Feb 07, 2023 by HM

House prices in Witham (CM8 1)

This article reveals price per square metre data and various charts to help you understand current housing market in Witham (CM8 1).


Price per square metre

Knowing the average house price in Witham 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. 11, Helford Court, Witham, sold for £295,000 on Sep-2023. Given the internal area of 87 square metres, the price per sqm is £3,390.

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. £3,800-£4,000, £4,000-£4,200, £4,200-£4,400 etc...) we then count the number of sales with within in each bucket and plot the results. The chart is based on 405 sales in Witham (CM8 1) that took place in the last two years.

Distribution of £ per sqm for Witham (CM8 1)
Distribution of £ per sqm house prices in Witham

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 Witham (CM8 1). Of the 405 transactions, half were sold for between £3,310 and £4,290 per square metre. Notably, only 25% of properties that sold recently were valued at more than £4,290m2. 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 'CM8 1' is £3,760. The table below shows how 'CM8 1' compares to neighbouring postcode sectors.

Postcode sector Lower quartile Middle quartile Upper quartile
CM8 1 Witham £3,310m2 £3,760m2 £4,290m2
CM8 2 Witham £3,380m2 £3,810m2 £4,460m2
CM8 3 Silver End £3,700m2 £4,110m2 £4,660m2

Will Witham 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 CM8 1 (Witham). 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 CM8 1 and the blue dots are the individual property sales that inform this trend.

Price per square metre in Witham (CM8 1) over time
House price trends for Witham

Hover on any blue dot to see details of specific sales

Disclaimer: The data provided throughout this website about Witham 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 Witham data or any other data I am given.

Price map for Witham

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 Witham. 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.

Property price heatmap for Witham
House price heatmap for Witham

Street level data

Street Avg size Avg £/m2 Recent sales
Epping Way, Witham, CM8 1N 67m2 £4,279 31
Newland Street, Witham, CM8 1A 51m2 £2,284 31
Constance Close, Witham, CM8 1X 52m2 £4,140 30
Halcyon Close, Witham, CM8 1G 79m2 £3,291 27
Mortimer Way, Witham, CM8 1U 66m2 £3,603 22
Holst Avenue, Witham, CM8 1S 82m2 £3,296 21
Claudius Way, Witham, CM8 1P 53m2 £4,345 20
Humber Road, Witham, CM8 1T 80m2 £3,282 20

Search for your street here.

New build activity

Street Avg size Avg £/m2 New build sales
Adams Croft, Witham, CM8 1Z 152m2 £3,696 10

Adams Croft, Witham, CM8 1Z has seen 10 new build sales in the last 4 years (average price £561,095). These new build homes typically have an internal area of 152 m2, with an average price of £3,696 m2. This £sqm average is £-64 below the average for CM8 1. New builds typically command a £ per sqm premium. In the case of Adams 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 Witham 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
11, Helford Court, Witham £295,000
Sep-2023
87 3,390
33, Ness Walk, Witham £270,000
Sep-2023
80 3,375
31, Ness Walk, Witham £163,802
Sep-2023
77 2,127

See the entire list of all sales in Witham (CM8 1) here.

About

HouseMetric is a hobby, created out of a desire to see data and analysis not present on any free to use website. It is still a work in progress and I'll add more stuff in the near future.