House prices in Colchester continue to rise

House prices in Colchester continue to rise - Gallant Richardson - March 2024

Andrew WadeHouse 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 –

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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