On a cold and foggy January morning there’s nothing better than a cooked breakfast so I arranged to meet up with a long standing client, and friend, at the Jubilee Cafe. We got chatting about the number of Colchester properties for sale. I had just completed my research for this blog post so our conversation was helpful and I’ve incorporated the relevant bits of our conversation into this article.
He asked me what my thoughts were about the second half of the year and asked if there were any great Colchester properties for sale that he’d missed and what type of buy to let properties he should be looking at. I replied it looked like the post Brexit vote uncertainty was behind us (for now) and that I’d seen an increase in supply, especially in the lower to middle end of the market. This suggests both first time buyers and buy to let landlords have been busy over the last few months and that the market is beginning to bounce back. Let’s take a look at the numbers…
In November 2016, according to the three main property portals (Rightmove, Zoopla and OnTheMarket) there were a total of 832 Colchester properties for sale within three miles of Colchester town centre. Compared with November 2015 there were 760 Colchester properties for sale so that’s a 9% increase.
I’ve broken the stats down further (bearing in mind building plots and mixed commercial/part residential means the stats won’t exactly match the headline) so we can see exactly what’s been happening.
|Number of bedrooms:||Properties on market Nov 2015||Properties on market Nov 2016||Percentage change|
Looking at the properties types was even more interesting
|Type of Property||Properties on market Nov 2015||Properties on market Nov 2016||Percentage change|
This increase in homeowners wanting to sell their property suggests there is plenty of confidence in the Colchester property market. More properties on the market means more competition, and usually downward pressure on prices, which usually results in more realistic asking prices for property in the first place.
As you can see, from the table above, there are more semi-detached properties for sale in Colchester than other property types. This makes semi-detached houses a great choice for first time buyers and buy to let landlords right now. The combination of more Colchester properties for sale and realistic asking prices, assuming the supply continues into Spring 2017, means it’s a good time for first time buyers and buy to let landlords to pick up a bargain.
If you would like an informal chat about any aspect of the Colchester property market give me a ring on 01206 862288 or email firstname.lastname@example.org. I’m also available to offer a free opinion on Colchester properties for sale. Send me the Rightmove or Zoopla links you’re interested in and I’ll get back to you, often within 24 hours.