Good news for Colchester homeowners! House prices are rising, outpacing both the regional and national averages.

The latest figures from the Land Registry reveal that the average house price in Colchester climbed by 0.6% in August, reaching a healthy £309,760. That’s a tidy increase of £9,300 compared to the same time last year – a jump of 3.1%!

How does this compare to the rest of the UK?

Colchester is outperforming the neighbours! The East of England as a whole saw a more modest increase of 1.4%, while the UK average came in at 2.8%.

What’s driving this surge in Colchester?

Experts suggest that Colchester’s blend of affordability, excellent schools, and convenient transport links is attracting both first-time buyers and families looking for more space.

Thinking of selling? Now could be the perfect time.

Colchester’s property market is hot! With demand high and prices on the rise, sellers are in a strong position.

First-time buyers face a challenging landscape.

It’s not all rosy. The average price for first-time buyers in Colchester is now a daunting £263,500. That’s a hefty £9,700 more than a year ago.

What type of property is performing best?

Terraced houses are leading the charge, with prices shooting up by 3.9% in the last year alone. Detached houses, while still desirable, saw a slower growth of 2.1%.

Here’s a quick breakdown of average property prices in Colchester:

• Detached house: £509,235
• Semi-detached house: £331,634
• Terraced house: £272,087
• Flat: £177,087