Despite recent hikes in inflation the sales market remains buoyant, largely driven by excessive demand and lack of supply.
We recently marketed a detached family house in the St. John’s area of Colchester (picture below). The demand was sufficient that we held an Open Day on a Saturday in early April. Twenty-two potential purchasers came to view the house; 11 put forward offers; with the house going under offer to a cash buyer for more than 5% over the guide price. We could have sold this much-loved family home, ten times over.
According to Dataloft analytics, the average price of a home in Colchester is now £293, 631 with prices increasing by 1.3% over the last 12 months and 21.9% over the last five years. This is an astonishing rate of growth which so far shows no sign of slowing down. Yet despite the buoyant sales market, Colchester property continues to provide incredibly good value for money with an average price of more than 7.5% lower than the regional average.
With the recent government announcement that it will finally be introducing Rent Reform in the form of abolishing Section 21 notices, it remains to be seen whether the legislation will trigger a mass exodus of property from the rental market, with Landlords looking to get out while they can. As ever, the devil will be in the detail of the legislation and we will keep you posted on this. For now, though, the sales market remains lean with prices continuing to rise, especially for freehold properties.
That said, the flat sales market has bounced back from the post-lockdown price fall and is now 2.4% up on this time last year.
Please see below for further information about the Colchester sales market:
Average price per square foot £322.
Average price of a new build home £335,043, of which 83.8% were houses.
Number of homes sold in Colchester in the last 12 months.
Average achieved price across the East of England £319, 188 (Colchester £293,631).
| Detached | Semi-detached | Terraced | Flats | |
| Average Price | £442,921 | £304,052 | £250,000 | £165,878 |
| Price change last 12 months | + 5.3% | + 4.7% | + 3.3% | + 2.4% |
| % of market | 30.9% | 28.0% | 23.9% | 17.2% |
For further information about the sales and lettings market, please click on the link below:
If you are considering selling your property, please email colchester.sales@belvoir.co.uk or call the office on 01206 36 44 44.
