Whenever looking for a house for sale in the UK or in Chorley, it is vital you look at the market trends and house price fluctuations in the wider area of Staffordshire 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 Chorley.
In this article, we will be looking at the city of Chorley 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 Chorley have?
For the city of Chorley, what is the education level?
In the city of Chorley, 35% people have a degree from a university. The higher this proportion is, in general, the more likely it is that the population is able to buy a house.
Interestingly, as people who have degrees go up, the average income of the area goes up too. You can see if there is a correlation, the average household income in the UK is price34,000 and the average income in Chorley is £45,600.
This should correspond with the average percentage of people in the UK who have degrees at 22.6%.
In the city of Chorley, has the population grown or shrunk?
Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Chorley if 26,375 and in the below heading how this population has changed will be broken down.
Like most data to do with houses, all data has to be considered holistically with multiple variables to determine if the population growth actually impacts the statistics that matter to you as a landlord in Chorley such as rental yield or house appreciation.
How has the population size of Chorley adjusted in the last 5 years?
In the previous five years there has been a change in the number of people of Chorley by 3%. Analysing this figure is a great way to tell if there is new demand for housing or not as a decreasing figure reduces the number of people who want to buy houses. Read more here
To compare this figure over a greater period of time, you could look at the figure for the 1 year population too and compare them. This way you can see if the population has changed recently or if this 3% change has historically occurred before. Click here to know more on the UK population trends.
Over the last 10 years, how has the population size adjusted in Chorley?
In the last decade, the population of Chorley has been adjusted by 5%. This growth may be as a result of factors like new industries employing people or emigration and immigration balancing out to create this population change.
A precedent that shows population change in this way over decades is the region of Greater London. The capital city has grown by 27% in the past 20 years. Population growth has caused house prices to go up to price523,666 on average.
What’s a social grade score and how does it relate to Chorley?
Most of the time, the social grade score of a city is what it takes to determine what the economic levels are like as this score refers to what type of jobs the people of the area generally work as. So, from highly skilled, managerial roles, to the manual labour workers of the UK, how does Chorley compare?
At the highest end of the scale (A) jobs that are managerial administrative or professional are all lumped into this category. On the other hand, there is the lowest grade (E) where workers who are on benefits, state pensions or work casual jobs fall into.
In Chorley, the percentage of people who work in the two highest skilled categories of this scale (A and B) is 32%.
So you can compare this data, here is the estimated grouping of the social grades of the UK for the general population. Adding the two highest categories of A and B and comparing this percentage to the high social grade score which combines A and B should give you a good comparison.
|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|
Chorley within Staffordshire is notable for the type of people that live there. The statistics below show how this is the case.
As you read on, Chorley will be looked at by comparing it to the local region, as well as comparing it to the wider region too (West Midlands). From what the population of the city is to how it’s growing as well as factors like the overall crime rate.
This data is impacted by the history of the area and what kind of industry there is around. All of which also impact house prices which is crucial for you to understand as you look at houses for sale in Chorley.
What’s crime like in Chorley?
Within Chorley, the number of people committing crimes is 98 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 98 figure carefully.
In the city of Chorley, how much green space remains for residents?
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 Chorley currently has 24.6 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 Chorley in this case.
How deprived is the population of Chorley?
Deprivation levels refer to the ability of the population of the city to earn enough to keep their lifestyle going. Nationwide, it is thought that the number of people at this level or not being able to meet the costs of living is around 33%. In comparison, the deprivation level of Chorley is 19%.
How much do people in Chorley 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.
£45,600 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 32% for Chorley.
What is the final sale price of a house in Chorley?
In Chorley, the average sale price of a house for sale is in fact £283,231. This is dependent on the 10 year population growth of Chorley being 5%. Growing populations are more likely to inflate the prices of houses for sale in the city of Chorley.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£383,112|
|Aerage sold price (semi-detached)||£250,701|
|Aerage sold price (terraced)||£211,657|
|Aerage sold price (flat)||£183,084|
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 Chorley.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£2,860|
|Aerage sold price/sqft (new build)||£2,930|
|Aerage sold price/sqft (old stock)||£2,650|
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 £2,860. This means if you are just looking out the houses sold in Chorley in general and didn’t take into consideration the type of build. For example, a new build.
What’s the rental yield in general for the city of Chorley?
In Chorley, how has the number of houses changed?
The growth of an area like Chorley 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|
|Chorley growth rate||-2%||12%||21%|
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 Chorley 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 Chorley to Staffordshire and the broader suburb of the UK; West Midlands.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
Let’s assume you want to sell the house you’re looking to buy in Chorley for profit in the future, in this case, looking at the data for the number of houses sold per month in Chorley 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 Chorley. 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 asking price on average of houses for sale in Chorley?
Average price of houses for sale in Chorley
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£249,690|
|Average asking price (3 bed)||£319,974|
|Average asking price (4 bed)||£458,232|
|Average asking price (5 bed)||no relevant data for this city|
Reading the table above should therefore give you a good idea of the type of house for sale that is within your budget in Chorley 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 £0 should also give you an overview of what the asking price for houses for sale are in general.
When investors make offers for houses for sale in Chorley, the average price asked by the homeowners works out to be £331,152.
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 Chorley 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.