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 Merriott, Somerset.
From the average asking price of houses for sale in Merriott to the growth of the population in the area, all will be talked about regarding the city of Merriott. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
In general, what do houses for sale sell for in Merriott?
For the city of Merriott, the average price a house sells for is £255,713. This value usually depends on the exact location of the house within Merriott as well as other factors like the population growth in Merriott which is 5% over a ten-year period.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£344,228|
|Aerage sold price (semi-detached)||£240,274|
|Aerage sold price (terraced)||£231,602|
|Aerage sold price (flat)||no relevant data for this city|
The above table puts this figure into perspective as you can see the various average sale prices of a house for the specific type of house you’re most interested in. This comparison is important because the type of house you’re considering to buy may be more or less in demand based on variations in supply and demand in the city of Merriott.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£2,510|
|Aerage sold price/sqft (new build)||£2,310|
|Aerage sold price/sqft (old stock)||£2,490|
Generalising the bottom table, the average value per square foot of a house for sale is £2,510. This value averages all of the types of houses for sale in Merriott. So, if you’re not sure what type of house you want specifically, you can still get an idea of the real estate market of Merriott.
What kind of demographics does the city of Merriott have?
In the city of Merriott, 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 Somerset for example.
These demographics for Merriott 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 Merriott in South West.
What is the education level like in Merriott?
In the city of Merriott, 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 Merriott is £41,300. 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.
What is the city of Merriott’s social grade score?
In the city of Merriott 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 Merriott has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 24%.
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|
How much are those living in Merriott earning?
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 (24%). 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 Merriott, this works out to be £41,300. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
In general, do people commit a lot of crime in Merriott?
Within Merriott, the number of people committing crimes is 27 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 27 figure carefully.
Are the people of Merriott deprived?
Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Merriott, currently, 22% people fall into this category.
Measuring this statistic against the nationwide average of 33% should give you a pretty good idea of where the city lies in the scale of poverty in the area.
What does the population of Merriott look like?
Population growth in Merriott 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 Merriott, 1,893 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 Merriott 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 Merriott, this change has been 2%. 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 2%. Click here to know more on the UK population trends.
Over the last decade, how has the population differed in Merriott?
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 5% in Merriott.
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.
In the city of Merriott, is there a lot of green space?
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 Merriott, 4.1 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 Merriott.
In Merriott, what are the rental yields?
Is the housing market in Merriott growing?
Whenever you are thinking about looking for houses for sale in Merriott, 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.
|1 year||3 years||5 years|
|Merriott growth rate||1%||17%||2%|
As the population of Merriott 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.
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 Merriott.
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 (Somerset) as well as the broader region; South West.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Merriott||no relevant data for this city||no relevant data for this city||no relevant data for this city||18.0%|
Also, you can compare other data to the table above such as the number of houses sold per month in Merriott which is 2 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 Merriott is to invest in. Both in terms of rental yield and capital appreciation.
What are the asking prices for the houses for sale in the city of Merriott?
Average asking prices for houses for sale in Merriott
|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)||no relevant data for this city|
|Average asking price (4 bed)||no relevant data for this city|
|Average asking price (5 bed)||no relevant data for this city|
The tables should give you a generic view of what the prices of the houses for sale are like. To close things off in terms of the house asking price, the average asking price for the house for sale in the whole of Merriott is £0. This should show you the general prices overall and for individual types of houses too.
When investors make offers for houses for sale in Merriott, the average price asked by the homeowners works out to be £278,333.
In the table below, for all the different sizes of houses in the area, the average asking prices have been displayed. This tells you what kind of house is more or less expensive and sought after despite houses with fewer bedrooms being overall less expensive anyway.
Any house that looks like it is overpriced for the number of bedrooms it has in Merriott is typically not overpriced. It is just the case that that type of housing has a higher demand, therefore, people are willing to pay more.