The latest figures show that the average price paid by a first time buyer purchasing property in Colchester was last recorded at £149,660 as of July 2024. This value is based upon the average value of completed property transactions in July.
Average prices paid by a first time buyer for properties in Colchester have increased substantially in the last decade. Back in January 2012, the average price paid by a first time buyer stood at £149,660. Fast forward to January 2012, and the average price has increase to £149,660, representing a growth of 0% over 0 years.
This substantial increase for first time buyers in Colchester far outpaces broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep rise in prices paid by first time buyers in Colchester over the past decades.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
The latest figures from July 2024 indicate the property market in Colchester continues to show rising price trends. Compared to June, 2024, average prices increased by 0.1% to £308,992. On an annual basis, average property prices have increased 1.9% since 12 months ago.
In terms of sales activity, there were 99 residential property transactions completed in Colchester during July, 2024. Of these purchases, 69 were financed with a mortgage while 9 were all-cash sales. For cash buyers, average prices have changed by 0.1% since June, 2024, coming in at around £300,079. For properties purchased with a mortgage, the average price changed by 0.1% since June, 2024, to £312,740.
Compared to the overall picture in its national parent England, the average property price in Colchester are higher than the current national average of £305,879. While Colchester saw a change of 0.1% over the last month, England as a whole recorded a percentage change of 0.2% in average property values. And on an annual basis, prices across England have grown by 1.6%, less than the 1.9% yearly change seen in Colchester.
Interested in purchasing a property in Colchester? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Colchester by housing type
Prices last recorded in July, 2024
average
£308,992
detached
£511,270
flat
£175,844
semi-detached
£330,724
terraced
£270,163
Prices by housing type in Colchester
Recent data shows that price growth has varied across different property types in Colchester over the last year. For terraced houses, property prices changed by 0.1% between July 2024 and June 2024 to reach £270,163, and changed by 2.5% over the last 12 months. The annual change was less than the 1.8% change seen for terraced homes in England overall.
Meanwhile, semi-detached properties saw a rise in average prices locally, taking them to £330,724 in June 2024. This represents a 0.2% change from the same month last year.This is outperforming the 2.2% annual change in semi-detached values across the country.
Detached homes in Colchester gained 0.2% month-over-month to reach an average of £511,270. Annually, detached property values have changed by 1.5%. This is weaker price growth compared to England's 1.6% change for detached houses over the year.
For apartments and flats, average prices decreased by -0.1% between July and June 2024, hitting £175,844. Over the last 12 months, apartment values have changed by 0.2%, lagging England's flat and apartment growth rate of 0.4%.
Overall, semi-detached properties have seen the strongest price momentum locally over the past year, with a change of 3%, while flat properties lagged, with a change of 0.2%.
Recent purchases in Colchester
According to data from HM Land Registry, there were 99 completed property purchases in the area of Colchester in July 2024. Of these sales, 9 were recorded as cash purchases whilst 69 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by 2% and the percentage of properties purchased with cash has changed by 1.5%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
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