Sometimes, working out the prices of the houses for sale can be tricky business. This is why we created this article all about the price of houses for sale in Medway, Kent.
From the average asking price of houses for sale in Medway, to the growth of the population in the area, all will be talked about regarding the city of Medway. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
What kind of demographics does the city of Medway have?
What is the population of Medway?
In total, the number of people in Medway is 49,253. 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 Medway, depending on where exactly you are.
How has Medway 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 Medway has changed by 2%. 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 2% 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 Medway?
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 Medway 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.
How much do people in Medway earn?
As earning potential goes up in a city, so does the quality of schools in the area, the general infrastructure and the social grade score (18%). All in all, the area becomes a more desirable place to live in.
This is why it is vital to pay attention to how much people are making annually in any city you plan on making a house purchase in. In Medway, this works out to be £47,200. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
Are the deprivation levels of the UK any different to Medway?
The deprivation levels of the UK can vary quite a bit. High deprivation levels signal a particular area has people who are struggling to make ends meet and pay for basic living expenses. For Medway, in particular, the deprivation levels are 23%.
This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.
Is there sufficient green space in Medway?
In the UK, there are a range of cities which have a lot of green space. In some cases, green space can get as high as 49% of outdoor land like in the city of Edinburgh. When specifically talking about Medway, the city has 6.7 per 1000 residents.
This can be compared to an average of 1.7 acres of green space per 1000 residents which is the UK’s national average. It is up to you to decide how much you’ll let the amount of green space impact your buying decision in Medway.
What’s the crime rate in Medway?
Within Medway, the number of people committing crimes is 90 per 1000 people. This figure directly relates to the safety of residents in the area which is one of the biggest factors in whether an area is considered desirable or not.
As a result, someone looking to buy a house here hoping for it to appreciate in value or buying a house here to produce rental income should check out the crime rate and compare it carefully to the UK average of 79.52 for every 1000 people to see how safe people living there will be.
If the area’s crime rate is too high, this may result in you having to pay for the renovation of burglaries or pay a premium on home insurance as insurance companies will charge you more for living in a dangerous area. So analyse this 90 figure carefully.
What is the city of Medway’s social grade score?
In the city of Medway 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 Medway has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 18%.
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 |
Located in Kent is the city of Medway, in a large part of the UK; South East. Before you look for houses for sale in this area, it is a reasonable question to ask what the people who live there are like.
Below, the population of Medway has been dissected in terms of if the population is educated, what the crime rates are like and much more. All important factors to consider before making a house purchase among the offer of the houses for sale.
The knowledge below is based on a lot of different variables relevant to the city of Medway which impacts the profitability of making an investment here or how desirable buying a house to live in is if you want to live on a permanent basis.
What is the education level like in Medway?
The number of people as a percentage who have been through university and gained a degree is 18%. The ability to buy a home is greatly influenced by the number of people who have degrees. £47,200 is the amount people in Medway 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 Medway, 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.
In Medway, what do houses for sale tend to sell for?
As well as looking at the asking price for house for sale in Medway, 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 Medway.
Houses for sale, are sold on average in Medway, after the influence of these factors, at £296,138 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) | £448,898 |
| Aerage sold price (semi-detached) | £304,750 |
| Aerage sold price (terraced) | £248,899 |
| Aerage sold price (flat) | £159,303 |
This table above shows the average sale price for each variation of houses for sale in Medway.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £3,260 |
| Aerage sold price/sqft (new build) | £3,460 |
| Aerage sold price/sqft (old stock) | £3,140 |
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 Medway is £3,390.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
Who can help you buy a house for sale in Medway?
Nowadays, there are so many properties on the real estate market that it can be difficult to decide which one is the best house for sale for you.
So, who can help you navigate the process of choosing a house for sale?
The number of professionals that offer real estate investors advice and assistance is broad and when it comes to dealing with houses for sale, the process can be complex.
Find here a list of those that can help when buying a house for sale:
- Moneylender – lends you the sum of money you need to buy the house for sale you are looking for
- Insurance agent – A firm that provides several insurances and protections for the house for sale that might become your future house
- Solicitor – A person or company that will sort out the legal work needed before buying a house for sale
- Civil engineer – Also called surveyor, he or she will provide you with an independent valuation of the house for sale you are willing to buy
- Mortgage advisor – Realistically, you will need a mortgage in order to afford to buy a house for sale. Mortgage advisors will guide you and propose the best mortgage deals based on your financial records
- EPC specialist – Especially nowadays, getting professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering buying is crucial
Are you considering 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 Medway:
- Badlesmere in South East
- Crookham in South East
- Cuxton in South East
- Bladon in South East
- Abingdon in South East
You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK
Asking price in Medway for a house for sale
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 Medway 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 £360,621.
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 Medway.
Average price of houses for sale in Medway
| Average asking price (1 bed) | £166,250 |
| Average asking price (2 bed) | £301,824 |
| Average asking price (3 bed) | £346,103 |
| Average asking price (4 bed) | £492,199 |
| Average asking price (5 bed) | £544,091 |
After looking at this table about prices of houses for sale in Medway, someone who is buying a home would have a detailed understanding of what kind of house for sale is available on the market that 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 £3,520 will help them to have a more holistic understanding.
Why you should consider the average rental yield when searching for houses for sale in Medway
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 Medway to Kent and the broader suburb of the UK; South East.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Medway | 3.4% | £1,015 | no relevant data for this city | 18.0% |
| Kent | 3.63% | £1,229 | 130.16% | 16.77% |
| South East | 3.58% | £1,301 | 127.50% | 16.69% |
Let’s assume you want to sell the house you’re looking to buy in Medway for profit in the future, in this case, looking at the data for the number of houses sold per month in Medway would give you an idea of whether the area is actively getting new investors. This figure is 30.
It is vital you be careful with this figure however as the data can suggest something that isn’t true in Medway. 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.
What is the growth in the housing market of Medway?
Before committing to Medway to make a housing investment, an investor should always ask the question, what is the growth like in the area?
So take a look below at the growth patterns of the previous years displaying the percentage of new houses being built. This will help you understand how the number of houses for sale will evolve in the future.
| 1 year | 3 years | 5 years | |
|---|---|---|---|
| Medway growth rate | 4% | 14% | 22% |
Whether housing growth actually changes the price of a house depends on if the city in question is outstripping demand with the supply of new housing. You’d have to do some more research on what rate Medway is building housing to find your answer.
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 Medway
-
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.
Recent Comments