As a landlord, whenever you are looking at houses for sale in Herefordshire, you could find varying prices throughout an area like Stoke Prior. 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 Stoke Prior 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 Stoke Prior will be revealed. Keep reading.
In Stoke Prior, what are the rental yields?
Is the housing market in Stoke Prior growing?
Whenever you are thinking about looking for houses for sale in Stoke Prior, 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|
|Stoke Prior growth rate||-2%||14%||18%|
As the population of Stoke Prior 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.
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 Stoke Prior to Herefordshire and the broader suburb of the UK; West Midlands.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
Let’s assume you want to sell the house you’re looking to buy in Stoke Prior for profit in the future, in this case, looking at the data for the number of houses sold per month in Stoke Prior would give you an idea of whether the area is actively getting new investors. This figure is 18.
It is vital you be careful with this figure however as the data can suggest something that isn’t true in Stoke Prior. 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.
What are the people like in Stoke Prior?
Located in Herefordshire is the city of Stoke Prior, 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 Stoke Prior 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 Stoke Prior 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.
Are the people in Stoke Prior earning a lot?
While not always the case, the amount people earn can be associated with better schools in the area and perhaps a nicer environment to live in.
£47,800 is the average household income of the area. And the higher this figure is the more likely it is that there is a higher percentage of people with a social grade score in the A or B categories which is 31% for Stoke Prior.
What is the city of Stoke Prior’s social grade score?
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 Stoke Prior in grades A or B which are the highest skilled roles in the country is 31%. Realistically, you can expect workers in this category to earn a higher salary too.
For comparison, £47,800 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 31%.
What is the education level like in Stoke Prior?
In the city of Stoke Prior, 31% 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 Stoke Prior is £47,800. 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 Stoke Prior?
The crime rate of Stoke Prior 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 78, 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 (78) is both useful and is recommended to be compared to the average.
In Stoke Prior, what are the deprivation levels like?
The number of people who are deprived can have an impact on the perception of your house in the general marketplace. Additionally, if you are looking for a house to live in for the long term, you can start to picture what your neighbours and the people in your area live like financially.
If the proportion of deprivation of Stoke Prior is 19% and in general for the UK this figure is somewhere around 33%, you can see if this figure is something you are happy with as you search for a house to buy.
Do the people of Stoke Prior get to enjoy green space?
In the city of Stoke Prior, there are 16.2 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 Stoke Prior is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
Have the people of Stoke Prior grown in numbers?
The city of Stoke Prior has a total population of 27,158. 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 Stoke Prior 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 Stoke Prior
Over time, in the last five years, the population of the city of Stoke Prior has changed by 5%. 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 5% 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 Stoke Prior?
In the last 10 years, there has been a shift in the population of 8%.
Comparing this to the 5 year figure of Stoke Prior 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.
What are the asking prices for the houses for sale in the city of Stoke Prior?
Average price of houses for sale in Stoke Prior
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£234,612|
|Average asking price (3 bed)||£343,221|
|Average asking price (4 bed)||£499,150|
|Average asking price (5 bed)||no relevant data for this city|
After looking at this table about prices of houses for sale in Stoke Prior, 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.
When investors make offers for houses for sale in Stoke Prior, the average price asked by the homeowners works out to be £377,035.
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 Stoke Prior 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.
In general, for the city of Stoke Prior, what are the final purchase prices for the houses for sale?
As well as looking at the asking price for house for sale in Stoke Prior, a sensible homeowner or investor will also consider the final price a house sells for. This final price may be influenced by elements like the amount people are earning in the area and what opportunities for employment there are in Stoke Prior.
Houses for sale, are sold on average in Stoke Prior, after the influence of these factors, at £294,867 as a result. And may be on the rise or decline depending on a combination of variables such as the crime rate, or population growth which was 8% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£378,410|
|Aerage sold price (semi-detached)||£250,482|
|Aerage sold price (terraced)||£217,623|
|Aerage sold price (flat)||£124,893|
This table above shows the average sale price for each variation of houses for sale in Stoke Prior.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£2,890|
|Aerage sold price/sqft (new build)||£3,260|
|Aerage sold price/sqft (old stock)||£2,750|
This final table looks at the price per square foot of houses for sale. Looking at the final table, you can take a further average and conclude that the average price per square foot of houses in general in Stoke Prior is £2,890.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
Who can help you buy a house for sale in Stoke Prior?
Other cities you can consider looking for with houses for sale
We have prepared a list of cities in West Midlands, the same UK region of Stoke Prior that can help you evaluate the different houses for sale listed in the region:
- Twycross in West Midlands
- Alton in West Midlands
- Cutnall-Green in West Midlands
- Bartestree in West Midlands
- Binley in West Midlands
Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.
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
Invest in a house for sale that meets your demands
Find here below a list of criteria that we suggest you consider before looking for houses for sale in Stoke Prior
affordability – the UK gov website comes in helpful when you want to understand (see what house for sale you can afford)
Geographic Location – the county and region across the UK you are considering to invest in are crucial factors to consider when browsing houses for sale.
Transport network of the house for sale – Hopefully, the pandemic stays in the past. Therefore, working from home may become less predominant than a couple of years ago. Check the commuting time of the house for sale you are considering buying.
Bedrooms in the house for sale – are you looking for houses for sale for yourself, for a couple or for the whole family? This condition will narrow down the number of houses for sale relevant to buy.
EPC of the house for sale – today more than ever, the energy performance of the properties for sale on the market should be one of the first things you check.
Broadband speed – having a good internet connection is crucial nowadays. Always check the available subscriptions available for the areas of the house for sale you want to purchase
Are you a car owner? – if yes, you will have to check for parking availability of the house for sale. Does it come with a garage included in the price?
Conservation areas – when browsing for houses for sale, we suggest you take a look at the National Heritage list. When a house for sale is included it means that it is not possible for the future homeowner to make changes to the property, both inside and outside.
Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.