House prices in 'CM2 6', Chelmsford

This article reveals price per square foot data and various charts to help you understand current housing market in 'CM2 6' (Chelmsford) - statistics were last calculated on 16 October 2024.

Defining 'CM2 6'

This analysis is limited to properties whose postcode starts with "CM2 6", this is also called the postcode sector. There are no official postcode sector names so I've just labelled it CM2 6, Chelmsford. It is shown in red on the map below.

Want to change geography?

You can click on the map above to change to a neighbouring sector, or you can use the search form below.

Price per square foot

Knowing the average house price in CM2 6 is not much use. However, knowing average price per square foot can be quite useful. Price per sqft allows some comparison between properties of different size. We define price per square foot as the sold price divided by the internal area of a property:

£ per sqft = price ÷ internal area

For example in July 2024, 16, Allen Way, Chelmsford, CM2 6GF sold for £490,000. Given the internal area of 1,291 square feet recorded on the EPC, the price per sqft is £490,000 ÷ 1,291 sqft = £379.

England & Wales have been officially metric since 1965. However house price per square foot is prefered by some estate agents and those of sufficiently advanced age ;-). It is a huge pain to code the automatic conversion for square meters to square feet for all the graphs and charts on CM2 6 and elsewhere. All the conditionals turn my tidy code for into spaghetti. I will get around to it at some point, but for now you can just divide everything by 10 in your head, move a decimal place and you'll be close enough. If you want to be more precise 1 sqm = 10.76391 sqft.

Distribution of £ per sqft for 'CM2 6' vs 'CM2'

The chart above is called a histogram, it helps you see the distribution of house price per sqft in CM2 6 To make this chart we put all the sales data into a series of £ per sqft 'buckets' (e.g. £445 to £464, £464 to £483, £483 to £501 etc...) we then count the number of sales with within in each bucket and plot the results. The histogram is based on 400 sales that took place in CM2 6, Chelmsford in the last 24 months.

Generate a custom histogram like the one above but based on your own criteria.

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.

The spread of prices will give you a feel of the typical range to expect in CM2 6, Chelmsford. Notably, only 25% of properties that sold recently were valued at more than £486 sqft. For anything to be valued more than this means it has to be more desireable than the clear majority of CM2 6 homes.

Box plot of £ per sqft for CM2 6

Tip: click on the chart to see the values.

The chart above is called a boxplot (or a box-and-whisker plot). Box plots, like histograms, are used to graphically represent the distribution of data, showing the central tendency, spread of the distribution. In the context of £ per square foot property price distributions, box plots represent the variation in property prices within a geographic area e.g. Chelmsford. The chart above shows a boxplot for 'CM2 6' as well as the 'CM2' postcode district.

  • Median: The horizontal line inside the box represents the median (£ per square meter). This is the midpoint of the data, meaning 50% of the prices are below this value, and 50% are above. The middle price per square foot in 'CM2 6' is £439.
  • Interquartile Range (IQR): The box spans from the 25th percentile (Q1) to the 75th percentile (Q3). This is the range where the middle 50% of the data lies, giving a good indication of the typical price spread. Of the 400 transactions in CM2 6, Chelmsford half were sold for between £386 and £486 per square foot.
  • Whiskers: In our case, the whiskers extend from the 9th percentile (at the lower end) to the 91st percentile (at the upper end), This provides a slightly broader view of the distribution by including the middle 82% of records. The whiskers capture most of the variation but exclude extreme outliers caused by data errors in recording sold house prices or internal area.
  • 'n=' is the number of property transactions the box plot is based on; 400 for CM2 6, Chelmsford.

    • Property price map for Chelmsford

    Have a look at the interactive price map I created for myself. Use it to explore 'CM2 6' house prices all the way down to individual property plots.

    Property price heatmap for Chelmsford
    House price map for Chelmsford

    Chelmsford house price forecasting

    I cannot tell what house prices will do in the future and don't believe anyone who says they can. However we can plot price trends, I have done this in the chart below for CM2 6 (Chelmsford) compared with the wider postcode district of CM2. You can extrapolate from this based on your own views on future interest rates, inflation and other factors.

    House price index for CM2 6

    Tip: click on the legend items to show/hide different lines

    Download house price index as CSV (premium users only).

    The chart above shows changes in 'CM2 6' property prices over the last 20 years. The index is calculated from the average price paid per sqft for property in CM2 6 and is set to 100 in 2004. I'm comparing the trends for CM2 6,Chelmsford with the wider postcode district of CM2 What is more interesting is to look at the difference between flats and houses, even those in the same area follow a very different trend, to get a robust enough sample size to see this we need to zoom out and look at house price trends for the entire Chelmsford local authority.

    The dashed lines show nominal house price changes, the solid lines show the same data adjusted for inflation. Economists call this the 'real' price change. You have to take inflation into account when comparing prices over time. It's calculated using the formula:

    Real Rate of Return = (1 + Nominal Rate) ÷ (1 + Inflation Rate) – 1
    In this formula, the nominal rate is the rate of change before any adjustments, and the inflation rate is taken from the Consumer Price Index. The real rate of return is a more accurate measure of change in value, because £1 today does not have the same buying power as £1 in the past. For example, if a savings account pays an interest rate of 3% per year and the inflation rate is 5% per year, the real rate of return is -2%. This means that the investment's value is shrinking by 2% each year.

    Historic returns for CM2 6
    CM2 6 sector CM2 district
    Nominal Real Nominal Real
    20 yr per annum 3.1% 0.5% 3.3% 0.6%
    20 yr total 85.1% 9.6% 90.2% 12.7%
    10 yr per annum 3.6% 0.8% 3.7% 0.9%
    10 yr total 42.6% 8.2% 44.3% 9.6%
    5 yr per annum 2.2% -1.8% 2.1% -1.9%
    5 yr total 11.6% -8.7% 11.2% -9.0%
    1 yr per annum -1.9% -5.8% 0.8% -3.2%
    1 yr total -1.9% -5.8% 0.8% -3.2%

    This table complements the house price index chart above, presenting the data in a more detailed format. It breaks down the information into 20-year, 10-year, 5-year, and 1-year periods, further categorized by property type. For each period, we display both a per annum rate of change and a total rate of change.

    The total rate of change represents the overall change over the entire period. The formula for total return is:

    Total return = (Index at end of period ÷ Index at start of period) - 1

    The per annum rate of change is the annualized rate of change over the period. This is equivalent to the annual bank savings rate you would need to achieve the same total return over the given period. This annualized return is also known as the Compound Annual Growth Rate (CAGR). The formula for CAGR is:

    CAGR = (1 + Total return) ^ (1 ÷ Number of years) - 1

    Some specific examples:

    • Over the past 20 years, CM2 6 sector have seen a 0.5% annual change when adjusted for inflation. This translates to a total change of 9.6% in real terms.
    • Over the past 5 years, CM2 6 sector have seen a -1.8% annual change when adjusted for inflation. This translates to a total change of -8.7% in real terms.

    Most recent CM2 6 sales

    For the most recent sales activity, rather than a summarized average, it is better to see the underlying data. This is shown in the chart below, where blue dots represent individual sales, click on them to see details. If there is an obvious trend you should be able to spot it here amid the noise from outliers.

    Tip: hover over dots to see details

    Street level data

    Street Avg size Avg £sqft Recent sales
    Springfield Road, Chelmsford, CM2 6J 54 sqm £337 29
    Springfield Road, Chelmsford, CM2 6A 109 sqm £397 22
    Pollards Green, Chelmsford, CM2 6U 73 sqm £445 20
    Ramshaw Drive, Chelmsford, CM2 6U 54 sqm £403 19
    Sandford Road, Chelmsford, CM2 6D 98 sqm £443 19
    Colyers Reach, Chelmsford, CM2 6R 45 sqm £434 19
    Beeleigh Link, Chelmsford, CM2 6P 73 sqm £396 18
    Jeffcut Road, Chelmsford, CM2 6X 46 sqm £398 17

    Search for your street here.

    Nearby geographies

    The table below shows how 'CM2 6' compares to the other postcode sectors in CM2.

    Sector Lower quartile Median Upper quartile Sales in last 2yr
    CM3 4 Danbury £383 sqft £435 sqft £495 sqft 161
    CM3 3 Boreham £377 sqft £432 sqft £477 sqft 160
    CM2 9 Chelmsford £392 sqft £444 sqft £485 sqft 350
    CM2 8 Chelmsford £357 sqft £401 sqft £453 sqft 266
    CM2 7 Great Baddow £365 sqft £406 sqft £457 sqft 179
    CM2 6 Chelmsford £386 sqft £439 sqft £486 sqft 400
    CM2 0 Chelmsford £363 sqft £415 sqft £482 sqft 237
    CM1 7 Broomfield £364 sqft £426 sqft £464 sqft 180
    CM1 6 Chelmsford £375 sqft £428 sqft £488 sqft 324
    CM1 1 Chelmsford £340 sqft £394 sqft £452 sqft 214

    Raw data

    Our analysis of CM2 6 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 sqft £/sqft
    16, Allen Way, Chelmsford £490,000
    Jul-2024
    		 1,291 379
    55, Sheppard Drive, Chelmsford £340,000
    Jul-2024
    		 731 464
    25, Bishops Court Gardens, Chelmsford £907,500
    Jul-2024
    		 2,152 421

    See the entire list of all sales in CM2 6 here.

    About

    I created HouseMetric because I wanted to see this data and analysis myself, I also wanted to teach myself to build a website. Please give me feedback or spread the word about it. I'm constantly tinkering and adding more stuff to it.