sale in Orkney

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.

What are the demographics like in the city of Orkney?

Are the people in Orkney 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 Orkney.

What does the population of Orkney look like?

Population growth in Orkney is important to know if there is housing demand and the total population may also be looked at as large populations commonly have a lot of buyer demand.

In Orkney, 23865 people live in the city as their main place of residence.

It is important to note that it is not the case that everyone likes a large population to live in. People who tend to prefer a more relaxed life are more likely to buy or rent somewhere to live that has a small population and perhaps also wouldn’t mind if the population isn’t growing.

Other people also like to have a mix of both. Where they can visit rural areas and also benefit from the amenities of a busy city.

In Orkney in the previous five years, have population numbers transformed?

Five years may seem like a long time but it is rare for a city to grow that much unless there is dramatic population growth. In Orkney, this change has been 1%. Read more here

Someone who wishes to find out how this change has occurred over a longer period of time may also wish to read the headings below and see if the change has continued throughout the past decade too. Or if the change is only true for the more recent figure for five years of 1%. Click here to know more on the UK population trends.

Over the last decade, how has the population differed in Orkney?

Populations change all the time but if there is a clear change in population in the last ten years this is even more reliable data about the population of the area as opposed to five. This adjustment in population works out to be 2% in Orkney.

What this statistic is like in comparison to the population change in five years should provide you with a comprehensive understanding of what direction the population is heading in.

In recent years because of the pandemic, it is common to see dramatic differences in the population change in the last five years when comparing it to ten as people realise they can work from home but still keep the current jobs they have.

This means they can move to cities they wouldn’t have considered otherwise and be location-independent of their source of income. Perhaps making a longer commute into the office every week for example.

Is the education level of Orkney important when buying a house?

In the city of Orkney, no relevant data for this city of people have degrees. In general, as the number of people who are highly educated goes up, the more likely they are to have the ability to buy houses as their annual household income goes up too.

So you can see for yourself, the average income for the people of Orkney is no relevant data for this city. This generally goes up with the education level of the area. Additionally, looking at the difference between the proportion of people with degrees and the UK average for this statistic (22.6%) should give you an idea of the affluence and education of the city.

A higher education level can therefore tell you if the house prices are likely to be high as the higher income level often results in people buying a bigger, more valuable house.

Having said this, whale education level can be a good factor to go by, there are also things like the rental yields, the population growth and social grades scores that can impact the value of a house and whether it will go up in value as time goes on.

Do the people of Orkney get to enjoy green space?

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 Orkney, 16 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 Orkney.

What is a social grade score and how does this relate to Orkney?

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 Orkney, 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).

Is the crime rate bad in the city of Orkney?

For every one thousand people living in Orkney, 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.

How deprived is the population of Orkney?

The number of people who are deprived can have an impact on the perception of your house in the general marketplace. Additionally, if you are looking for a house to live in for the long term, you can start to picture what your neighbours and the people in your area live like financially.

If the proportion of deprivation of Orkney is no relevant data for this city and in general for the UK this figure is somewhere around 33%, you can see if this figure is something you are happy with as you search for a house to buy.

Orkney within Caithness is notable for the type of people that live there. The statistics below show how this is the case.

As you read on, Orkney will be looked at by comparing it to the local region, as well as comparing it to the wider region too (Scotland). From what the population of the city is to how it’s growing as well as factors like the overall crime rate.

This data is impacted by the history of the area and what kind of industry there is around. All of which also impact house prices which is crucial for you to understand as you look at houses for sale in Orkney.

House for sale in a different UK region

If you are looking for similar places to buy a house that are just like Orkney, examine this short list of cities below from outside of the region of Scotland for some inspiration.

If none of these suit your interest, we suggest you visit our page with all of the relevant data concerning houses for sale in the UK, allowing you to buy the right property.

Or, consider buying a leasehold property instead which may be cheaper. However, you will also have to learn what will happen when a leasehold expires so you know how to deal with this side of the law.

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

Are there more or fewer houses being built in Orkney?

The growth of an area like Orkney 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
Orkney growth rate 19% 27% 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 Orkney if you want to find out the exact reasons for the housing change.

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 Orkney, 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 Caithness, to give a smaller scale area to compare the data to.

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 £0
Caithness no relevant data for this city no relevant data for this city no relevant data for this city 26.00%
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 Orkney 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 Orkney with the above table gives you a good understanding of the profitability of the area.

Frequently Asked Questions (FAQ)

Is it possible to renovate a property in Orkney?

Properties in the city of Orkney may have the potential for renovation if there are a lot of planning permission approvals based on the area. There are no relevant data for this city approvals every month with an approval of no relevant data for this city based on a population of 23865. Compare other places in the UK to make this figure make more sense.

What’s the number of property sales each month in Orkney?

no relevant data for this city property transactions are reported in Orkney each month, alongside a broader picture of approximately 1.1 million property sales across the UK.

What’s the year-over-year population change in Orkney or similar cities?

To assess the shifts in Orkney’s population over time, analyse how the population has altered. Look at the ten year change of population of 2%, alongside the five-year change of 1%.

prices for houses on sale in the broader vicinity of Orkney?

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

Is purchasing a house in Orkney considered a costly decision?

To assess the affordability of a property, locate a house for sale and contrast it with the mean selling prices. In Orkney, the value is £101,921, whereas the UK’s mean is £286,500

Who are the best estate agents in the city of Orkney?

Looking to pruchase a home to live in or for an investment? Discover agents in the city of Orkney below who are ready to help you navigate the home buying journey. From viewing listings to making offers, rely on an knowledgeable professional tailored to your neighborhood and preferences to eliminate the headache of searching:

Name of the Agent Email Address Address Phone Number
Georgesons Phone number only 22 Bridge Street, Wick, KW1 4NG 441955601109
Pollard Property & Mortgages Ltd Phone number only 2 Princes Street, Thurso, Caithness, KW14 7BQ 441847935001
Young Robertson and Co nan 29 Traill Street, Thurso, KW14 8EG 441847867036
Yvonne Fitzgerald Properties Phone number only 7 Swanson Street, Thurso, KW14 8AP 441847307016
nan nan nan nan

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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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