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What is it like buying a house in Cradley?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in West Midlands $ What is it like buying a house in Cradley?

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

Asking price in Cradley for a house for sale

In the city of Cradley, 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) £180,306
Average asking price (3 bed) £269,187
Average asking price (4 bed) £347,077
Average asking price (5 bed) no relevant data for this city

After looking at this table about prices of houses for sale in Cradley, someone who is buying a home would be able to know in great detail what kind of house for sale available on the market 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 wholistic understanding.

On average, in Cradley, the asking price for a house for sale in the area is £242,363.

The below table puts this figure into perspective as you can see the various average sale prices of the different type of houses for sale in Cradley. From a 1 bedroom house up to a 5 bedroom house.

As you can imagine, as the price goes up, the size of a room also goes up and in general, the larger a house is, the more you can expect the sale price to be as well.

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

In Cradley, houses for sale are sold at an average of £191,631. 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. 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) £273,188
Aerage sold price (semi-detached) £197,032
Aerage sold price (terraced) £159,105
Aerage sold price (flat) £100,506

As you can see above, for Cradley, 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 3% where lots of movement may inflate or deflate house prices.

Housing category Sale price per square foot
Aerage sold price/sqft £2,190
Aerage sold price/sqft (new build) £2,100
Aerage sold price/sqft (old stock) £2,080

Looking at the second table about Cradley, 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 is £2,190.

Are there any important statistics about the population of Cradley?

Is there sufficient green space in Cradley?

Whether you view green space in Cradley 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, the number of acres of green space for every 1000 people currently is 9.1 which can be measured against the UK average of 1.7.

In the city of Cradley, 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 Cradley if 36,588 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 Cradley such as rental yield or house appreciation.

How has the population size of Cradley adjusted in the last 5 years?

In the previous five years there has been a change in the number of people of Cradley by 2%. 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 2% 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 Cradley?

In the last decade, the population of Cradley has been adjusted by 3%. 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.

Are the people of Cradley 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 27% for Cradley should give you a nice idea of the deprivation in the area.

What is the education level like in Cradley?

In Cradley, the proportion of people who have a degree is 21%. Generally speaking, as the number of people with degrees increases, the more people are able to afford houses to buy as a degree is a good indicator of a higher income. To put this into perspective, the average income of Cradley is £40,300.

This figure for average household income usually goes up alongside the percentage of people who have degrees.

However, this is not a hard and fast rule, there are many factors influencing the buying power of a population and hence the appreciation of housing and the number of houses for sale in the area. This can include the rental yields of the area and other demographic statistics like crime rate.

Nonetheless, it cannot be argued that those with degrees tend to live in more affluent areas as 82% of people who achieve a first in degree level education are owners of the place they live.

How much do people in Cradley 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 (18%). 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 Cradley, this works out to be £40,300. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.

Cradley 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 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, 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.

Is the crime rate bad in the city of Cradley?

The crime rate of Cradley 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 77, 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 (77) is both useful and is recommended to be compared to the average.

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

In the city of Cradley, the social grade score of the area is 18%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.

The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.

This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Cradley.

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, what are the rental yields?

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 Cradley.

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 (West Midlands) as well as the broader region; West Midlands.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Cradley 3.9% £791 no relevant data for this city 24.0%
West Midlands 4.34% £919 123.12% 22.46%
West Midlands 3.89% £877 119.29% 20.00%

Also, you can compare other data to the table above such as the number of houses sold per month in Cradley which is 29 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 Cradley is to invest in. Both in terms of rental yield and capital appreciation.

What is the growth in the housing market of Cradley?

Whenever you are thinking about looking for houses for sale in Cradley, 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
Cradley growth rate 5% 18% 30%

As the population of Cradley 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.

Invest in houses for sale in Cradley with the right professional advice

Who should you talk to while going through the process of making an offer on a house for sale?
Several experts specialise in giving advice to property investors or to first time potential buyers.

Since the process of finding the right house for sale can take months, you have all the time to consult with the experts you might need.

Find here a list of those you should contact to get professional guidance and assistance when purchasing a house for sale:

  • Lender – This practitioner can lend you money to finalise a house purchase
  • Insurer – Insuring companies will provide you with the insurance policy you need to protect the house for sale you want to buy
  • Legal representative – This professional is usually there to handle all the legal tasks associated with purchasing a home for sale.
  • Surveyor – Carries out and independent valuation on the house for sale based on its conditions. It is very useful to understand the correct price before making an offer
  • Mortgage specialist – Mortgage advisors works on commissions. They will get a cut from the bank and will guide you with offering the best deals given your financial situation
  • Energy assessor – We strongly suggest you to invest in a professional assessment of the Energy Performance of the house for sale you want to purchase

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 that can help you evaluate the different houses for sale listed in the region:

Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.

A house for sale appropriate to your needs

Many criteria impact the price of houses for sale in Cradley.
Here below are the most important ones according to Lofti’s expertise:

  • Affordability – (see what house for sale can you afford?)

    A guide from the UK government

  • House Location – The borough and region of the UK you want to invest in is an important factor to consider when looking for a home for sale.

  • Transport – Commuting can be a waste of time. Minimise it by checking how long it will take from the house for sale you’re interested in, to your office before considering buying

  • Number of bedrooms – The number of bedrooms goes hand in hand with the house for sale price. If you are buying for the long period try to think if you might need an extra bedroom

  • Energy performance of the house for sale – The difference between an EPC rating of A and an EPC rating of G can impact your monthly utility bills, consider this when evaluating houses for sale.

  • Internet connection – Being able to take video calls from your home is crucial nowadays, always check the broadband of the area when browsing houses for sale

  • Car park – Ask the property seller for parking availability. If it is included in the price of the house for sale, you can justify paying more than you would at first glance

  • Conditions of the house for sale – Repair works can be expensive and take a lot of time, assess the conditions of the houses listed for sale before making an official offer.

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