Feb 07, 2023 by HM

House prices in Broomfield (CM1 7)

This article reveals price per square metre data and various charts to help you understand current housing market in Broomfield (CM1 7).

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Price per square metre

Knowing the average house price in Broomfield is not much use. However, knowing average price per square metre can be quite useful. Price per sqm allows some comparison between properties of different size. We define price per square metre as the sold price divided by the internal area of a property:

£ per sqm = price ÷ internal area

E.g. 8, Sherborne Road, Broomfield, Chelmsford, sold for £375,000 on Oct-2023. Given the internal area of 75 square metres, the price per sqm is £5,000.

England & Wales have been officially metric for many decades. However house price per square foot is sometimes prefered by those of sufficiently advanced age. They may want to convert metres on this page to square feet.

The chart below is called a histogram, it helps you see the distribution of this house price per sqm data. To make this chart we put the sales data into a series of £ per sqm 'buckets' (e.g. £4,700-£5,000, £5,000-£5,300, £5,300-£5,600 etc...) we then count the number of sales with within in each bucket and plot the results. The chart is based on 189 sales in Broomfield (CM1 7) that took place in the last two years.

You can see the spread of prices above. This is because although internal area is a key factor in determining valuation, it is not the only factor. Many factors other than size affect desirability; these factors could be condition, aspect, garden size, negotiating power of the vendor etc.

That said, the spread of prices will give you a feel of the typical range to expect in Broomfield (CM1 7). Of the 189 transactions, half were sold for between £4,100 and £5,000 per square metre. Notably, only 25% of properties that sold recently were valued at more than £5,000m². For anything to be valued more than this means it has to be more desireable than the clear majority of homes.

For the average, we calculate the 'median' or middle price. The median price per square metre in 'CM1 7' is £4,590. The table below shows how 'CM1 7' compares to neighbouring postcode sectors.

Postcode sector	Lower quartile	Middle quartile	Upper quartile
CM1 2 Chelmsford	£3,900m2	£4,440m2	£5,060m2
CM1 6 Springfield	£4,000m2	£4,570m2	£5,260m2
CM1 4 Roxwell	£4,110m2	£4,710m2	£5,280m2
CM1 3 Writtle	£3,780m2	£4,460m2	£5,160m2
CM1 7 Broomfield	£4,100m2	£4,590m2	£5,000m2
CM1 1 Chelmsford	£3,800m2	£4,280m2	£4,820m2

Will Broomfield house prices drop in 2024?

I cannot tell the future and don't believe anyone who says they can. I can however plot price trends - I have done this in the scatter plot below for CM1 7 (Broomfield). From this one could infer a range of reasonable possible future price falls or rises. In the chart below, the red dashed line is the house price trend for CM1 7 and the blue dots are the individual property sales that inform this trend.

Disclaimer: The data provided throughout this website about Broomfield and any other area, is not financial advice. Any information provided does not and cannot ever take in to account the particular financial situation, objectives or property needs of either you or anyone reading this information. Furthermore, I cannot guarantee the accuracy of any data shown. This information is based on sold prices and internal area data provided by Land Registry and other third parties - I do not verify the accuracy of the Broomfield data or any other data I am given.

Price map for Broomfield

I've just finished coding the map I link to below. I find it useful and I am sure it will help you in exploring Broomfield. You can zoom in all the way to individual properties and then all the way back out to see the whole country. The colours show the current estimated property values. I will explain more about the methodology and create a key next week.

House price heatmap for Broomfield

Street level data

Street	Avg size	Avg £/m2	Recent sales
Main Road, Broomfield, CM1 7B	78m2	£4,384	22
Hill View Road, Broomfield, CM1 7R	94m2	£4,222	18
Main Road, Broomfield, CM1 7A	92m2	£4,255	18
Nash Drive, Broomfield, CM1 7B	63m2	£4,866	18
Humber Road, Broomfield, CM1 7P	130m2	£4,525	15
Tamar Rise, Broomfield, CM1 7Q	62m2	£3,706	13
Arbour Lane, Broomfield, CM1 7R	73m2	£4,629	13
Ashford Place, Broomfield, CM1 7F	114m2	£4,178	12

Search for your street here.

New build activity

Street	Avg size	Avg £/m2	New build sales
Petty Croft, Broomfield, CM1 7F	126m2	£4,143	25
Searle Crescent, Broomfield, CM1 7F	93m2	£3,899	10

Petty Croft, Broomfield, CM1 7F has seen 25 new build sales in the last 4 years (average price £528,410). These new build homes typically have an internal area of 126 m2, with an average price of £4,143 m2. This £sqm average is £-447 below the average for CM1 7. New builds typically command a £ per sqm premium. In the case of Petty Croft the premium seems not to exist. Without more info we can only speculate why this may be. Perhaps it may be greater density and smaller gardens, but this is just a guess.

Raw data

Our analysis of Broomfield is derived from what is essentially a big table of sold prices from Land Registry with added property size information. Below are three rows from this table to give you an idea.

Address	Paid	m2	£/m2
8, Sherborne Rd, Broomfield, Chelmsford	£375,000 Oct-2023	75	5,000
2, Julian Close, Broomfield, Chelmsford	£455,000 Oct-2023	110	4,136
22, Erick Avenue, Broomfield, Chelmsford	£417,500 Sep-2023	56	7,455

See the entire list of all sales in Broomfield (CM1 7) here.