Feb 07, 2023 by HM

House prices in Binley (CV3 2)

This article reveals price per square metre data and various charts to help you understand current housing market in Binley (CV3 2).

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Price per square metre

Knowing the average house price in Binley is not much use. However, knowing average price per square metre can be quite useful. Price per sqm allows some comparison between properties of different size. We define price per square metre as the sold price divided by the internal area of a property:

£ per sqm = price ÷ internal area

E.g. 202, Bredon Avenue, Binley, sold for £230,000 on Aug-2023. Given the internal area of 87 square metres, the price per sqm is £2,643.

England & Wales have been officially metric for many decades. However house price per square foot is sometimes prefered by those of sufficiently advanced age. They may want to convert metres on this page to square feet.

The chart below is called a histogram, it helps you see the distribution of this house price per sqm data. To make this chart we put the sales data into a series of £ per sqm 'buckets' (e.g. £2,800-£3,000, £3,000-£3,200, £3,200-£3,400 etc...) we then count the number of sales with within in each bucket and plot the results. The chart is based on 342 sales in Binley (CV3 2) that took place in the last two years.

You can see the spread of prices above. This is because although internal area is a key factor in determining valuation, it is not the only factor. Many factors other than size affect desirability; these factors could be condition, aspect, garden size, negotiating power of the vendor etc.

That said, the spread of prices will give you a feel of the typical range to expect in Binley (CV3 2). Of the 342 transactions, half were sold for between £2,470 and £3,510 per square metre. Notably, only 25% of properties that sold recently were valued at more than £3,510m². For anything to be valued more than this means it has to be more desireable than the clear majority of homes.

For the average, we calculate the 'median' or middle price. The median price per square metre in 'CV3 2' is £2,910. The table below shows how 'CV3 2' compares to neighbouring postcode sectors.

Postcode sector	Lower quartile	Middle quartile	Upper quartile
CV3 6 Finham	£2,850m2	£3,430m2	£3,930m2
CV3 3 Willenhall	£1,870m2	£2,170m2	£2,710m2
CV3 2 Binley	£2,470m2	£2,910m2	£3,510m2
CV3 1 Stoke	£2,120m2	£2,480m2	£2,960m2
CV3 5 Cheylesmore	£2,520m2	£3,010m2	£3,440m2
CV3 4 Whitley	£1,800m2	£2,440m2	£2,830m2

Will Binley house prices drop in 2024?

I cannot tell the future and don't believe anyone who says they can. I can however plot price trends - I have done this in the scatter plot below for CV3 2 (Binley). From this one could infer a range of reasonable possible future price falls or rises. In the chart below, the red dashed line is the house price trend for CV3 2 and the blue dots are the individual property sales that inform this trend.

Disclaimer: The data provided throughout this website about Binley and any other area, is not financial advice. Any information provided does not and cannot ever take in to account the particular financial situation, objectives or property needs of either you or anyone reading this information. Furthermore, I cannot guarantee the accuracy of any data shown. This information is based on sold prices and internal area data provided by Land Registry and other third parties - I do not verify the accuracy of the Binley data or any other data I am given.

Price map for Binley

I've just finished coding the map I link to below. I find it useful and I am sure it will help you in exploring Binley. You can zoom in all the way to individual properties and then all the way back out to see the whole country. The colours show the current estimated property values. I will explain more about the methodology and create a key next week.

House price heatmap for Binley

Street level data

Street	Avg size	Avg £/m2	Recent sales
Clifford Bridge Road, Binley, CV3 2D	92m2	£2,620	25
Bridgeacre Gardens, Binley, CV3 2N	84m2	£2,390	20
Heather Road, Binley, CV3 2D	135m2	£3,881	20
Rugby Road, Binley, CV3 2A	130m2	£3,108	20
Brinklow Road, Binley, CV3 2H	78m2	£3,111	17
Binley Road, Binley, CV3 2D	101m2	£2,549	16
Rugby Road, Binley, CV3 2B	115m2	£3,284	14
Abbey Cottages, Binley, CV3 2E	78m2	£2,121	13

Search for your street here.

Raw data

Our analysis of Binley is derived from what is essentially a big table of sold prices from Land Registry with added property size information. Below are three rows from this table to give you an idea.

Address	Paid	m2	£/m2
202, Bredon Avenue, Binley	£230,000 Aug-2023	87	2,643
2, Deerdale Terrace, Binley	£192,500 Aug-2023	64	3,007
44, Florence Rd, Binley	£158,000 Aug-2023	60	2,633

See the entire list of all sales in Binley (CV3 2) here.