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 areaE.g. 1 Parsonage Cottages, Parsonage Hill, Mile End, Colchester, sold for £410,000 on Sep2023. 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)
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 £4,110m^{2}. 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  £2,890m^{2}  £3,400m^{2}  £4,040m^{2} 
CO4 5 Mile End  £3,080m^{2}  £3,520m^{2}  £4,110m^{2} 
CO4 9 Highwoods  £3,570m^{2}  £4,150m^{2}  £4,510m^{2} 
CO4 0 Colchester  £3,210m^{2}  £3,650m^{2}  £4,130m^{2} 
CO4 6 Colchester  £3,380m^{2}  £3,850m^{2}  £4,350m^{2} 
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
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.
House price heatmap for Mile End
Street level data
Street  Avg size  Avg £/m^{2}  Recent sales 

Bergholt Road, Mile End, CO4 5A  78m^{2}  £3,370  52 
Propelair Way, Mile End, CO4 5Y  66m^{2}  £2,773  30 
Kirk Way, Mile End, CO4 5Z  89m^{2}  £3,240  24 
Axial Drive, Mile End, CO4 5R  74m^{2}  £3,078  24 
Springham Drive, Mile End, CO4 5F  87m^{2}  £2,972  24 
Mill Road, Mile End, CO4 5L  82m^{2}  £3,800  23 
Mile End Road, Mile End, CO4 5D  92m^{2}  £3,319  22 
Nayland Road, Mile End, CO4 5E  80m^{2}  £3,484  20 
Search for your street here.
New build activity
Street  Avg size  Avg £/m^{2}  New build sales 

Hill Farm Way, Mile End, CO4 5R  109m^{2}  £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  m^{2}  £/m^{2} 

1 Parsonage Cottages, Parsonage Hill, Mile End, Colchester  £410,000
Sep2023

107  3,831 
46, Titus Way, Mile End, Colchester  £270,000
Aug2023

59  4,576 
345, Mill Rd, Mile End, Colchester  £392,500
Aug2023

113  3,473 
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.