Sometimes, working out the prices of the houses for sale can be tricky business. This is why we created this article all about the price of houses for sale in Redbridge, London.
From the average asking price of houses for sale in Redbridge to the growth of the population in the area, all will be talked about regarding the city of Redbridge. So you will get better clued up on the area, and make finding a house for sale in the UK easier.
In Redbridge, what do houses for sale tend to sell for?
For the city of Redbridge, the average price a house sells for is £476,179. This value usually depends on the exact location of the house within Redbridge as well as other factors like the population growth in Redbridge which is 11% over a ten-year period.
| Housing category | Total final sale price |
|---|---|
| Aerage sold price (detached) | £866,542 |
| Aerage sold price (semi-detached) | £644,859 |
| Aerage sold price (terraced) | £517,990 |
| Aerage sold price (flat) | £293,316 |
The above table puts this figure into perspective as you can see the various average sale prices of a house for the specific type of house you’re most interested in. This comparison is important because the type of house you’re considering to buy may be more or less in demand based on variations in supply and demand in the city of Redbridge.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £4,803 |
| Aerage sold price/sqft (new build) | £4,515 |
| Aerage sold price/sqft (old stock) | £4,748 |
Generalising the bottom table, the average value per square foot of a house for sale is £4,810. This value averages all of the types of houses for sale in Redbridge. So, if you’re not sure what type of house you want specifically, you can still get an idea of the real estate market of Redbridge.
In Redbridge, what are the demographics like?
In the city of Redbridge, how much green space remains for residents?
Providing the right amount of green space for people in the UK is a difficult subject because there are clear benefits for human health but at the same time, it is hard to make sure all areas of the UK can get enough greenery. This is a result of land being already in use in cities where most people live.
In Redbridge, 10.1 is the amount of acres of outdoor space there is for every 1000 people. Charities such as ‘Fields in Trust’ recommend there to be at least 6 acres. This should allow you to conclude whether this green space is sufficient for you if you are interested in buying in Redbridge.
What is the city of Redbridge’s social grade score?
In the city of Redbridge and throughout the UK, the social grade score is assessed by observing what type of jobs people have and then grouping this into a grading system.
In general, the people at the top of the scale (the A category) have the highest paid, most skilled jobs and this is just 4% of the general UK population. On the lower end of the scale, people who are on benefits, state pensions and also manual workers all are grouped into this category that represents the most unskilled.
When trying to determine if the area of Redbridge has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 30%.
Below, you can see how this compares to the National average as the average for the top two categories nationwide is 27% (Adding together the A and B categories)
| 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 |
Redbridge within London is notable for the type of people that live there. The statistics below show how this is the case.
As you read on, Redbridge will be looked at by comparing it to the local region, as well as comparing it to the wider region too (Greater London). From what the population of the city is to how it’s growing as well as factors like the overall crime rate.
This data is impacted by the history of the area and what kind of industry there is around. All of which also impact house prices which is crucial for you to understand as you look at houses for sale in Redbridge.
For the city of Redbridge, what is the education level?
In the city of Redbridge, 37% people have a degree from a university. The higher this proportion is, in general, the more likely it is that the population is able to buy a house.
Interestingly, as people who have degrees go up, the average income of the area goes up too. You can see if there is a correlation, the average household income in the UK is price34,000 and the average income in Redbridge is £53,025.
This should correspond with the average percentage of people in the UK who have degrees at 22.6%.
How much do people in Redbridge 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 Redbridge. Compare the area’s average household income of £53,025 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 30% for more conclusive data on the affluence of the area.
Are the people of Redbridge 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 25% for Redbridge should give you a nice idea of the deprivation in the area.
In general, do people commit a lot of crime in Redbridge?
In Redbridge, for every 1000 people, there is currently a crime rate of 114. This can be compared to the national average of 79.52 for every 1000 people.
Low crime rates are desirable for your safety as a homeowner. Even if you don’t tend to leave the house too often and tend to not mind living in a slightly more dangerous area. Things like burglaries are always a possibility which could harm your ability to pay for home insurance and also may force you to install additional security in your home that can cost you further.
Having said this, you can look at the crime rate on a deeper level to find out what the threats are exactly. It could be the case that a proportion of these crimes (114 for every 1000 people) come from things like anti-social behaviour rather than more serious crimes like violence and sexual offences.
If this is the case you may be more willing to look over a high crime rate within the areas you’re looking to buy a home.
In the city of Redbridge, has the population grown or shrunk?
In total, the number of people in Redbridge is 154,028. This figure can be used to estimate the appreciation of the houses but it is also important you look at the population growth figure in order to make this more accurate.
Whether a large population benefits you as a landlord is dependent on what you want from a home. A large population is great if you have children who prefer the bustle of crowds in cities but there are also those who purposely want to buy somewhere rural.
You may also be able to find a balance of both where there are shops, restaurants and entertainment and also rural areas all within a short distance which may be the case ni Redbridge, depending on where exactly you are.
How has Redbridge changed in the past five years?
Five years provides enough time for a city to grow dramatically. It may be the case that the population grows or shrinks but the city of Redbridge has changed by 3%. Read more here
It is also helpful to compare this data to a longer time period like 10 years like in the below subheading. If the population trend of growth or decline has been there for a longer period of time you’ll be able to tell if 3% is a recent change or not.
Click here to know more on the UK population trends.
In the last decade, what is the difference in population in Redbridge?
11% has been the population growth change in the past 10 years.
Usually, this is more of a conservative figure compared to the five year change of a city.
Industrial changes can also be the reason for this shift but it could also be due to immigration or emigration. Bringing people in or out of the area.
The recent global pandemic has also shifted the number of people living in cities as people realise they can now work remotely. It may be that the people of a Redbridge have seen a more desirable way of working, moving to make themselves more comfortable in their careers.
For example, the population of the South west of England has seen a massive increase in population because workers want to move there to benefit from the slightly better weather, lower house prices and also the rural area. Nonetheless, they can also benefit from travelling to the capital city of the UK, London.
Why you should consider the average rental yield when searching for houses for sale in Redbridge
Are there more or fewer houses being built in Redbridge?
Whenever you are thinking about looking for houses for sale in Redbridge, 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 | |
|---|---|---|---|
| Redbridge growth rate | -1% | 15% | 15% |
As the population of Redbridge 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.
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 Redbridge.
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 (London) as well as the broader region; Greater London.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Redbridge | 3.7% | £1,637 | 137% | 12.0% |
| London | 3.96% | £2,001 | 129.93% | 12.05% |
| Greater London | 3.88% | £1,899 | 129.14% | 13.30% |
Also, you can compare other data to the table above such as the number of houses sold per month in Redbridge which is 67 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 Redbridge is to invest in. Both in terms of rental yield and capital appreciation.
What is the asking price on average of houses for sale in Redbridge?
Average price of houses for sale in Redbridge
| Average asking price (1 bed) | £260,849 |
| Average asking price (2 bed) | £371,741 |
| Average asking price (3 bed) | £573,553 |
| Average asking price (4 bed) | £778,868 |
| Average asking price (5 bed) | £883,192 |
After looking at this table about prices of houses for sale in Redbridge, 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 £1,325 will help them to have a more wholistic understanding.
When investors make offers for houses for sale in Redbridge, the average price asked by the homeowners works out to be £535,003.
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 Redbridge 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.
Get professional help on the houses for sale in Redbridge
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?
Examine this short list of cities belonging to Greater London, the same region where Redbridge is located.
- Chenies in Greater London
- Hackney in Greater London
- East-Molesey in Greater London
- Chertsey in Greater London
- Sutton in Greater London
If none of these is of your interest, we suggest you visit our landing page with all data related to the houses for sale in the UK.
Finding the ideal house for sale for you
What parameters impact the final price of a house for sale in Redbridge?
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.
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