In the UK, there is a lot that goes into deciding on the right place to buy. The decision gets even more complex if you are buying for an investment as you will have to think a bit more logically rather than thinking emotionally when buying a property. In this article, we go over what the Rightmove data looks like for the city of East Central London so you can make the best decisions and make money on your property purchases. Getting involved in one of the 14 property deals that come off the market each month.
In East Central London, what property are people trying to rent on Rightmove?
How to examine income data from Rightmove for East Central London
Within the city of East Central London, the population amounts to 27051 individuals. Among these residents, it is notable that approximately 51% hold a higher-level educational degree. Furthermore, the average household income in the area stands at £54,216.99. For renters, it is essential to recognize that if the percentage of degree holders surpasses the regional average of 22.6%, your neighbours are likely to have higher incomes. Although other factors influence neighbour quality, acknowledging educational achievements proves beneficial.
What is the outlook for social rent and affordable housing according to Rightmove in East Central London?
Not everyone is inclined to purchase a house and in fact, some people are actually struggling with renting to the extent that they have to rent from the government. According to data scraped from Rightmove and listing portals that are popular in the UK, 29% of individuals in East Central London rely on government rent and the average household income in the district is £54,216.99.
Always visit an area too to find out what the area is truly like and compare these figures to the national averages of 22.6% (on social rent) and £34,000 (in household earnings per year). Most people prefer to live amongst people where their incomes are similar.
If you are a tenant, perhaps move in as a lodger in an excluded tenancy agreement instead of as an assured tenant. While you have fewer rights, a tenancy may be easier to secure.
To rent a property, the below subheadings go over everything relevant for those looking to rent out a house.
On Rightmove, how are properties listed for sale?
In the area, using Rightmove data, what are most people selling their property for?
The average sold price of properties in East Central London, UK, available on Rightmove is £802,396. See the below table to work out what the sold price is based on detached housing, semi-detached housing, terraced housing and flats.
|Category of property
|no relevant data for this city
|no relevant data for this city
Investment analysis of Rightmove property in East Central London
As you delve into the property landscape of East Central London in the region of Greater London, Rightmove becomes an invaluable resource that provides data that can be looked at every month.
Some standard data that should be examined when trying to understand an area include the number of sales there are every month in the area, which falls at 14. Look at this in accordance with the population of the area, larger populations obviously will generally have more sales as there are more people living there and likely to sell their property. So, look at this as a factor and also check out this link to compare data for other cities in the area.
So, you can look at turnover which looks at property sales every year in relation to the number of houses that exist in the area anyway. Currently turnover is 0.76. Every decade population change should also be considered. This figure stands at 27% and positive changes generally show there is a growing population no matter if you are talking about a city or a wider region like Greater London.
It is worth noting that the more homes sell on a monthly basis, the more buyers and competition there tend to be. This figure for East Central London is talked about below and in the following headings.
Property investment opportunities presented on Rightmove in East Central London
In the area, average asking rents are around £2,809. This tends to differ depending on the size of the property you are buying and the number of rooms they have. You can read more about these metrics below. For reference, the yields in the area are £0.
Combining the data of yield with the price of rent can give you a good idea about the types of investments in the area. For instance, if a property has a low yield and also low rents, it is likely a lower return, single family buy to let in a less in demand area of East Central London.
|Average asking rent
|Number of bedrooms in house
|no relevant data for this city
A closer look at rental yield on Rightmove in East Central London
East Central London averages at £0 for rental yield and this should be looked at in comparison with the average for the UK which tends to fluctuate around 4.4%. Having said this, rental yields can drop as low as 1% in the central areas of London and rise to as high as 9% in areas with high rental demand such as Stoke.
Yield, which is £0 in East Central London, is worked out by dividing the net rental income of a property by the purchase price.
In East Central London, analysing Rightmove, what are the number of planning permission applications?
In the UK, planning applications result in a success rate of 82% most of the time. In East Central London, people plan to make modifications to their properties and apply for planning permission with a planning success rate of nan.
This is interesting data for investors in particular. An above average success indicates renovations are tried and tested and likely an investment from landlords. This is a great opportunity for investors to model what works in the area and do the same. On the other hand, a lower approval indicates there are more ambitious proposals in the area and of the 9 monthly planning applications in East Central London, property here is more difficult to conduct improvements on.
If you don’t want to deal with planning permission, consider buying a property as a leaseholder which means you don’t own the land and any planning permission is done by the freeholder who owns the land.
If you do this, you will have to look at when a leasehold expires as well as other disadvantages though. However, there are pros and cons of being a leaseholder or a freeholder. For instance, as a freeholder, you may have to evict a leaseholder in a process known as a forfeiture of lease. So, pay attention to the advantages and disadvantages and what path you actually want to go down.
From Rightmove listings, what is the availability of green space in East Central London
Green space is universally recommended but unfortunately often compromised in various locations. In cities, the amount of green space often falls below the recommended threshold of 6 acres of green space per thousand people.
In East Central London, the current data indicates the presence of 13.1 acres of green space per thousand residents. By comparing this value to the recommended benchmark of 6, we can evaluate the sufficiency of green space in the area.
What are the number of HMOs on Rightmove that are licenced in the area of East Central London?
Currently, the number of licensed HMOs stands at nan that come at an average price to rent of no relevant data for this city. You can also see the difference between the price of a standard HMO room and the average price of a HMO room with an ensuite which is £1,108.
This should give you an indication if it is worth the difference in price to upgrade to a room with a bathroom in East Central London. Understanding where is best to rent in East Central London involves considering the average asking price for a House in Multiple Occupation (HMO) and comparing this to normal rents.
Frequently asked Questions
What is the average property price in East Central London on Rightmove?
In East Central London, the mean price for residential properties up for sale is £802,396. The mean price for the average property valuation across the UK is £286,000.
Are there any undisclosed expenses associated with property searches on Rightmove within East Central London?
Landlords need to be vigilant about various expenses, including stamp duty rates, capital gains tax, renovation expenditures, and the deductible costs applicable to properties in a personal name. (relevant for UK property)
Is there a lot of crime in the area of East Central London according to Rightmove?
The East Central London community presently experiences a crime rate where 23200% infractions are documented for every 1000 inhabitants. A reference point is the national average of 79.52 incidents for every 1000 individuals. So, if the crime rate in the area is above this figure, there is more crime than usual. If it is below this figure then there is less crime than usual.
What’s the frequency of property sales per month in East Central London as reported by listing portals?
To evaluate what listing portals like Rightmove would infer about the amount of properties that are being sold, you can look at the houses sold each month which is 14. Typically, the higher this figure is, the more likely it is that this area is highly sought after and there is a strong buyer demand. Check out the property sales in a similar area in order to find a comparison.
According to Rightmove, what’s the mean price of a three-bedroom property in East Central London?
The average cost to rent a property with three bedrooms is £3,268. This can be weighed against the average property price trends.