Welcome to our November market update. The residential lettings market continues to see demand exceed supply and rents continuing to rise, while activity in the sales market is minimal with the most active area being first time buyers or cash
purchasers.
A summary of this information is available on our website (updated monthly) – see “Local Market Focus”, under the “About Us” tab, or click on the link below
Colchester Sales Market Overview
Over the last 12 months the average sales price in Colchester was £315, 691 (down from £316,845 in October 2023). The total value of sales was £777, 721, 689 (down from £844,730,687 in October 2023).
18% of sales in the past 12 months were flats, achieving an average sales price of £178,698 (down from £179,273 in October 2023). Houses achieved an average price of £362, 210 (down from £365,163 in October 2023).
The highest value recorded by the Land Registry over the past 12 months was £975,000 for a flat (no change from October 2023), and £2,585,000 for a house (up from £1,900,000 in October 2023).
Maldon Road, CO3 continued as the location with the most sales transactions over the last 12 months.
The number of sales transactions is 35% lower than last year
There were a total of 2,437 sales over the last 12 months (down from 2,660 in October 2023).
The average sale price is 2% higher than this time last year (compared to 5% in October 2023).
Average Property Values Over the Last 12 Months
The sales market continues to be led by first time buyers, as well as downsizers and cash purchasers.
Rightmove Best Buys (as of 11.11.23)
The Chase, CO1 Offers in Excess of £200,000- 3 bed freehold house (with two en suites and a shower room), with private rear garden and allocated parking. Came on the market 3.11.23 with Palmer and Partners. The house needs some money spending on it but this is a lot of space for your money. As a rental investment (after updating), we would anticipate at least a 7% yield (rent of £1200 per calendar month), based on the purchase price. This looks so good, we are wondering what the catch is.
https://www.rightmove.co.uk/properties/141637982#/?channel=RES_BUY
Wycliffe Grove, CO1- Offers In Excess of £230,000. Two bed freehold house with patio garden and driveway parking, within 0.3 miles of Colchester North station. The second bedroom is a large single and the bathroom needs updating but this property has a wide frontage which means that the garden is well proportioned and the proximity to the station, as well as parking, makes this a really good investment. Currently Tenanted through Belvoir Colchester (, who are also selling it. Listed for sale 25.10.23.
https://www.rightmove.co.uk/properties/141262091#/?channel=RES_BUY
Colchester Rental Market Overview
Average monthly rent is now £1,011 (up from £986 in October 2023).
52% of homes let in the past 12 months were flats (down from 53% in October 2023), achieving an average rental value of £863 (up from £851 in October 2023), per month. Houses achieved an average rent of £1,197 per month (up from £1,172 in October 2023).
Rents have increased over 12 months by 7% (no change from October 2023).
Average age of Tenant 34 years (no change from October 2023), and 22% of renters are aged between 25 and 29 (up from 21% in October 2023).
DEPOSIT DISPUTES
Do 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 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 focussed on details.
And here is our deposit success statistic:
% of received amount by Landlords via the claimed amount – 91.29%
% of move outs which didn’t go to dispute(the agreement has been achieved by negotiations ) – 80.95%
% of the amount win from us via what was claimed – through dispute – 87.58%
