21 Mar Colchester offers a more affordable foot
Nested, the modern estate agent, has analysed the local Colchester housing market to reveal that house prices in the historic town are now more affordable than Essex’s regional average.
The UK’s average house price currently sits at £274,712, having risen by roughly £25,000 in the past year, while the average price in the county of Essex is 29% higher at £353,218.
Meanwhile, the average house price in Colchester, one of England’s most popular historic market towns, is slightly lower than the county average at £342,737.
This means that although Colchester’s housing market is 25% more expensive than the UK’s overall market, it does come in -3.0% more affordable than the average across Essex.
Colchester has a very busy housing market: during 2021, there were 3,518 transactions in the town, 20.7% of which were in the CO4 outcode area, 15.4% in the CO3 outcode area, and 15% in the CO7 outcode area.
Andy Thripp, Area Partner for Nested, Colchester, commented:
“Colchester is always going to be in-demand from homebuyers, largely thanks to the amount of people leaving London in search of a better quality of life with more space and less stress, not to mention more bang for the buck when it comes to buying a home.
“Excellent commutability thanks to frequent, direct trains to London, excellent schooling for all ages, and the surrounding beauty of a truly historic town: one would think these things combine to make Colchester a very expensive place to live, and yet prices remain significantly lower than the Essex average. Such affordability only works to further increase buyer demand.
“This is all great news for current owners who might be thinking about selling their Colchester home, but not so great to buyers hoping to secure a great deal on their perfect home. More competition usually means more bidding wars which usually means paying more than asking price for a home. But, hope should not be lost because a great local estate agent – one who knows the Colchester market inside-out – will be able to help you find and secure that great deal. It’s all about knowing where to look, and then acting quickly and decisively when homes come to market.
“Finally, preparation is vital! Have your finances in-line and be ready to move. Sellers hate delays, so buyers who are ready to go will always be in favour.”