On 8th June 2024, Tia Gurnett, on behalf of Belvoir Colchester, will be doing a tandem parachute jump in support of Emmaus Colchester (below is a summary of the charity’s mission), we hope to have her Just Giving Page up and running shortly. In the meantime, if you would like to make a donation towards her £500 target, please email Tia on colchester@belvoir.co.uk
Emmaus Colchester provides a home and meaningful work for up to 31 people who have experienced homelessness and social exclusion. Our purpose-built community offers a comfortable home, while our shops, online store, house clearance business and warehouse, provide work and generate the funding to keep our community going.
Lettings demand continues to outstrip supply, with rental prices continuing to rise by an average of 9% each month since the start of 2024. Earlier this year we were noticing that some properties were taking longer to let than the recent demand exceeding supply would forecast, yet this trend was bucked when we were inundated with enquiries when we put a two-bedroom, two bathroom apartment, situated in one of the developments adjacent to Abbey Fields, onto the lettings market, leading to multiple strong offers. In line with the current Consumer Price Index, rent reviews remain at 4% for another month. As in previous months, pricing remains key and I would always recommend prioritizing quality of Tenant over price.
The sales market continues to dip both in terms of volumes of transactions and prices achieved. Market-led pricing is key as is responding to market conditions. If your property is not attracting enquiries, a price reduction will usually turn what at a higher price is perceived as a negative, into a positive.
A summary of the information detailed in the report below is available on our website (updated monthly) – see “Local Market Focus”, under the “About Us” tab, or click on the link below:
Lettings demand continues to outstrip supply, with rental prices continuing to rise by an average of 9% each month since the start of 2024. Earlier this year we were noticing that some properties were taking longer to let than the recent demand exceeding supply would forecast, yet this trend was bucked when we were inundated with enquiries when we put a two-bedroom, two bathroom apartment, situated in one of the developments adjacent to Abbey Fields, onto the lettings market, leading to multiple strong offers. In line with the current Consumer Price Index, rent reviews remain at 4% for another month. As in previous months, pricing remains key and I would always recommend prioritizing quality of Tenant over price.
The sales market continues to dip both in terms of volumes of transactions and prices achieved. Market-led pricing is key as is responding to market conditions. If your property is not attracting enquiries, a price reduction will usually turn what at a higher price is perceived as a negative, into a positive.
A summary of the information detailed in the report below is available on our website (updated monthly) – see “Local Market Focus”, under the “About Us” tab, or click on the link below:
Colchester Rental Market Overview
Whilst average rents continue to rise and demand still outstrips supply, the slowdown in applications continues as does the turnaround time between tenancies. Average monthly rent is now £1,056 (up from £1,046 in February 2024), which represents an 9% increase over the last 12 months (no change since the start of 2024).
- 50% of homes let in the past 12 months were flats (down from 51% in February 2024), achieving an average rental value of £899 (up from £889 last month), per calendar month. Houses achieved an average rent of £1,240 per month (up from £1,233 in February 2024).
Average age of a Tenant is 34 years – remains unchanged as does the fact that 23% of renters are aged between 25 and 29 years of age.
Featured rental property of the month – below is the link to the two bedroom, two bathroom flat with balconies and allocated parking, adjacent to Abbey Fields, which attracted a significantly higher level of enquiries, than has been the norm lately, when it came onto the market earlier this month.
https://www.belvoir.co.uk/colchester-estate-agents/property/flat-for-rent-colchester-co2-P2945-40/
DEPOSIT DISPUTES
Did you know : Disputes about tenancy deposits are raised almost equally by both sides: 48% of disputes are raised by landlords or their agents, and 51% by tenants.
With the DPS, 19.1% of disputes are found in favour of the landlord, and 41.5% in favour of the tenant. A total of 39.4% of cases lead to a split award.
In all cases though it is crucial to have a good quality inventory and a check-in report, as well as a check-out report, done by a professional INDEPENDENT inventory clerk, and the agent who is dealing with the deposit to have very good communication skills and to be focused on the details.
Deposit disputes take time to process and the statistics show that the outcome generally favours the Tenant, so we endeavour to negotiate a fair deal for our Landlords, wherever possible, to avoid having to lodge a dispute. There will, however, be cases where Tenants refuse to negotiate and we will absolutely lodge a dispute where necessary.
And here are our deposit success statistics:
% of received amount by Landlords of the claimed amount – 91.29%
% of move outs which didn’t go to dispute (i.e. an agreement was reached between the Landlord and Tenant about any deductions) – 80.95%
% of our success rate in disputed deposit cases – 87.58%
Colchester Sales Market Overview
- Over the last 12 months the average sales price in Colchester was £310,839 (down from £313,470 in February 2024).
- 18% of sales in the past 12 months were flats, achieving an average sales price of £174,722 (down from £175,264 in January 2024). Houses achieved an average price of £356,590 (down from £358,512).
- High Street, CO5 continues to be the location with the most sales transactions over the last 12 months.
- Over the last three months, of the £97.7 million in property sales (down from £123 million in the last report), 20% (up from 1%), came from flats; 1% (no change), came from new build sales and the balance came from houses.
- The number of sales transactions is 43% lower than this time last year (as opposed to 42% lower in February 2024).
- There were a total of 2,057 sales over the last 12 months (down from 2,130 in February 2024).
- There was a 2% decrease in the annual average sale price (-1% in February 2024).
Whilst the sale prices achieved and number of transactions continues to fall market overall trend continues downwards in terms of volume of transactions and prices achieved, detached houses continue to buck the trend with average increases of a little over 1%. The market share for flats is up 2% on last month, new builds still at 1% market share and houses still making up the lion share of transactions at 79%.
Rightmove Best Buys (as of 18.3.24)
Brook Street, CO1 – Guide Price of £250,000 for the Freehold interest – a three-bedroom, two reception semi-detached house, with a generous rear garden and potential off-street parking to the front. The house needs some updating. On the market with Michaels since 18th January 2024.
https://www.rightmove.co.uk/properties/86734113#/?channel=RES_BUY
Alyssum Walk, CO4 3RJ – four bed end-terrace house – Guide Price of £250,000 plus at secure online auction. Four bedrooms, eat-in kitchen, reception and conservatory. Off-street parking. Being sold online via Pattinsons Estate Agent Auction.
https://www.rightmove.co.uk/properties/145432562#/?channel=RES_BUY
