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Cradley Heath – What to look for in houses for sale?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in West Midlands $ Cradley Heath – What to look for in houses for sale?

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

What are the demographics like in the city of Cradley Heath?

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 £34,500.00 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 0.13 for more conclusive data on the affluence of the area.

What is a social grade score and how does this relate to Cradley Heath?

The social grade score is a good indicator of what type of jobs people generally work in the area. Whether that be working in the primary sector, secondary sector, tertiary sector or maybe the quaternary sector of jobs.

The scale is slightly different to this though on a scale of A to E. A refers to people who are in the most skilled, managerial roles whereas E include people such as casual workers.

In Cradley Heath, the percentage of people in the two highest categories, A and B is 0.13. This figure includes people who are therefore most likely to be more skilled and have higher paid jobs.

When contrasting these figures, the average household income for the area is £34,500.00. This income will generally get bigger as the percentage of people in the A and B categories go up too (0.13).

Do the people of Cradley Heath get to enjoy green space?

Whether you view green space in Cradley Heath as important to you as a homeowner is up to your personal preferences. Having said this, there is a clear benefit on the overall health of people who live near green space as the government has stated keeping green space in proximity to people is one of the biggest factors for combating obesity.

In Cradley Heath, the number of acres of green space for every 1000 people currently is 8 which can be measured against the UK average of 1.7.

Cradley Heath in the county of West Midlands 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 Cradley Heath is located in; West Midlands.

Below, these demographics are talked about in headings that explain how the city has grown, what the education levels are like in Cradley Heath, 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.

Are the people of Cradley Heath deprived?

Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Cradley Heath, currently, £0 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.

For the city of Cradley Heath, what is the education level?

In the city of Cradley Heath, 15% 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 Cradley Heath is £34,500.00. 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 general, do people commit a lot of crime in Cradley Heath?

The crime rate of Cradley Heath must be looked at sceptically. The reason for this is that the crime rate can vary within a city greatly and the type of crime committed can also vary too.

For example, the area has a crime rate of 138, but another city may have a higher crime rate but not be deemed as dangerous due to lower level crime or minor offences being committed.

Either way, high crime rates are never a good sign so consider the rate against the UK average of 79.52 for every 1000 people as a benchmark.

Lower rates could mean things like home insurance is cheaper and you have to install fewer security measures throughout your house. Saving you money in the long run. So the statistic of crime rate (138) is both useful and is recommended to be compared to the average.

Have the people of Cradley Heath grown in numbers?

The city of Cradley Heath has a total population of 16616. 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 Cradley Heath 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 Cradley Heath

Over time, in the last five years, the population of the city of Cradley Heath 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 Cradley Heath?

In the last 10 years, there has been a shift in the population of 7%.

Comparing this to the 5 year figure of Cradley Heath 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.

Who can help you buy a house for sale in Cradley Heath?

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.

Invest in a house for sale that meets your demands

Criterias that have an impact on the actual price of a house for sale have been listed here below. Consider them all to find the perfect houses for sale in Cradley Heath.

  • Affordability – check this article from the UK government to find out (see what house for sale you can afford)

  • Location – if the house for sale is in the city centre rather than further out, this may be why it is more expensive than the market average.

  • Transports near the house for sale – Being able to use public transports is a huge plus for a house, especially in big cities. This will have an impact on the price as well.

  • Bedrooms – the more bedrooms there are in a house for sale, the more tenants a buy to let investors will be able to host, therefore, realistically the price will also increase.

  • EPC of the house for sale – today more than ever, the energy performance of properties for sale on the market should be one of the first things you check.

  • Wi-Fi speed – We recommend you check the internet plans available for the areas where you are considering to buy a house for sale

  • Are you a motorist? – If yes, filter out your searches and compare prices of houses for sale with parking availability. Remember, a car parking space can cost as much as £400 per month

  • Conditions of the house for sale – New builds and properties that were recently built usually need little to no repairs; instead, other houses for sale may require consistent or structural maintenance. These investments that can be both expensive and laborious to complete. Before making your offer for a house for sale you should always carefully assess this criteria.

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

Average prices for the houses for sale in Cradley Heath

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

After looking at this table about prices of houses for sale in Cradley Heath, someone who is buying a home would have a detailed understanding of what kind of house for sale is available on the market that 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 holistic understanding.

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.

Other cities in different locations you can consider to buy property

You can consult our list below that goes over a list of cities not necessarily in West Midlands, allowing you to find similar places to Cradley Heath:

You may also refer to our webpage specific to UK houses for sale to get an overview of the large number of cities in the area, houses for sale in the UK

In general, what do houses for sale sell for in Cradley Heath?

In Cradley Heath, houses for sale are sold at an average of £166,945. 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 Cradley Heath. 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) £253,092
Aerage sold price (semi-detached) £159,352
Aerage sold price (terraced) £137,007
Aerage sold price (flat) £91,128

As you can see above, for Cradley Heath, 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 7% where lots of movement may inflate or deflate house prices.

Housing category Sale price per square foot
Aerage sold price/sqft £1,990
Aerage sold price/sqft (new build) £2,360
Aerage sold price/sqft (old stock) £1,850

Looking at the second table about Cradley Heath, 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 Cradley Heath is £1,990.

In Cradley Heath, what are the rental yields?

What is the growth in the housing market of Cradley Heath?

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.

Assuming you are not looking for a house for sale in a certain area because of private reasons such as being close to a family member or you have been relocated to a new office, these are some of the factors to consider in order to understand if an investment is worth your money.

Investors typically look at data such as the average rental yield, the average asking price of rent per month, rent turnover and sale turnover. These KPIs give property investors a solid idea of how the market is performing in that area.

For the city of Cradley Heath, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; West Midlands. As well as West Midlands, to give a smaller scale area to compare the data to.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Cradley Heath £0 £697 no relevant data for this city £0
West Midlands 4.34% £918.64 123.12% 22.46%
West Midlands 0.04 876.64 £1 20.00%

Assuming that in the future you want to re-sell the house you will eventually purchased in Cradley Heath you might be interested in the number of sales per month (9) that happen in the local housing market. Comparing this figure for Cradley Heath with the above table gives you a good understanding of the profitability of the area.

FAQ

Do properties in Cradley Heath have the potential for renovation?

Cradley Heath is likely to be a great place for revamping property if there is a lot of greenlit planning permission. The are 3 each month, attaining a success rate of nan and a total population of 16616. You can find out if this is above or below similar areas in the UK by comparing it to a nearby place

In Cradley Heath, how many property sales per month are there?

In the city of Cradley Heath, there are 9 and in the total for the UK, there are around 1.1 million property sales.

What is the population change each year in a city like Cradley Heath?

Calculating the evolution of Cradley Heath’s population requires an examination of the population transformation over a decade, amounting to 7%, and the five-year adjustment at 3%. By contrasting these values, analyse recent changes in population to attain a thorough understanding of demographic trends and perhaps also look at house for sale data nearby

What are the asking rates for houses for sale in the surrounding area of Cradley Heath?

The current average price per square foot for a house in Cradley Heath stands at £0, considering the mean cost for each square foot of houses for sale there.

Is purchasing a house in Cradley Heath considered a costly decision?

To assess the affordability of a property, locate a house for sale and contrast it with the mean selling prices. In Cradley Heath, the value is £166,945, whereas the UK’s mean is £286,500

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donnell-bailey

Donnell Bailey

Property expert

Donnell is a property expert focusing on the property market, he looks at a combination of legislation, information from property managers, letting agents and market trends to produce information to help landlords.

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