As a landlord, whenever you are looking at houses for sale in Isle of Wight, you could find varying prices throughout an area like Cranmore. 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 Cranmore 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 Cranmore will be revealed. Keep reading.
What kind of demographics does the city of Cranmore have?
In Cranmore, what are the deprivation levels like?
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 21% for Cranmore should give you a nice idea of the deprivation in the area.
How much green space is available to residents of Cranmore?
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 Cranmore currently has 28.9 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 Cranmore in this case.
How much do people in Cranmore 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.
£36,700 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 27% for Cranmore.
In general, do people commit a lot of crime in Cranmore?
The crime rate of Cranmore 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 46, 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 (46) is both useful and is recommended to be compared to the average.
For the city of Cranmore, what is the education level?
The number of people as a percentage who have been through university and gained a degree is 28%. The ability to buy a home is greatly influenced by the number of people who have degrees. £36,700 is the amount people in Cranmore 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 Cranmore, 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.
What is the city of Cranmore’s social grade score?
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 Cranmore, the percentage of people in the two highest categories, A and B is 27%. 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 £36,700. This income will generally get bigger as the percentage of people in the A and B categories go up too (27%).
In the city of Cranmore, 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 Isle of Wight for example.
These demographics for Cranmore 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 Cranmore in South East.
In Cranmore, how has the population changed?
The city of Cranmore has a total population of 2,183. 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 Cranmore 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 Cranmore
Over time, in the last five years, the population of the city of Cranmore 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 Cranmore?
In the last 10 years, there has been a shift in the population of 3%.
Comparing this to the 5 year figure of Cranmore 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.
What is the asking price on average of houses for sale in Cranmore?
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 Cranmore 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 £525,378.
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 Cranmore.
Average price of houses for sale in Cranmore
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||no relevant data for this city|
|Average asking price (3 bed)||£473,746|
|Average asking price (4 bed)||no relevant data for this city|
|Average asking price (5 bed)||no relevant data for this city|
After looking at this table about prices of houses for sale in Cranmore, someone who is buying a home would be able to know in great detail what kind of house for sale available on the market best suits the amount of money they are looking to invest. Also, using a more general figure like the average asking price per square foot of a property which is £0 will help them to have a more wholistic understanding.
In general, for the city of Cranmore, what are the final purchase prices for the houses for sale?
In Cranmore, houses for sale are sold at an average of £378,866. In general, multiple factors impact this figure because lots of variables impact properties valuation. This can include the quality of the buildings in general, whether the population has grown, if there is demand for housing or if there is a low crime rate which would make the area more desirable.
In the table below, you can see for yourself how the average price of a house for sale looks based on the different sizes of housing in Cranmore. The exact amount of variation between the types of housing depends on the local demand for particular types of houses in the area.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£467,627|
|Aerage sold price (semi-detached)||£289,439|
|Aerage sold price (terraced)||£297,093|
|Aerage sold price (flat)||£189,033|
As you can see above, for Cranmore, price varies based on the type of house that is being sold. If these prices shock you it could be due to population change in the last 10 years of 3% where lots of movement may inflate or deflate house prices.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£3,220|
|Aerage sold price/sqft (new build)||£3,030|
|Aerage sold price/sqft (old stock)||£3,090|
Looking at the second table about Cranmore, you are able to tell which type of housing is most affordable to you as a buyer. However, for a general overview of what house price is, the average price per square foot for a house in Cranmore is £3,220.
Always consider average rental yield when searching for houses for sale in Cranmore
What is the growth in the housing market of Cranmore?
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 Cranmore that shows the growth in recent years.
|1 year||3 years||5 years|
|Cranmore growth rate||9%||12%||26%|
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 Cranmore 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 Cranmore to Isle of Wight and the broader suburb of the UK; South East.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Cranmore||no relevant data for this city||no relevant data for this city||no relevant data for this city||13.0%|
|Isle of Wight||3.34%||£898||140.00%||14.33%|
Let’s assume you want to sell the house you’re looking to buy in Cranmore for profit in the future, in this case, looking at the data for the number of houses sold per month in Cranmore would give you an idea of whether the area is actively getting new investors. This figure is 3.
It is vital you be careful with this figure however as the data can suggest something that isn’t true in Cranmore. 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.
Advice from experts on properties for sale in Cranmore
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.
A house for sale appropriate to 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 Cranmore.
Affordability – check this article from the UK government to find out (see what house for sale you can afford)
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.
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.
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.
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.
Wi-Fi speed – We recommend you check the internet plans available for the areas where you are considering to buy a house for sale
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
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.
Thinking about other cities 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 Cranmore:
- Bramshill in South East
- Queenborough in South East
- Cliffs-End in South East
- Badshot-Lea in South East
- Bishopstoke in South East
You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK