fbpx

Banwell – What to look for in houses for sale?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in the South West $ Banwell – What to look for in houses for sale?

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

In Banwell, what do houses for sale tend to sell for?

In Banwell, houses for sale are sold at an average of £237,811. 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 Banwell. 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) £308,468
Aerage sold price (semi-detached) £224,046
Aerage sold price (terraced) £202,695
Aerage sold price (flat) £147,163

As you can see above, for Banwell, 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 6% where lots of movement may inflate or deflate house prices.

Housing category Sale price per square foot
Aerage sold price/sqft £2,610
Aerage sold price/sqft (new build) £2,630
Aerage sold price/sqft (old stock) £2,490

Looking at the second table about Banwell, 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 Banwell is £2,610.

What is the asking price on average of houses for sale in Banwell?

On average, in Banwell, the asking price for a house for sale in the area is £325,166.

The below table puts this figure into perspective as you can see the various average sale prices of the different type of houses for sale in Banwell. From a 1 bedroom house up to a 5 bedroom house.

As you can imagine, as the price goes up, the size of a room also goes up and in general, the larger a house is, the more you can expect the sale price to be as well.

Average price of houses for sale in Banwell

Average asking price (1 bed) no relevant data for this city
Average asking price (2 bed) £231,026
Average asking price (3 bed) £312,906
Average asking price (4 bed) £406,662
Average asking price (5 bed) £605,995

After looking at this table about prices of houses for sale in Banwell, 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.

How are rental yields of the houses for sale different to the rest of the UK in Banwell?

In Banwell, how has the number of houses changed?

The growth of an area like Banwell 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
Banwell growth rate 3% 16% 18%

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 Banwell if you want to find out the exact reasons for the housing change.

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 Banwell to Somerset and the broader suburb of the UK; South West.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Banwell 3.6% £957 no relevant data for this city 15.0%
Somerset 3.77% £1,175 138.81% 20.04%
South West 3.57% £1,079 132.66% 17.35%

Let’s assume you want to sell the house you’re looking to buy in Banwell for profit in the future, in this case, looking at the data for the number of houses sold per month in Banwell would give you an idea of whether the area is actively getting new investors. This figure is 22.

It is vital you be careful with this figure however as the data can suggest something that isn’t true in Banwell. 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.

Are there any important statistics about the population of Banwell?

Have the people of Banwell grown in numbers?

The city of Banwell has a total population of 19,035. 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 Banwell 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 Banwell

Over time, in the last five years, the population of the city of Banwell has changed by 3%. 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 3% 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 Banwell?

In the last 10 years, there has been a shift in the population of 6%.

Comparing this to the 5 year figure of Banwell 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 green space is available to residents of Banwell?

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 Banwell, the city has 8.2 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 Banwell.

In Banwell, how educated are people in general?

In the city of Banwell, 21% 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 Banwell is £42,400. 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.

In Banwell, what is the social grade score?

The social grade of a city is useful when searching for a house for sale because it tells you what kind of jobs people have in the area. For example, there could be a lot of skilled manual workers or there could be a lot of pensioners and people on benefits.

The scale goes from a social grade of an A who are high managerial, administrative or professional workers to an E where people in this category are on state pensions, casual workers or unemployed on state benefits.

The number of people in Banwell in grades A or B which are the highest skilled roles in the country is 19%. Realistically, you can expect workers in this category to earn a higher salary too.

For comparison, £42,400 is the average household income of the area. You can see how this figure is congruent with the number of people in the top two categories of the social grade at 19%.

How much do people in Banwell earn?

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 £42,400.

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 Banwell this figure is 19%.

Is the city of Banwell deprived?

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 Banwell is 22% 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.

In Banwell, what is the crime rate?

For every one thousand people living in Banwell, 72 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 72 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.

Banwell in the county of Somerset is notable for its specific demographics and has individual characteristics.

For localised cities and the bigger areas of the UK there are wide variations in the demographics that shape an area so the same is also true for the wider region Banwell is located in; South West.

Below, these demographics are talked about in headings that explain how the city has grown, what the education levels are like in Banwell, what the social grade score of the city is like and if the green space matches the recommended levels people living in the UK should have.

Professional advice for houses for sale in Banwell

A house for sale that is right for you

When browsing houses for sale in Banwell 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 – 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

  • 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.

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

Below are a list of towns with a similar location to Banwell.
Reading these analysis will help you evaluate the different houses for sale currently listed in South West:

If you are interested in some other city or even region of the UK, please visit the following page houses for sale in the UK it contains all the data related to the houses for sale.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *