Hereford can be a tough place to find accurate information like any city in the UK. Read on to learn about which data to stay on top of when looking at house for sale in Hereford.
On top of this, keep reading for detailed information on the demographics of Hereford in Herefordshire. This is crucial in finding out if the area is worth for looking at houses for sale in the UK for an investment over the long term too.
What’s the rental yield in general for the city of Hereford?
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 Hereford to Herefordshire and the broader suburb of the UK; West Midlands.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
|Hereford||no relevant data for this city||no relevant data for this city||no relevant data for this city||14.0%|
Let’s assume you want to sell the house you’re looking to buy in Hereford for profit in the future, in this case, looking at the data for the number of houses sold per month in Hereford would give you an idea of whether the area is actively getting new investors. This figure is 4.
It is vital you be careful with this figure however as the data can suggest something that isn’t true in Hereford. 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.
Are there new houses being built in Hereford to make it grow?
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 Hereford that shows the growth in recent years.
|1 year||3 years||5 years|
|Hereford growth rate||-6%||10%||7%|
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 Hereford is important.
On average, what is the figure for the asking price of a house for sale in Hereford?
Table showing the asking prices for houses for sale in Hereford
|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)||£267,704|
|Average asking price (4 bed)||no relevant data for this city|
|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 Hereford 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.
On average, in Hereford, the asking price for a house for sale in the area is £300,800.
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 Hereford. 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 Hereford?
There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Hereford. In Hereford, this sale price works out to be £223,472. As an example, a factor like population growth over the last 10 years which works out to be 5% in Hereford and impacts house prices of the houses for sale.
|Housing category||Total final sale price|
|Average sold price (detached)||£293,720|
|Average sold price (semi-detached)||£182,572|
|Average sold price (terraced)||£149,101|
|Average sold price (flat)||£87,786|
Above, the exact type of house is also shown to vary in price in a table in Hereford. 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||£2,040|
|Average sold price/sqft (new build)||£0|
|Average sold price/sqft (old stock)||£2,000|
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 Hereford which is £2,040. 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.
Are there any important statistics about the population of Hereford?
What is a social grade score and how does this relate to Hereford?
The social grade of a city is useful when searching for a house for sale because it tells you what kind of jobs people have in the area. For example, there could be a lot of skilled manual workers or there could be a lot of pensioners and people on benefits.
The scale goes from a social grade of an A who are high managerial, administrative or professional workers to an E where people in this category are on state pensions, casual workers or unemployed on state benefits.
The number of people in Hereford in grades A or B which are the highest skilled roles in the country is 19%. Realistically, you can expect workers in this category to earn a higher salary too.
For comparison, £36,600 is the average household income of the area. You can see how this figure is congruent with the number of people in the top two categories of the social grade at 19%.
In Hereford, how has the population changed?
Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Hereford if 4,823 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 Hereford such as rental yield or house appreciation.
How has the population size of Hereford adjusted in the last 5 years?
In the previous five years there has been a change in the number of people of Hereford 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 Hereford?
In the last decade, the population of Hereford 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.
Hereford in the county of Herefordshire 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 Hereford 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 Hereford, 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 Hereford 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 23% for Hereford should give you a nice idea of the deprivation in the area.
Are the people in Hereford earning a lot?
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 (19%). 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 Hereford, this works out to be £36,600. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
What is the education level like in Hereford?
In the city of Hereford, 26% 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 Hereford is £36,600. 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.
What’s the crime rate in Hereford?
The crime rate of Hereford 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.
Is there sufficient green space in Hereford?
In the city of Hereford, there are 86.0 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 Hereford is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
Who can help you buy a house for sale in Hereford?
Are you considering other cities with houses for sale?
Below are a list of towns with a similar location to Hereford.
Reading these analysis will help you evaluate the different houses for sale currently listed in West Midlands:
- Bloxwich in West Midlands
- Frankley in West Midlands
- Bickenhill in West Midlands
- Wolverhampton in West Midlands
- Aston-By-Stone in West Midlands
If you are interested in some other city or even region of the UK, please visit the following page houses for sale in the UK it contains all the data related to the houses for sale.
Nowadays, there are so many properties on the real estate market that it can be difficult to decide which one is the best house for sale for you.
So, who can help you navigate the process of choosing a house for sale?
The number of professionals that offer real estate investors advice and assistance is broad and when it comes to dealing with houses for sale, the process can be complex.
Find here a list of those that can help when buying a house for sale:
- Moneylender – lends you the sum of money you need to buy the house for sale you are looking for
- Insurance agent – A firm that provides several insurances and protections for the house for sale that might become your future house
- Solicitor – A person or company that will sort out the legal work needed before buying a house for sale
- Civil engineer – Also called surveyor, he or she will provide you with an independent valuation of the house for sale you are willing to buy
- Mortgage advisor – Realistically, you will need a mortgage in order to afford to buy a house for sale. Mortgage advisors will guide you and propose the best mortgage deals based on your financial records
- EPC specialist – Especially nowadays, getting professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering buying is crucial
Choose the right house for sale that suits your needs
What parameters impact the final price of a house for sale in Hereford?
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.