Feb 07, 2023 by HM
House prices in Colchester (CO2 7)
This article reveals price per square metre data and various charts to help you understand current housing market in Colchester (CO2 7).
Price per square metre
Knowing the average house price in Colchester 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 areaE.g. Flat 47 Lancer House, Butt Road, Colchester, sold for £330,000 on Sep-2023. Given the internal area of 53 square metres, the price per sqm is £6,226.
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 395 sales in Colchester (CO2 7) that took place in the last two years.
Distribution of £ per sqm for Colchester (CO2 7)
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 Colchester (CO2 7). Of the 395 transactions, half were sold for between £3,010 and £3,870 per square metre. Notably, only 25% of properties that sold recently were valued at more than £3,870m2. 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 'CO2 7' is £3,410. The table below shows how 'CO2 7' compares to neighbouring postcode sectors.
|Postcode sector||Lower quartile||Middle quartile||Upper quartile|
|CO2 9 Colchester||£3,010m2||£3,260m2||£3,850m2|
|CO2 8 Colchester||£2,820m2||£3,250m2||£3,860m2|
|CO2 0 Layer De La Haye||£3,490m2||£3,900m2||£4,350m2|
|CO2 7 Colchester||£3,010m2||£3,410m2||£3,870m2|
Will Colchester 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 CO2 7 (Colchester). 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 CO2 7 and the blue dots are the individual property sales that inform this trend.
Price per square metre in Colchester (CO2 7) over time
Hover on any blue dot to see details of specific sales
Disclaimer: The data provided throughout this website about Colchester 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 Colchester data or any other data I am given.
Price map for Colchester
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 Colchester. 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.
Street level data
|Street||Avg size||Avg £/m2||Recent sales|
|Circular Road South, Colchester, CO2 7U||68m2||£2,577||36|
|Lisle Road, Colchester, CO2 7S||70m2||£3,015||31|
|Kensington Road, Colchester, CO2 7F||82m2||£3,555||30|
|Londinium Road, Colchester, CO2 7N||78m2||£3,024||30|
|Winchester Road, Colchester, CO2 7L||76m2||£2,921||26|
|Canterbury Road, Colchester, CO2 7R||73m2||£3,248||26|
|Layer Road, Colchester, CO2 7J||86m2||£3,635||21|
|Bourne Road, Colchester, CO2 7L||74m2||£3,216||21|
Search for your street here.
New build activity
|Street||Avg size||Avg £/m2||New build sales|
|Butt Road, Colchester, CO2 7W||72m2||£3,761||23|
Butt Road, Colchester, CO2 7W has seen 23 new build sales in the last 4 years (average price £201,039). These new build homes typically have an internal area of 72 m2, with an average price of £3,761 m2. This £sqm average is £351 above the average for CO2 7. New builds typically command a £ per sqm premium so this is normal.
Our analysis of Colchester 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.
|Flat 47 Lancer House, Butt Rd, Colchester|| £330,000
|23, Wavell Avenue, Colchester|| £740,000
|49, Meyrick Crescent, Colchester|| £277,500
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.