Surge in Easter listings as first-time buyer sales hit record high.

Waterside Lane, Colchester - April 24 News letter

Colchester Property Market Update March 2024

Andrew WadeBy Andy Wade – Director Gallant Richardson Colchester

Recent data from property portal Rightmove confirms that Thursday 28th March, the day before Good Friday, saw the largest number of property listings come to the market in any single day this year.

The post also confirms that the 28th, the final day before the Easter Bank Holiday weekend, was the third biggest day for new property listings coming to the market since August 2020. Boxing Day of 2022 and 2023 were the only days with more properties coming to market in one day. 

With 45% more homes were listed on Rightmove on Thursday 28 March than the previous Thursday, as sellers rushed to get their homes on the market to try and capture the attention of buyers across the Easter weekend.

The portal confirms that the property market continues its recovery following a difficult 2023, with asking prices up by 0.8% over the past year, currently standing at £368,118 across the country as a whole.

The regional picture of how the property market has performed since March 20, pre-COVID, has seen considerable price variations, with asking prices up by 29% since March 2020 in Wales, versus an 8% uplift in London.

Interestingly, the South East at 17% is towards the bottom end of the scale, but in monetary terms, 17% equates to an increase of over £70,000, compared to 29% for Wales at the top of the list, which equates to just over £57,000.

Region Ave. asking price March 2024 Ave. asking price March 2020 % change
Wales £256,499 £199,249 29%
North West £257,185 £201,199 28%
Yorkshire and The Humber £247,054 £196,002 26%
East Midlands £287,145 £230,783 24%
West Midlands £288,945 £233,224 24%
South West £383,889 £313,127 23%
North East £187,592 £153,694 22%
Scotland £190,067 £159,149 19%
South East £478,936 £408,796 17%
East of England £415,199 £356,709 16%
London £686,844 £638,826 8%
Great Britain £368,118 £312,625 18%

First-time buyer sales hit record high

 According to research from Hamptons, the number of homes purchased by first-time buyers so far this year has reached record levels. The research shows that lower mortgage rates have led the first-time buyers accounting for a staggering, record-breaking, third (33%) of all buyers across the whole of Great Britain during the first quarter of 2024.

The 33% figure has risen from 29% in 2023, which set the previous record, the increase is attributed to improved affordability which has helped unlock moves from those who couldn’t afford to buy last year. Over the past decade, the share of homes bought by a first-time buyer in Great Britain has doubled, from 17% in 2014.

London saw the biggest increase, according to the research.First-time buyers purchased a record 50% of all homes sold in the capital so far this year.  This marked a 9% uplift from the 41% recorded in 2023 and is up from 28% a decade ago.

Here is a selection of our first-time buyer homes for sale in Colchester –

House for sale in Colchester – £350,000

House for sale in Colchester – £325,000

House for sale in Colchester – £270,000

House for sale in Colchester – £260,000

Flat for sale in Colchester – £155,000

Moving in Colchester

There continues strong demand for properties both for sale and to rent in Colchester at the moment, with many first-time buyers 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

See our ‘Customer Reviews’.