Choosing the perfect location to buy property in the UK involves a lot of factors.
This piece discusses the nature of Rightmove (and other listing platforms) data for Colchester, aiming to guide your investment decisions.
It’s worth noting that currently, 13 properties are listed for sale and sold on Rightmove in this area every single month so you have an idea of your options to pick from.
We will also go over the properties for rent in the area on Rightmove if you are looking to become a new tenant.
On Rightmove and in Colchester, how many HMOs are licenced?
In Colchester, of the total number of licensed HMOs (nan) that are legally registered as a House of Multiple Occupancy, the average asking rent is no relevant data for this city. If you are trying to find a cheap way to rent but also don’t want to share the entire property with other renters, you also have the option to rent a room with a bathroom attached. These are known as ensuites and the cost to rent one in Colchester is currently £555, usually slightly above what is asked to rent a normal room without an ensuite in a HMO.
By analysing Rightmove in Colchester, is there a lot of green, outdoor space?
Green space is a vital element that is often compromised in different locations, hindering its availability. For instance, urban areas frequently fall short of the recommended benchmark of 6 acres of green space per thousand people. In Colchester, the available data reveals that there are 27.0 acres of green space per thousand residents. For health reasons, there should be 6 acres.
In Colchester, what property are people trying to rent on Rightmove?
How to examine income data from Rightmove for Colchester
If you are renting or looking to rent, it is good practice to recognise if in the area you are searching, the people have higher incomes. The average household income in this area is £45,160.56 and this figure on a nationwide level has an average of £34,000. It is important to understand this because you want to be in a location that suits your taste and budget.
Colchester’s demographics also reveal a population of 15332 individuals and a percentage of people with degrees falling at 29%. Keep this in mind too and compare it to the average percentage of degrees in the UK which is 22.6%. You don’t necessarily want to be around people you aren’t like or have nothing in common with.
In Colchester, here’s what Rightmove data says about social rent and affordable housing
It is well researched and understood that humans like to associate themself with similar people and this is why it’s important to find an area where people are earning a similar amount to you. The percentage of people who are renting from the government is 10% in Colchester. And they have an average household income of £45,160.56. If you think these numbers are similar to your financial situation or reflect an area you want to live in, then this is a good sign.
To rent a property, the below subheadings go over everything relevant for those looking to rent out a house.
Home listings in Colchester on the platform of Rightmove
On Rightmove, how many planning permission applications are there based in Colchester?
On Rightmove, there are a lot of people who plan to make amendments to their property and 8,000 people every month go through the process. In Colchester, this number is 4 every month and the success rate for planning permission is nan.
Rightmove records planning success as a good metric for investors to get a gauge on how familiar people are with renovating their homes. A higher success indicates investors have done improvements before and they are good at renovation. This suggests that if you are looking to buy in Colchester, you may be able to do the same and make some money.
How can property investments be made using Rightmove data?
Rightmove data can tell you a lot about the average asking rents of the area of Colchester. For example, the table below goes over how rents are distributed according to the number of rooms in the property. Also, the national figure for rental yield that is most common is 4.4%. The £0 which is the average yield of rent in the area can be compared for reference.
Read on to see what kind of rent you are looking to charge if you bought a property to see what size is best. Bear in mind as you do so that the average amount of rent that is asked for is £986.
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A quick insight into Rightmove property Colchester
When considering buying a house for an investment in the area of East of England, you can click here to find further information about houses for sale. There are also a few metrics to look at that make the investment more appealing.
For instance, you should look at the number of property sales that the area has every month which is 13. This, alongside the city’s relative population, should give you an indication of the turnover. The turnover is a piece of data that looks at how many houses have been sold in relation to the number of properties there are.
On average throughout the UK, in a calendar year, this data is around 22% but for Colchester it is 0.54. Finally, a growing population is always a good sign. The change in population that has happened over the last decade has been 15%. So, you can make of that as you will.
Looking to buy a house? Rightmove offers a diverse selection of properties for sale. Some of these listings are sold to homeowners and some are sold to investors looking to make a return. Check out more data related to properties for sale in other areas by checking out our list of properties that are for sale throughout the UK if you are interested in comparing Colchester to other regions.
Average sold prices of properties on Rightmove
Using Rightmove, there is an average sold price of property that is £208,958 in Colchester. The average sold price provides a benchmark for understanding property values in the area and you may want to look at a more detailed overview of individual types of property below.
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Is it important to look at yield in Colchester in further detail?
A serious investor will know what yield is and how to work it out. The formula is true for Colchester and everywhere else in the UK. Simply calculate net rental yield and the purchase price of the home and then divide the former by the latter. When this calculation is done, for Colchester the figure is £0.
This £0 as a percentage is essentially the amount of money that a landlord makes from the deal in relation to the amount of money they have invested. Take a look at other calculations too like return on capital invested to get a return that is comparable to a direct “return on investment” calculation such as that of a bank.
Frequently Asked Questions by Rightmove users
What is the average property price in Colchester on Rightmove?
The average property price for the UK currently stands at £286,000. In the local area of Colchester, the average price of a house for sale in the area is £208,958
In the process of property hunting on Rightmove in Colchester, do hidden costs come into play?
It’s essential for landlords to stay alert to an array of costs that you could be subject to as a landlord. These may include, stamp duty rates, costs that may come up due to renovation and also making sure they are aware of the things you can write off as a landlord in a limited company as opposed to your personal name.
Is there substantial criminal activity in the area around Colchester as indicated by Rightmove?
In Colchester, the prevailing crime rate results in 33800% occurrences for every 1000 residents. This contrasts with the nationwide average of 79.52 incidents for every 1000 individuals.
In Colchester, how many sales per month are there according to listing portals?
To evaluate what listing portals like Rightmove would infer about the amount of properties that are being sold, you can look at the houses sold each month which is 13. Typically, the higher this figure is, the more likely it is that this area is highly sought after and there is a strong buyer demand. Check out the property sales in a similar area in order to find a comparison.
On Rightmove, how much does a three-bed property typically cost in Colchester?
Properties with three bedrooms command an average asking price of £1,008. This can be juxtaposed with the mean property price of the entire united kingdom which is £286,000. Or, for a more accurate figure, you can compare it to the average price of a three bed property in the UK which is £283,706.