By Andy Wade – Director Gallant Richardson Colchester
Colchester Property Market Update – October 2024
Update from Gallant Richardson Estate Agents in Colchester – The property market is showing continued signs of recovery, according to a report from the nation’s surveyors, while renters face increasing pressure due to a decline in available rental properties.
The latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey for September 2024 revealed that UK house prices saw positive growth nationwide for the first time in nearly two years.
In September, more surveyors reported rising prices than falling ones, marking the end of a negative or flat trend that had persisted since October 2022.
With borrowing costs expected to decrease further, house prices are predicted to rise across the UK over the next year. Additionally, surveyors noted that demand for homes, sales, and new listings all returned to growth last month.
RICS head of market analytics, Tarrant Parsons, says:
“The latest survey results once again convey a brighter picture for housing market activity, with the recent easing in mortgage interest rates continuing to support a recovery in buyer demand.
“Critical for the outlook, a further unwinding in monetary policy is anticipated over the months ahead, which should create a more favourable backdrop for the market moving forward. In keeping with this idea, forward-looking sentiment data from the survey points to sales volumes gaining impetus, both in the near-term and over the next twelve months.”
Rental Market
Renting a property in the UK is becoming harder as demand continues to grow and outstrip supply.
RICS reports that demand from tenants increased again last month, while there was a drop in the number of properties listed for rent – possibly because landlords are fearful of capital gains tax (CGT) changes in the budget later this month.
The RICS explains:
This trend is further influenced by some landlords listing their properties for sale before potential CGT rises. Unfortunately for renters, the continuing squeeze on supply will likely mean further rent rises and difficulties finding property.
Some of the homes recently listed for sale in Colchester
House for Sale in Colchester – Guide Price £360,000
House for Sale in Colchester – Offers Over £350,000
House for Sale in Colchester – £265,000
Apartment for Sale in Colchester – £230,000
Bungalow for Sale in Guide Price £160,000
Considering a Move this Autumn?
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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