Whenever looking for a house for sale in the UK or in Exeter, it is vital you look at the market trends and house price fluctuations in the wider area of Devon too. House prices of houses for sale can change even among different streets very close to each other so, as a landlord, it would be a good idea to be familiar with the area of Exeter.
In this article, we will be looking at the city of Exeter in detail so you know how to navigate the area and have a better understanding on where to invest.
What kind of demographics does the city of Exeter have?
How much do people in Exeter 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 (17%). 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 Exeter, this works out to be £38,300. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
How much green space is available to residents of Exeter?
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 Exeter, the city has 14.3 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 Exeter.
Is the education level of Exeter important when buying a house?
Interestingly, the percentage of people who have a degree in the city of Exeter is 24%. Most of the time, the more people that have a degree, the higher the average household income and the more likely someone is to be able to afford to purchase a house. For example, the average income of the citizens in the area of Exeter is £38,300.
Generally, areas with high numbers of people with a degree are also areas with more people likely to be home owners and therefore the value of houses and relative prices of the houses for sale are more likely to go up too.
Nonetheless, making predictions about the appreciation of a house also has to be considered alongside other factors like population growth and the rental yields of the area.
However, most of the time, being educated is a good indication of affluence with 82% of people graded a first in tertiary education going on to eventually own a house.
Is the city of Exeter deprived?
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 24% for Exeter should give you a nice idea of the deprivation in the area.
In Exeter, what is the crime rate?
Within Exeter, the number of people committing crimes is 54 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 54 figure carefully.
What is a social grade score and how does this relate to Exeter?
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 Exeter in grades A or B which are the highest skilled roles in the country is 17%. Realistically, you can expect workers in this category to earn a higher salary too.
For comparison, £38,300 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 17%.
In the city of Exeter, 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 Devon for example.
These demographics for Exeter 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 Exeter in South West.
What is the population of Exeter?
Population growth in Exeter 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 Exeter, 45,664 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 Exeter 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 Exeter, this change has been 6%. 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 6%. Click here to know more on the UK population trends.
Over the last decade, how has the population differed in Exeter?
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 10% in Exeter.
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.
What’s the rental yield in general for the city of Exeter?
Are there new houses being built in Exeter to make it grow?
Before making an investment and move forward with buying a house for sale, another important set of data an investor should analyse is the growth trends of the area in question.
Below are the forecasted growth rates for the city of Exeter at 1 year, 3 year and 5 year intervals:
| 1 year | 3 years | 5 years | |
|---|---|---|---|
| Exeter growth rate | 5% | 16% | 23% |
Examine this figure carefully as the addition of a lot of new houses to meet demand could mean that house price of the houses for sale in Exeter gradually reduces with an increase in the housing supply. This could be a good indicator to understand if your house will appreciate or not. Too many houses and too much supply could drive down the prices of homes or stagnate them. So be sure to check out what is exactly happening in Exeter.
The figure of rental yield is commonly looked at by investors who wish to increase their income by investing in areas where rental yields of the houses for sale are higher. Usually, the higher the rental yield, the more attractive a house for sale is for an investor.
Nonetheless, there are also instances where an investor will go with a house with lower yields in order to benefit from the appreciation of a house too which is why it’s vital to look in to all the details of Exeter.
The data below shows the rental yield, rent turnover and the percentage of the money made on the sale of a house. The data is broken down into the county city is in (Devon) as well as the broader region; South West.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Exeter | 3.5% | £1,059 | no relevant data for this city | 22.0% |
| Devon | 3.48% | £949 | 131.12% | 16.20% |
| South West | 3.57% | £1,079 | 132.66% | 17.35% |
Also, you can compare other data to the table above such as the number of houses sold per month in Exeter which is 48 and get a better understanding of the housing market.
This is great if you want to gauge if investors are actively looking for houses for sale in the area over other areas in the UK which may be an induction of how profitable Exeter is to invest in. Both in terms of rental yield and capital appreciation.
In Exeter, what is the asking price in general 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 Exeter 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 £329,824.
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 Exeter.
In the city of Exeter, what is the average asking price for the houses for sale?
| Average asking price (1 bed) | £165,660 |
| Average asking price (2 bed) | £257,685 |
| Average asking price (3 bed) | £326,118 |
| Average asking price (4 bed) | £532,324 |
| Average asking price (5 bed) | £715,769 |
Reading the table above should therefore give you a good idea of the type of house for sale that is within your budget in Exeter 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 £1,735 should also give you an overview of what the asking price for houses for sale are in general.
In Exeter, what do houses for sale tend to sell for?
In Exeter, the average sale price of a house for sale is in fact £252,184. This is dependent on the 10 year population growth of Exeter being 10%. Growing populations are more likely to inflate the prices of houses for sale in the city of Exeter.
| Housing category | Total final sale price |
|---|---|
| Aerage sold price (detached) | £327,815 |
| Aerage sold price (semi-detached) | £240,015 |
| Aerage sold price (terraced) | £205,126 |
| Aerage sold price (flat) | £149,971 |
The list below is able to inform you of what these prices are. Giving you an accurate estimate of whether a landlord is likely to accept your offer based on the prices of the houses for sale in Exeter.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £2,670 |
| Aerage sold price/sqft (new build) | £2,665 |
| Aerage sold price/sqft (old stock) | £2,575 |
Evidently, certain types of houses for sale will have different types of demand and this will be reflected on the final price.
On average, the cost of a house for sale per square foot works out to be £2,775. This means if you are just looking out the houses sold in Exeter in general and didn’t take into consideration the type of build. For example, a new build.
Professional advice for houses for sale in Exeter
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 Exeter
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affordability – the UK gov website comes in helpful when you want to understand (see what house for sale you can afford)
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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.
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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.
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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.
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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.
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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
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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?
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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.
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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
Are you considering other cities with houses for sale?
Examine this short list of cities belonging to South West, the same region where Exeter is located.
- Down-Thomas in South West
- Alswear in South West
- Devonport in South West
- Axbridge in South West
- Bradford-Leigh in South West
If none of these is of your interest, we suggest you visit our landing page with all data related to the houses for sale in the UK.
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