This was prompted by a question a client asked me recently. Although moving to Colchester and leaving Colchester are two separate questions regular Colchester property blog readers will know I love a challenge – especially one that involves delving into Colchester property market stats.
The short and predictable answer is “not far!” Anyone researching their family tree or just looking at where their friends and family live instinctively knows it’s far more common for homeowners and tenants in Great Britain to move across town rather than to the next town, county or further afield.
Until now, it’s been hard to say how many homeowners and tenants moved from (and to) relatively far away to buy or rent their new home. I requested some statistics from the Royal Mail, carried out some research and the results, which covers moves within the UK, are fascinating, even though they are not the complete picture.
Households Moving to Colchester 2015-2016
Based on statistics for the 12 months up to the middle of Autumn 2016, 516 households moved to Colchester (CO3), moving an average distance of 27.15 miles. The greatest distance travelled was 455 miles from Tain in Scotland to Colchester. I have plotted the data for each household moving to Colchester onto the UK map (left) so you can see exactly where most people lived before moving to Colchester. As you can see, the vast majority of people are moving to Colchester from London and locations to the South West of Colchester.
I then turned my attention to people leaving Colchester. Using the same statistics for the 12 months up to the middle of Autumn 2016, 463 households moved out of Colchester (CO3). They moved an average distance of 30.48 miles, roughly the distance of moving from Colchester to Stansted Airport. The greatest distance travelled was 482 miles to Wick, also in Scotland.
There were 567 property sales in Colchester CO3 in the year and countless tenant moves so the stats suggest, once people find a town they like they tend to settle and are more likely to move within Colchester and the surrounding area for better access to schools and Colchester transport links rather than moving further afield.
How Does This Affect Colchester Landlords, Homeowners & Tenants?
The “location, location, location” mantra of TV shows and the estate and lettings industry remains a key ingredient but, following my research, I’ll be factoring in how far people are moving to and from which could make it easier to to sell or let the property, as the saying goes “knowledge is power”.
In today’s property market any successful agent, marketing a property for rent or let, will understand the importance of getting to know the tenant, or property buyer. With this blog post in mind that goes beyond knowing the property details and likely budget but also where people are moving to and from. Armed with that information it’s easier to ensure the properties we are letting/selling are the best possible fit to tenants/buyers needs and, to some extent, they will sell themselves.
The research and information I’ve used to put these Colchester property market blog posts together can also be put to good use, on a daily basis. For example, the information gained writing this post will enable me, and my colleagues, to target our marketing resources to the South West of Colchester in order to maximise the sale and rent-ability of our clients’ properties.
If you’re thinking of leaving or moving to Colchester why not give me a ring on 01206 862288 in office hours, or email email@example.com. You can get a free instant property valuation on demand and a free, no obligation, opinion for any property listed on Rightmove or Zoopla. Subscribe to the blog then send me the link and I’ll get back to you, often within 24 hours. How do you think distance affects the Colchester property market? I’d love to hear your thoughts about any aspect of the Colchester property market so ask me questions or leave your comments below…