Feb 07, 2023 by HM

House prices in Mile End (CO4 5)

This article reveals price per square metre data and various charts to help you understand current housing market in Mile End (CO4 5).


Price per square metre

Knowing the average house price in Mile End 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. 1 Parsonage Cottages, Parsonage Hill, Mile End, Colchester, sold for £410,000 on Sep-2023. Given the internal area of 107 square metres, the price per sqm is £3,831.

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 426 sales in Mile End (CO4 5) that took place in the last two years.

Distribution of £ per sqm for Mile End (CO4 5)
Distribution of £ per sqm house prices in Mile End

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 Mile End (CO4 5). Of the 426 transactions, half were sold for between £3,080 and £4,110 per square metre. Notably, only 25% of properties that sold recently were valued at more than £4,110m2. 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 'CO4 5' is £3,520. The table below shows how 'CO4 5' compares to neighbouring postcode sectors.

Postcode sector Lower quartile Middle quartile Upper quartile
CO4 3 Colchester £2,890m2 £3,400m2 £4,040m2
CO4 5 Mile End £3,080m2 £3,520m2 £4,110m2
CO4 9 Highwoods £3,570m2 £4,150m2 £4,510m2
CO4 0 Colchester £3,210m2 £3,650m2 £4,130m2
CO4 6 Colchester £3,380m2 £3,850m2 £4,350m2

Will Mile End 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 CO4 5 (Mile End). 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 CO4 5 and the blue dots are the individual property sales that inform this trend.

Price per square metre in Mile End (CO4 5) over time
House price trends for Mile End

Hover on any blue dot to see details of specific sales

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

Price map for Mile End

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 Mile End. 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 Mile End
House price heatmap for Mile End

Street level data

Street Avg size Avg £/m2 Recent sales
Bergholt Road, Mile End, CO4 5A 78m2 £3,370 52
Propelair Way, Mile End, CO4 5Y 66m2 £2,773 30
Kirk Way, Mile End, CO4 5Z 89m2 £3,240 24
Axial Drive, Mile End, CO4 5R 74m2 £3,078 24
Springham Drive, Mile End, CO4 5F 87m2 £2,972 24
Mill Road, Mile End, CO4 5L 82m2 £3,800 23
Mile End Road, Mile End, CO4 5D 92m2 £3,319 22
Nayland Road, Mile End, CO4 5E 80m2 £3,484 20

Search for your street here.

New build activity

Street Avg size Avg £/m2 New build sales
Hill Farm Way, Mile End, CO4 5R 109m2 £3,570 17

Hill Farm Way, Mile End, CO4 5R has seen 17 new build sales in the last 4 years (average price £395,772). These new build homes typically have an internal area of 109 m2, with an average price of £3,570 m2. This £sqm average is £50 above the average for CO4 5. New builds typically command a £ per sqm premium so this is normal.

Raw data

Our analysis of Mile End 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
1 Parsonage Cottages, Parsonage Hill, Mile End, Colchester £410,000
Sep-2023
107 3,831
46, Titus Way, Mile End, Colchester £270,000
Aug-2023
59 4,576
345, Mill Rd, Mile End, Colchester £392,500
Aug-2023
113 3,473

See the entire list of all sales in Mile End (CO4 5) 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.