As a landlord, whenever you are looking at houses for sale in Essex, you could find varying prices throughout an area like Colchester. In this article, this data will be simplified so you can find all of the data on one, convenient page.
So, from the rental yield of Colchester to the success you may expect to get when submitting planning permission. Everything you need to know about house for sale in the UK and in Colchester will be revealed. Keep reading.
Choose the right house for sale that suits your needs
Find here below a list of criteria that we suggest you consider before looking for houses for sale in Colchester
affordability – the UK gov website comes in helpful when you want to understand (see what house for sale you can afford)
Geographic Location – the county and region across the UK you are considering to invest in are crucial factors to consider when browsing houses for sale.
Transport network of the house for sale – Hopefully, the pandemic stays in the past. Therefore, working from home may become less predominant than a couple of years ago. Check the commuting time of the house for sale you are considering buying.
Bedrooms in the house for sale – are you looking for houses for sale for yourself, for a couple or for the whole family? This condition will narrow down the number of houses for sale relevant to buy.
EPC of the house for sale – today more than ever, the energy performance of the properties for sale on the market should be one of the first things you check.
Broadband speed – having a good internet connection is crucial nowadays. Always check the available subscriptions available for the areas of the house for sale you want to purchase
Are you a car owner? – if yes, you will have to check for parking availability of the house for sale. Does it come with a garage included in the price?
Conservation areas – when browsing for houses for sale, we suggest you take a look at the National Heritage list. When a house for sale is included it means that it is not possible for the future homeowner to make changes to the property, both inside and outside.
Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.
Are there any important statistics about the population of Colchester?
What does the population of Colchester look like?
The city of Colchester has a total population of 15332. Large population sizes can be good to show there is a high demand for people to buy houses in the area but a better indication is if the population of Colchester is growing.
A small population city can also have high prices of houses for sale, because, if there is a growing population, and demand is still high, this could mean the house prices are pushed up.
Either way, a population must also be looked at in terms of the appreciation of the area as well as the rental yields and if the area really meets your needs.
The five year population change of Colchester
Over time, in the last five years, the population of the city of Colchester has changed by 7%. This figure can tell you a lot because a growing population indicates a house is likely to appreciate. Read more here
In addition, looking at the 10 year figure for population growth in the below paragraphs can give you further evidence as to what the change in population has been for a longer period of time. As a result, you’ll know if this 7% population change is something that has been there for a while or if it is a new trend. Click here to know more on the UK population trends.
What is the difference in population over the last 10 years in Colchester?
In the last 10 years, there has been a shift in the population of 15%.
Comparing this to the 5 year figure of Colchester can tell you if there is a long history of population growth or decline, if there are population fluctuations or if the trend is stable.
New industries opening up in the area, the addition of new jobs and also international and national migration might all be reasons for changes in population size. Resulting in people moving in or leaving an area.
A good example of a quick change in population was in Stratford, London in 2012. Here, there was an increase in government spending in the area because of the Olympics which resulted in massive population growth.
Are the people of Colchester deprived?
Deprivation levels refer to the ability of the population of the city to earn enough to keep their lifestyle going. Nationwide, it is thought that the number of people at this level or not being able to meet the costs of living is around 33%. In comparison, the deprivation level of Colchester is £0.
How much do people in Colchester earn?
As earning potential goes up in a city, so does the quality of schools in the area, the general infrastructure and the social grade score (22%). All in all, the area becomes a more desirable place to live in.
This is why it is vital to pay attention to how much people are making annually in any city you plan on making a house purchase in. In Colchester, this works out to be £43,200.00. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.
In Colchester, how educated are people in general?
Interestingly, the percentage of people who have a degree in the city of Colchester is 29%. Most of the time, the more people that have a degree, the higher the average household income and the more likely someone is to be able to afford to purchase a house. For example, the average income of the citizens in the area of Colchester is £43,200.00.
Generally, areas with high numbers of people with a degree are also areas with more people likely to be home owners and therefore the value of houses and relative prices of the houses for sale are more likely to go up too.
Nonetheless, making predictions about the appreciation of a house also has to be considered alongside other factors like population growth and the rental yields of the area.
However, most of the time, being educated is a good indication of affluence with 82% of people graded a first in tertiary education going on to eventually own a house.
What is the city of Colchester’s social grade score?
The social grade of a city is useful when searching for a house for sale because it tells you what kind of jobs people have in the area. For example, there could be a lot of skilled manual workers or there could be a lot of pensioners and people on benefits.
The scale goes from a social grade of an A who are high managerial, administrative or professional workers to an E where people in this category are on state pensions, casual workers or unemployed on state benefits. The number of people in Colchester in grades A or B which are the highest skilled roles in the country is 22%.
Realistically, you can expect workers in this category to earn a higher salary too. For comparison, £43,200.00 is the average household income of the area. You can see how this figure is congruent with the number of people in the top two categories of the social grade at 22%.
In the city of Colchester, is there a lot of green space?
In the UK, there are a range of cities which have a lot of green space. In some cases, green space can get as high as 49% of outdoor land like in the city of Edinburgh. When specifically talking about Colchester, the city has 9 per 1000 residents.
This can be compared to an average of 1.7 acres of green space per 1000 residents which is the UK’s national average. It is up to you to decide how much you’ll let the amount of green space impact your buying decision in Colchester.
In Colchester, what is the crime rate?
Within Colchester, the number of people committing crimes is 33800% per 1000 people. This figure directly relates to the safety of residents in the area which is one of the biggest factors in whether an area is considered desirable or not.
As a result, someone looking to buy a house here hoping for it to appreciate in value or buying a house here to produce rental income should check out the crime rate and compare it carefully to the UK average of 79.52 for every 1000 people to see how safe people living there will be.
If the area’s crime rate is too high, this may result in you having to pay for the renovation of burglaries or pay a premium on home insurance as insurance companies will charge you more for living in a dangerous area. So analyse this 33800% figure carefully.
The city of Colchester, situated in Essex, is a particularly impressive part of the UK because of the specific demographics of the location.
In the below headings, the city of Colchester and its demographics will be compared to its wider location (East of England). This includes population size, growth and population education now and into the future.
These statistics are heavily influenced by socio-economic factors and as a result this also shapes the projected house price of the houses for sale in Colchester. So, taking a good look at the data is essential to understand the area you are considering to buy in.
Asking price in Colchester for a house for sale
Before a house gets sold, the figure it sells for always starts off as an asking price. This average asking price for the houses for sale in Colchester determines the eventual sale price of the house so it isn’t the most important figure but is still important to take note of. This figure is currently £238,117.
Below, there is a table showing the asking price of the different sizes of houses based on the number of bedrooms of the houses in Colchester.
Table showing the asking prices for houses for sale in Colchester
|Average asking price (1 bed)||£152,500|
|Average asking price (2 bed)||£212,219|
|Average asking price (3 bed)||£304,792|
|Average asking price (4 bed)||no relevant data for this city|
|Average asking price (5 bed)||no relevant data for this city|
The above table is perfect for understanding the distribution of properties in the area as well as looking at this data alongside the average asking price per square foot of £0. Telling you what type of house is most in demand relative to the price of the area.
This could be due to more people looking at particular types of houses for sale over others or even due to the fact that Colchester has a lack of supply of housing in certain categories.
In Colchester, what are the rental yields?
Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Colchester, currently, £0 people fall into this category.
Measuring this statistic against the nationwide average of 33% should give you a pretty good idea of where the city lies in the scale of poverty in the area and how much you can charge for rent in your ast (assured tenancy shorthold).
Is the housing market in Colchester growing?
Whenever you are thinking about looking for houses for sale in Colchester, think about how the city is growing and how this may impact the overall growth of the area.
Comparing the growth at different time periods would be a great way to assess whether the growth has slowed down, remained the same or perhaps stagnated over the years.
|1 year||3 years||5 years|
|Colchester growth rate||3%||11%||18%|
As the population of Colchester grows, this may also push up the price of the houses for sale. More people would be looking to buy homes and permanently live in the area. This demand helps a home appreciate. However, this isn’t always true because some cities build a lot of houses too to match the supply.
In general, for the city of Colchester, what are the final purchase prices for the houses for sale?
There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Colchester. In Colchester, this sale price works out to be £208,958. As an example, a factor like population growth over the last 10 years which works out to be 15% in Colchester and impacts house prices of the houses for sale.
|Housing category||Total final sale price|
|Average sold price (detached)||£333,169|
|Average sold price (semi-detached)||£254,510|
|Average sold price (terraced)||£216,703|
|Average sold price (flat)||£151,626|
Above, the exact type of house is also shown to vary in price in a table in Colchester. You may think that the bigger the house is the more expensive, but actually, this table is more based on the demand for the properties in each category.
|Housing category||Sale price per square foot|
|Average sold price/sqft||£2,800|
|Average sold price/sqft (new build)||£3,200|
|Average sold price/sqft (old stock)||£2,760|
In addition, here is the price per square foot. By taking this data and doing an average, it is also possible to work out the average square foot of houses in Colchester which is £2,800. From here you can get a sense of the price of the overall housing market and therefore, also find out the prices of the houses for sale.
Other cities in different locations you can consider to buy property
You can consult our list below that goes over a list of cities not necessarily in East of England, allowing you to find similar places to Colchester:
- aberuthven in East of England
- crigglestone in East of England
- christchurch in East of England
- borough-green in East of England
- blundellsands in East of England
You may also refer to our webpage specific to UK houses for sale to get an overview of the large number of cities in the area, houses for sale in the UK
Professional advice for houses for sale in Colchester
Considering all the above data and information provided, you may want know who can help you buy a house for sale.
Lots of professionals offer property investors and first-time buyers advice and assistance in dealing with the process of acquiring a house for sale.
Below, you can find a list of professionals that come in handy when looking for houses for sale:
- Lender – Is someone capable of lending you the money you need to complete the purchase of the house for sale
- Insurer – Insurance companies provide building insurances and other financial products you need to protect your real estate assets
- Conveyancer – This professional will take care of the legal work needed when looking for a house for sale
- Surveyor – Use this professional to assess the condition of the house for sale you are willing to buy, get an independent valuation and feel more comfortable when negotiating the final price
- Mortgage broker or adviser – Different buyers can access different mortgages to buy a house for sale. Let the mortgage broker suggest to you which one is the best given your financial situation
- Energy professional – Nowadays is more important than ever, to get professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering as your next investment
Frequently Asked Questions
Is it possible to renovate a property in Colchester?
Amidst the urban landscape of Colchester, an intriguing figure for determining if a property can be renovated is the success of planning permission. The monthly total of planning applications in the area is 4 and on the other hand, there is a planning success rate of nan. It is also useful to take into consideration the population size of the area (15332).
What’s the number of property sales each month in Colchester?
In Colchester, the monthly property transaction count reaches 13, a small percentage of the total house sales in the United Kingdom which equates to approximately 1.1 million.
How does the population in a city like Colchester change annually?
To assess the shifts in Colchester’s population over time, analyse how the population has altered. Look at the ten year change of population of 15%, alongside the five-year change of 7%.
In the larger vicinity of Colchester, what is the cost of houses available for sale?
The average asking price of a house in Colchester is currently £0 based on the average price per square foot.
Is a house for sale in Colchester an expensive choice?
Calculate if a property is on the pricier side by matching a listed house for sale against the mean selling prices. In Colchester, this value is £208,958, compared to the UK’s average of £286,500.