The Colchester Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual since the summer break. The challenge every Colchester property buyer has faced over the last few years is a lack of choice. There simply hasn’t been many properties in Colchester to choose from when buying for investment or owner occupation.
Levels are still well down on what would be considered healthy levels from earlier in this decade. Until we start to see a consistent and steady increase in properties in Colchester coming on to the market this imbalance between supply and demand means the market will continue to see upward pressure on property values.
However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment. The Colchester property supply crisis just might be starting to ease, as the number of new properties in Colchester coming onto the market has increased.
For example, last month CO3 saw 132 new properties coming on to the market, not bad when you consider for the last year the figure has been as low as the 60 to 70 range. With the average Colchester property value hitting a record high, reaching almost £304,200 according to my research. This shortage of properties on the market over the last two years has contributed to this higher average property figure, but there is a glimmer of hope that Colchester’s supply crisis may be starting to ease.
Last month only 2.03% of properties in Colchester were up for sale. That equates to 837 properties on the market in Colchester (within 3 miles of the centre of Colchester) which, compared to only a year ago when that figure stood at 801, is a healthy increase. The graph, divided into property types, shows the current trend:
- Detached Properties in Colchester – 225 on the market a year ago compared to 257 on the market now – an increase of 14%
- Semi Detached Properties in Colchester – 166 on the market a year ago compared to 215 on the market now – an increase of 30%
- Terraced Properties in Colchester – 104 on the market a year ago compared to 113 on the market now – an increase of 9%
- Flats / Apartments Properties in Colchester – 259 on the market a year ago compared to 203 on the market now – a decrease of 22%
What’s the Colchester Property Market Doing Right Now?
With realistically priced properties in Colchester flying off the shelves and the increase in new properties, especially semi-detached houses, it appears the Colchester property market post Brexit is more resilient that many people expected. It was a sellers’ market before Brexit and a buyers’ market in the months afterward. It now it looks like the market is somewhere in-between and may well be coming back into balance.
Are you looking to buy or invest in properties in Colchester? Send me a link to the property on Rightmove or Zoopla and I’ll usually respond within 24 hours. I am also happy to undertake free pre-purchase visits to your short list of potential properties to provide a valuation. Give me a ring on 01206 862288 to discuss any aspect of the Colchester property market. Alternatively email firstname.lastname@example.org or add your comments below.