With plenty of interest in properties for sale in Colchester I thought now would be a good time to take a snapshot of the Colchester property market in Colchester for the first quarter of 2017. When we look at the number of properties for sale, their asking prices, and the price properties actually sell for some interesting trends have emerged. First of all let’s take a look at the number of properties for sale in Colchester compared to a year ago:
|Type of Colchester Property||Number of Properties on the Market 12 months ago||Number of Properties on the Market now||% change|
When we add in building plots and other types of properties that don’t fit into the four main categories, there’s a total of 770 properties for sale today compared with 602 a year ago, a 28% increase.
The Asking Price for Properties For Sale in Colchester Is 10% Higher
With that in mind, look in the table below which shows what properties in Colchester actually sold for in 2016. The price paid information in the table is freely available on the Land Registry website. The six month property transactions for CO4 shows an interesting picture (note the Land Registry data is always a few months behind due to the nature of the house buying process). The prices shown in the table are the average prices paid and the numbers in brackets are the number of properties sold.
|Property Type||June 2016||July 2016||August 2016||Sept. 2016||October 2016||Nov. 2016|
|Detached||£342,027 (18)||£372,037 (27)||£399,839 (25)||£317,965 (16)||£388,282 (23)||£370,540 (25)|
|Semi Detached||£250,022 (20)||£262,359 (25)||£243,457 (23)||£257,590 (22)||£254,912 (17)||£247,523 (13)|
|Terraced||£237,111 (14)||£235,125 (16)||£225,919 (31)||£216,272 (22)||£247,274 (31)||£222,930 (20)|
|Flat||£145,499 (12)||£141,608 (18)||£133,562 (16)||£135,250 (16)||£128,600 (10)||£138,272 (11)|
|All||£253,476 (64)||£266,452 (86)||£260,378 (95)||£232,584 (76)||£274,265 (81)||£267,549 (69)|
What Does This Mean For Colchester Property Owners?
Anyone selling property in Colchester, including landlords and property owners moving up the Colchester property ladder, should bear in mind Colchester property buyers have more information about the Colchester property market, including the information in the table above, than ever before. With more properties for sale, compared to a year ago, and asking prices 10% higher, sellers needs to be aware of the risks of overpricing their property when putting it onto the market.
Colchester homeowners looking to sell their property in 2017 should be aware of the risks of over pricing their property when initially placing it on the market. Over the last year I’ve raised my eyebrows more than a few times at the asking prices some Colchester estate agents have placed on properties for sale in Colchester. Given the competition between Colchester estate agents to get properties onto their books there will always be a temptation for them to suggest overly optimistic prices to homeowners in an attempt to secure their business.
The downside to inflated asking prices is savvy property buyers (like Colchester Property Blog subscribers) will easily figure out which properties are overpriced and won’t waste their time even asking for details or viewing the property, let alone make an offer. When the price is inevitably lowered a few months later the property has become “market stale” and unlikely to attract as much interest.
Although the Colchester property market seems to have an unquenchable thirst for property there’s an insider saying worth bearing in mind…
A property will sell so long as it’s marketed at the right price
If you would like to know if your Colchester property is being marketed at the right price, or if you have any questions about properties for sale in Colchester, send me a Rightmove or Zoopla link for the property and I will get back to you with an opinion, often within 24 hours. If you’d like an informal chat about any aspect of the Colchester property market feel free to email firstname.lastname@example.org or give me a ring on 01206 86228.