How much does a house for sale cost in Binstead?

As a landlord, whenever you are looking at houses for sale in Isle of Wight, you could find varying prices throughout an area like Binstead. 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 Binstead 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 Binstead will be revealed. Keep reading.

What are the people like in Binstead?

In Binstead, what is the crime rate?

For the city of Binstead, crime rate is at 95. So for every 1000 people in the area, 95 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.

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

Deprivation levels refer to the ability of the population of the city to earn enough to keep their lifestyle going. Nationwide, it is thought that the number of people at this level or not being able to meet the costs of living is around 33%. In comparison, the deprivation level of Binstead is 27%.

In Binstead, how educated are people in general?

In Binstead, the proportion of people who have a degree is 23%. Generally speaking, as the number of people with degrees increases, the more people are able to afford houses to buy as a degree is a good indicator of a higher income. To put this into perspective, the average income of Binstead is £36,500.

This figure for average household income usually goes up alongside the percentage of people who have degrees.

However, this is not a hard and fast rule, there are many factors influencing the buying power of a population and hence the appreciation of housing and the number of houses for sale in the area. This can include the rental yields of the area and other demographic statistics like crime rate.

Nonetheless, it cannot be argued that those with degrees tend to live in more affluent areas as 82% of people who achieve a first in degree level education are owners of the place they live.

In the city of Binstead, has the population grown or shrunk?

The city of Binstead has a total population of 31,004. Large population sizes can be good to show there is a high demand for people to buy houses in the area but a better indication is if the population of Binstead is growing.

A small population city can also have high prices of houses for sale, because, if there is a growing population, and demand is still high, this could mean the house prices are pushed up.

Either way, a population must also be looked at in terms of the appreciation of the area as well as the rental yields and if the area really meets your needs.

The five year population change of Binstead

Over time, in the last five years, the population of the city of Binstead has changed by 2%. This figure can tell you a lot because a growing population indicates a house is likely to appreciate. Read more here

In addition, looking at the 10 year figure for population growth in the below paragraphs can give you further evidence as to what the change in population has been for a longer period of time. As a result, you’ll know if this 2% population change is something that has been there for a while or if it is a new trend. Click here to know more on the UK population trends.

What is the difference in population over the last 10 years in Binstead?

In the last 10 years, there has been a shift in the population of 3%.

Comparing this to the 5 year figure of Binstead can tell you if there is a long history of population growth or decline, if there are population fluctuations or if the trend is stable.

New industries opening up in the area, the addition of new jobs and also international and national migration might all be reasons for changes in population size. Resulting in people moving in or leaving an area.

A good example of a quick change in population was in Stratford, London in 2012. Here, there was an increase in government spending in the area because of the Olympics which resulted in massive population growth.

How much are those living in Binstead earning?

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 £36,500.

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 Binstead this figure is 18%.

The city of Binstead, situated in Isle of Wight, is a particularly impressive part of the UK because of the specific demographics of the location.

In the below headings, the city of Binstead and its demographics will be compared to its wider location (South East). 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 Binstead. So, taking a good look at the data is essential to understand the area you are considering to buy in.

Is there sufficient green space in Binstead?

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 Binstead, 13.7 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 Binstead.

In Binstead, what is the social grade score?

In the city of Binstead, the social grade score of the area is 18%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.

The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.

This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Binstead.

Always consider average rental yield when searching for houses for sale in Binstead

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 Binstead, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; South East. As well as Isle of Wight, to give a smaller scale area to compare the data to.

Assuming that in the future you want to re-sell the house you will eventually purchased in Binstead you might be interested in the number of sales per month (30) that happen in the local housing market. Comparing this figure for Binstead with the above table gives you a good understanding of the profitability of the area.

Is the housing market in Binstead growing?

Whenever you are thinking about looking for houses for sale in Binstead, 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.

As the population of Binstead 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.

Professional advice for houses for sale in Binstead

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

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 South East, the same UK region as Binstead:

• Appledore in South East
• Portsmouth in South East
• Eastchurch in South East
• Bentley in South East
• Ferring in South East

You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK

A house for sale that is right for you

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

• 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.

In general, for the city of Binstead, 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 Binstead. In Binstead, this sale price works out to be £223,710. As an example, a factor like population growth over the last 10 years which works out to be 3% in Binstead and impacts house prices of the houses for sale.

Above, the exact type of house is also shown to vary in price in a table in Binstead. 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.

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 Binstead which is £2,990. 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.

Asking price in Binstead for a house for sale

When speaking about the city of Binstead, £288,378 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 in Binstead would be after a larger house than someone living alone.

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.

Table showing the asking prices for houses for sale in Binstead

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 (£3,520) for houses for sale with this table to get a good idea as to whether Binstead is the right area to buy a house in for you.