Recently Listed – Barfield Road, West Mersea, Colchester – Guide Price £650,000
Colchester Property Market Update – August 2023
By Andy Wade – Director Gallant Richardson Colchester
What’s really happening to the property market in Colchester?
Unsurprisingly, the property market in Colchester, like the rest of the country, has cooled from the frenetic pace of the market in 2022. Although market fluctuations are nothing new, historically the property market has always had its ups, followed closely by a period of correction. Those of us with a long enough memory will remember or maybe even have experienced the same in the late 1980s, and for those with a very long memory, the 1970s before that.
History does have the habit of repeating itself. So in 5 or so years we will all look back and wonder what all the fuss was about. Property has and will always be the best investment the vast majority of us will ever make over the longer term.
It was unrealistic to expect the increasing property values of the 2022 market to be never-ending, as sooner or later the bubble bursts, and first-time buyers, who are the foundation of the market, are priced out, as their incomes simply can’t stretch to meet mortgage requirements.
Selling your home in Colchester in the current market
What many of today’s sellers struggle to get their heads around, is that the price they sell their home for shouldn’t be what’s important. What is important, is the difference, the gap between what they sell their home for and what they pay for their new home.
For the pragmatic seller, selling their home in today’s market can work out much better for them. Whilst the price they get for their property might be less than they would have expected, their onward property purchase should also be less than expected. And as most sellers are trading up in value, the likelihood is that in pound notes paid, they will be much better off.
Better off because, with a reduced purchase price, they borrow less, pay less stamp duty, lower legal and estate agency fees, it’s a win-win…
Buying a home in Colchester in the current market
It’s easy to get caught up in the media coverage of the current property market, but there are lots of savvy buyers out there just getting on with it. As long as sellers are sensible about price, these motivated buyers are looking to do deals and when sellers become buyers, they too can benefit from the same opportunities.
Recently listed homes for sale in Colchester
Here are just a few of the recently listed properties in Colchester –
Olley Walk, Tiptree, Colchester – Guide Price £550,000
Jackdaw Drive, Stanway, Colchester – Guide Price £330,000
Vitoria Mews, Colchester – £145,000
Haye Lane, Fingringhoe, Colchester – Guide Price £600,000
Vint Crescent, Colchester – £325,000
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’.
Considering a move in Colchester?
Please feel free to call me if you are considering selling your home in the Colchester area, either for an informal chat about the market and how we might help you with this or to book a market appraisal.
Good luck with your house hunting.
Andy Wade – Gallant Richardson
See our customer reviews.