House prices in Colchester continue to rise
By Andy Wade – Director Gallant Richardson Colchester
Colchester Property Market Update March 2024
The monthly average house price increased by 1.7% in February, pushing the property market ever closer to its peak in June 2022, with the average house price just £1,800 short of the top of the market.
In the recently released House price index from the Halifax, they report that property prices grew by 1.7 per cent on an annual basis in February. As confidence continues to return to the UK property market, this is further evidence of the rebound from a market slump last year. The Halifax report confirms that today, a typical UK home now costs £291,699, around £1,000 more than last month.
In the report, Kim Kinnaird, director, Halifax Mortgages, said the figures ‘Continue to suggest a relatively stable start to 2024 and align with other promising signs of increased housing activity, such as mortgage approvals’.
‘In fact, the average price tag of a home is now only around £1,800 off the peak seen in June 2022’.
Rightove House Price Index – Early-Bird buyers build market momentum
Rightmove also confirms a continued improvement in the property February market, whilst their numbers are focused on asking price, rather than sale price, the upward trend is nevertheless encouraging.
Key points –
- Average new seller asking prices rise by 0.9% (+£3,091) this month to £362,839. The annual price change moves tentatively back into positive territory after 6 months of annual price falls, with prices up by 0.1% on a year ago.
- Agreed sales in the first six weeks of 2024 are 16% higher than over the same period last year, and 3% higher than in the more normal market of 2019, indicating that many early-bird buyers feel that 2024 offers the right conditions to move.
- The growing market momentum is also evidenced by the increase in activity of both buyers and sellers on Rightmove with 7% more new listings coming to market than last year, and a 7% upturn in the number of buyers enquiring.
- However, the market remains very price-sensitive, and appears to be operating at two speeds, with properties that are priced accurately being snapped up by budget-conscious buyers, whilst over-priced properties are left on the shelf…
The Local Colchester Market
Market confidence continues in both property sales and rental markets in Colchester this month, with increased numbers of buyers and tenants looking for a springtime move. We are seeing a steady flow of motivated buyers coming to the market on a daily basis, so if you are considering a move and have a home to sell or rent, now is a great time to take advantage of the coming spring market.
Here is a selection of our recently listed homes for sale in Colchester –
House for sale – Colchester – £375,000
House for sale – Colchester – Guide Price £600,000
House Sold – Bures – £325,000
Aparment for sale – Colchester – £185,000
Moving in Colchester
There continues strong demand for properties both for sale and to rent in Colchester at the moment, with many buyers and tenants looking for a home in Colchester and the surrounding areas.
If you are considering a move please feel free to call our office, either for an informal chat about the market and how we might help you with this or to book a market appraisal.
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
You can also see our ‘Recently Sold Properties’.
Andy Wade – Gallant Richardson
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