Whenever looking for a house for sale in the UK or in Cradley Heath, it is vital you look at the market trends and house price fluctuations in the wider area of West Midlands 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 Cradley Heath.
In this article, we will be looking at the city of Cradley Heath in detail so you know how to navigate the area and have a better understanding on where to invest.
What is the final sale price of a house in Cradley Heath?
There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Cradley Heath. In Cradley Heath, this sale price works out to be £166,945. As an example, a factor like population growth over the last 10 years which works out to be 7% in Cradley Heath and impacts house prices of the houses for sale.
|Housing category||Total final sale price|
|Average sold price (detached)||£253,092|
|Average sold price (semi-detached)||£159,352|
|Average sold price (terraced)||£137,007|
|Average sold price (flat)||£91,128|
Above, the exact type of house is also shown to vary in price in a table in Cradley Heath. You may think that the bigger the house is the more expensive, but actually, this table is more based on the demand for the properties in each category.
|Housing category||Sale price per square foot|
|Average sold price/sqft||£1,990|
|Average sold price/sqft (new build)||£2,360|
|Average sold price/sqft (old stock)||£1,850|
In addition, here is the price per square foot. By taking this data and doing an average, it is also possible to work out the average square foot of houses in Cradley Heath which is £1,990. From here you can get a sense of the price of the overall housing market and therefore, also find out the prices of the houses for sale.
Always consider average rental yield when searching for houses for sale in Cradley Heath
You may have heard of rental yield as being important for investors who wish to make a sizable profit on their rental properties. If this sounds like you and you’re looking to invest in a house currently for sale and collect rental income in Cradley Heath this statistic is what you were looking for.
Data should also be compared to the broader region of the UK (West Midlands) alongside West Midlands then looked at with other statistics like the area’s rent and the turnover of sale of the houses in question. It could be that an investor prefers to make a profit on the sale of a house rather than the rental income and optimal properties for this investment varies throughout Cradley Heath.
This decision is made differently depending on the investor’s tolerance for risk, investing strategy, the location they’re investing in and their overall goal for buying a house currently listed for sale.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Cradley Heath||3.7%||£697||no relevant data for this city||21.0%|
As you observe table above, it could be valuable to contrast these figures with other pieces of data relevant to the process of buying like the crime rate or the appreciation of houses for sale in Cradley Heath.
As you can tell, the best conclusions are drawn when the buyer of a house for sale looks at all the data involved holistically and doesn’t make quick decisions based on one or two pieces of data. As an example, comparing the data with the number of property sold per month (13) will be useful.
Is the housing market in Cradley Heath growing?
Growth in the area can be a good signal of a booming house market. However, too much growth could also have negative consequences on the capital appreciation of a house as time goes on.
Take a look at the table below for Cradley Heath that shows the growth in recent years.
|1 year||3 years||5 years|
|Cradley Heath growth rate||17%||28%||37%|
High growth rates can signal an appreciating housing market, nonetheless, if there are too many houses being built, this could reduce demand for housing as the supply of houses for sale starts to catch up with the demand. Leading to stagnation or a decline in house pricing so understanding the growth in Cradley Heath is important.
What kind of demographics does the city of Cradley Heath have?
How deprived is the population of Cradley Heath?
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 Cradley Heath, in particular, the deprivation levels are 35%.
This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.
Cradley Heath within West Midlands is notable for the type of people that live there. The statistics below show how this is the case.
As you read on, Cradley Heath 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 Cradley Heath.
What is the education level like in Cradley Heath?
The number of people as a percentage who have been through university and gained a degree is 15%. The ability to buy a home is greatly influenced by the number of people who have degrees. £34,500 is the amount people in Cradley Heath 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 Cradley Heath, 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.
What is the city of Cradley Heath’s social grade score?
In the city of Cradley Heath 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 Cradley Heath has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 13%.
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|
In Cradley Heath, how has the population changed?
In total, the number of people in Cradley Heath is 16,616. 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 Cradley Heath, depending on where exactly you are.
How has Cradley Heath 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 Cradley Heath has changed by 3%. 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 3% 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 Cradley Heath?
7% 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 Cradley Heath 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.
Do the people of Cradley Heath get to enjoy green space?
In the city of Cradley Heath, there are 8.3 acres of green space per 1000 residents.
The charity, ‘Fields in Trusts’ recommends a minimum of 6 acres of green space per 1000 people so it is easy to see where Cradley Heath is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
How much do people in Cradley Heath earn?
Typically, as people earn more money, the more they are able to afford and the better house prices in the area because demand goes up. You could also infer that the amenities such as schools, parks and public areas are generally of high quality as a result.
For these reasons, it could be argued that areas where people earn more money are generally nicer arrears to live in which also attracts more people as a result and further drives up house prices in the area.
To see if this phenomenon occurs in Cradley Heath. Compare the area’s average household income of £34,500 to the average household income in the UK at price34,000. Adding to this, compare it with the figure for the highest social grade score too at 13% for more conclusive data on the affluence of the area.
In Cradley Heath, what is the crime rate?
For the city of Cradley Heath, crime rate is at 138. So for every 1000 people in the area, 138 commit a crime which is prosecuted. Paying close attention to this figure of crime rate is not only important for the value of a house but also to calculate the maintenance cost of owning a house and how attractive an area can be for future buyers.
So, compare it to the nationwide average of 79.52 per 1000 people and consider if you are happy with this figure based on the price you’re paying for a house you’re interested in.
On top of this, houses that are in areas where there is a high crime rate tend to have to pay higher insurance rates, costing a homeowner in the long term.
Additionally, paying for further security on a house such as CCTV or potentially gates and fences that deter thieves may be necessary for an area with a high crime rate.
In Cradley Heath, what is the asking price in general for a house for sale?
In the city of Cradley Heath, what is the average asking price for the houses for sale?
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£154,062|
|Average asking price (3 bed)||£247,398|
|Average asking price (4 bed)||no relevant data for this city|
|Average asking price (5 bed)||no relevant data for this city|
Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£0) for houses for sale with this table to get a good idea as to whether Cradley Heath is the right area to buy a house in for you.
When investors make offers for houses for sale in Cradley Heath, the average price asked by the homeowners works out to be £225,276.
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 Cradley Heath 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.
Get professional help on the houses for sale in Cradley Heath
Are you considering other cities with houses for sale?
We have prepared a list of cities in West Midlands, the same UK region of Cradley Heath that can help you evaluate the different houses for sale listed in the region:
- Allesley in West Midlands
- Donnington in West Midlands
- Alcester in West Midlands
- Essington in West Midlands
- Barlaston in West Midlands
Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.
Invest in a house for sale that meets your demands
What parameters impact the final price of a house for sale in Cradley Heath?
Here below is our list with the most important ones:
House for sale affordability – check out the (see house affordability guide)
on the UK gov website to know more
House Location – the actual location of a house for sale drastically changes the final price of a property
Transports you can reach by foot – Commuting is part of our lives, especially in big cities, check it out before buying a house for sale.
Number of bedrooms – Usually, the bigger the house for sale the more bedrooms it will have. For example, if you are a single person (or a couple) one bedroom will do.
Energy Performance Certificate of the house for sale – Bad EPCs can result in thousands of pounds more in bills you will have to pay on an annual basis. Consider this when purchasing a new property.
Internet connection – Having a quick internet connection is fundamental nowadays. Check the area of the house for sale to understand what the average internet speed is and see if it fits your needs
Do you drive to the office? – If yes, ask about parking. Is it included in the house price?
Special areas – Start by taking a look at the National Heritage list by the UK government. If a house listed for sale appears in the list, the future landlord won’t be able to invest in changes to the real estate asset.
Houses for sale Conditions – When looking for houses for sale you should always consider the amount of time and money you will have to invest to complete the needed repairs, if any at all.
Choosing the perfect house for sale for you might be challenging in today’s market due to the abundance of available houses.
You may wonder who can guide you through the process of selecting a house that is for sale.
There are several experts that provide guidance and support to potential buyers and the procedure can be drawn out, particularly when dealing with houses for sale.
Here is a list of who to contact to get assistance when purchasing a house for sale:
- Banks – The ones that can lend you the money you need for the house for sale
- Insurance companies – Companies that give you access to various insurances specific to the house for sale you are considering to buy
- Solicitor – The individual or business responsible for handling the legal tasks required to purchase a home that is for sale.
- Civil engineer – Provides you with an appraisal of the house up for sale that you want to purchase.
- Mortgage advisor – Professional advisors that will guide you and propose the best mortgage deals according to your finances
- EPC specialist – Getting professional advice on the energy performance of the house for sale is crucial, especially nowadays.