By Andy Wade – Director Gallant Richardson Colchester
Colchester Property Market Update – September 2024
The Royal Institute of Chartered Surveyors (RICS), the professional body of the majority of UK surveyors, confirms in its monthly survey of its members, that for the first time since October 2022, their key metric of price growth moved into the green.
The RICS’s monthly survey in August refers to the House Price Balance, which weighs the number of their professionals who report seeing rises in house prices against those who see falls. A net balance of one per cent reported price rises in August, up from a -67 per cent a year ago in August 2023.
The report further confirms a sizable 14 per cent balance of professionals predicted a steady increase in house prices over the next three months. As surveyors are not generally known for their optimism, this is an unusually positive position for those normally seen as conservative in their views on property value.
The survey of members also indicated a rise in buyer demand with more people looking for homes to buy, possibly a result of the Bank of England’s base rate cut, as well as an increase in the supply of properties coming onto the market.
The optimistic outlook of the RICS members comes as many lenders cut their mortgage rates in recent weeks, and after the Bank of England cut the base rate from 5.25 per cent to 5 per cent at the start of August, the first reduction of 2024.
Colchester Rental Market Update – September 2024
The outlook for the rental market in general, and not just locally but across the country, remains challenging for renters as demand from tenants continued to grow in August, whilst the supply of rental properties coming to the market continues to be slow. There was a fall in the number of new landlords instructing estate agents in August, according to the RICS survey.
There was a strong feeling amongst surveyor respondents that this squeeze would continue to drive rental prices higher, with a net balance of 39 per cent of professionals predicting rent increases in the coming months.
The chief economist of the RICS, Simon Rubinsohn, said the latest survey ‘captures an improvement in sentiment’ over the past months, after a ‘modest decline in mortgage rates, with buyer interest improving, albeit from a relatively low base, and stock levels edging up’.
Rubinsohn emphasised, however, the need for ‘realistic pricing to get deals done’. He said there is ‘uncertainty both around the scope for further interest rate cuts and the likely contents of the forthcoming Budget keeping the mood in check’.
Some of the homes recently listed for sale in Colchester
House for Sale in Colchester – £335,000
House Sold in Colchester – Guide Price £375,000
House for Sale in Colchester – Guide Price £300,000
House for Sale in Colchester – £265,000
House for Sale in Colchester – £240,000
Apartment for Sale in Colchester – Guide Price £180,000
Considering a Move to Colchester
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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