Whenever looking for a house for sale in the UK or in Drakes Cross, it is vital you look at the market trends and house price fluctuations in the wider area of Worcestershire 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 Drakes Cross.
In this article, we will be looking at the city of Drakes Cross 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 Drakes Cross have?
Is the education level of Drakes Cross important when buying a house?
In Drakes Cross, the proportion of people who have a degree is 20%. 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 Drakes Cross is £43,400.
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.
Located in Worcestershire is the city of Drakes Cross, in a large part of the UK; West Midlands. Before you look for houses for sale in this area, it is a reasonable question to ask what the people who live there are like.
Below, the population of Drakes Cross has been dissected in terms of if the population is educated, what the crime rates are like and much more. All important factors to consider before making a house purchase among the offer of the houses for sale.
The knowledge below is based on a lot of different variables relevant to the city of Drakes Cross which impacts the profitability of making an investment here or how desirable buying a house to live in is if you want to live on a permanent basis.
Have the people of Drakes Cross grown in numbers?
In the UK in general and specifically in the region in question, large population sizes can be good indications that there are a lot of people in the area looking for houses for sale which can drive up demand and therefore impact the cost. You should also check to see if the population is growing in the area too to show an increasing demand, this is even better. Currently, the total population of Drakes Cross is 9,560.
Sometimes, smaller populations can have higher buyer demand than large populations on the other hand. This is because the price of houses and hence the demand for houses is based on a variety of variables.
The most important variable is the location of the houses for sale in the city of Drakes Cross.
In Drakes Cross, how has the population changed over the last five years?
In the last five years, over time, the change in population size was 5%. Looking at this figure can inform you of the buyer demand for the houses for sale in the area. Read more here
This may mean that the city has now started to slow down in terms of population growth or it may mean the city is also building a lot of houses which would indicate the supply of houses for sale will be matching the demand.
Making predictions about the future growth of Drakes Cross is hence important in making a decision if capital appreciation of your real estate investment is something you’re after as a landlord.
Comparing this figure for the 5 year growth (5%) as well as the ten year growth in the subheading below should allow you to make some accurate forecasts on the growth rate. Click here to know more on the UK population trends.
Drakes Cross population difference over 10 years?
The population has adjusted in the area of Drakes Cross by 8% in the most recent decade. This change is even more useful when compared alongside the figure for the five year growth of the area too.
This will tell you if the population is changing at the moment or if change is more recent. Through this a landlord can accurately look at the fluctuations in population size of the area over time and therefore better understand the trend of the houses for sale in Drakes Cross.
To make an example, the town of Salford which is a part of Manchester has seen a 10% increase in population. house price has therefore followed.
In Drakes Cross, what are the deprivation levels like?
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 Drakes Cross is 27%.
Are the people in Drakes Cross earning a lot?
By and large, a higher household income in a population can have positive effects on the crime rate and the quality of space. This is due to the fact that higher earners tend to buy houses where there are better schools and more desirable amenities that impact the quality of life someone has.
In Drakes Cross, the average income is £43,400. Measuring this figure against the average household income for the UK of price34,000 should tell you if the city is higher or lower earning.
When buying a house, use this statistic with other factors when making a decision too like the crime rate or the social grade score of 28% to decide on what the demographics are like in the area.
In Drakes Cross, what is the social grade score?
In the city of Drakes Cross, the social grade score of the area is 28%. 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 Drakes Cross.
|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 green space is available to residents of Drakes Cross?
In the city of Drakes Cross, there are 52.4 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 Drakes Cross is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
What’s crime like in Drakes Cross?
For the city of Drakes Cross, crime rate is at 85. So for every 1000 people in the area, 85 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.
What is the asking price on average of houses for sale in Drakes Cross?
Average asking prices for houses for sale in Drakes Cross
|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)||£375,669|
|Average asking price (4 bed)||£485,330|
|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 Drakes Cross 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.
As you go ahead and make offers on a house for sale, it is sometimes best to know what other people are offering for the same type of house for sale so you know what to offer yourself to get a good deal. So you should know, the average asking price of Drakes Cross is £393,282.
Even though the asking price is not what the eventual price the house is sold at, making a note of the averages for the city of Drakes Cross is useful when negotiating and knowing what to expect for every type of house for sale.
In general, for the city of Drakes Cross, what are the final purchase prices for the houses for sale?
In Drakes Cross, the average sale price of a house for sale is in fact £329,946. This is dependent on the 10 year population growth of Drakes Cross being 8%. Growing populations are more likely to inflate the prices of houses for sale in the city of Drakes Cross.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£410,956|
|Aerage sold price (semi-detached)||£301,283|
|Aerage sold price (terraced)||£259,286|
|Aerage sold price (flat)||£160,293|
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 Drakes Cross.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£3,130|
|Aerage sold price/sqft (new build)||£3,110|
|Aerage sold price/sqft (old stock)||£3,030|
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 £3,130. This means if you are just looking out the houses sold in Drakes Cross 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 Drakes Cross?
In Drakes Cross, how has the number of houses changed?
Before making an investment and move forward with buying a house for sale, another important set of data an investor should analyse is the growth trends of the area in question.
Below are the forecasted growth rates for the city of Drakes Cross at 1 year, 3 year and 5 year intervals:
|1 year||3 years||5 years|
|Drakes Cross growth rate||4%||17%||21%|
Examine this figure carefully as the addition of a lot of new houses to meet demand could mean that house price of the houses for sale in Drakes Cross gradually reduces with an increase in the housing supply. This could be a good indicator to understand if your house will appreciate or not. Too many houses and too much supply could drive down the prices of homes or stagnate them. So be sure to check out what is exactly happening in Drakes Cross.
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 Drakes Cross.
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 (Worcestershire) as well as the broader region; West Midlands.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Drakes Cross||no relevant data for this city||no relevant data for this city||no relevant data for this city||21.0%|
Also, you can compare other data to the table above such as the number of houses sold per month in Drakes Cross which is 6 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 Drakes Cross is to invest in. Both in terms of rental yield and capital appreciation.