Feb 07, 2023 by HM

House prices in Elmstead (CO7 7)

This article reveals price per square metre data and various charts to help you understand current housing market in Elmstead (CO7 7).


Price per square metre

Knowing the average house price in Elmstead 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. 128, Holly Way, Elmstead, Brightlingsea, sold for £350,000 on Sep-2023. Given the internal area of 114 square metres, the price per sqm is £3,070.

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 130 sales in Elmstead (CO7 7) that took place in the last two years.

Distribution of £ per sqm for Elmstead (CO7 7)
Distribution of £ per sqm house prices in Elmstead

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 Elmstead (CO7 7). Of the 130 transactions, half were sold for between £3,200 and £4,370 per square metre. Notably, only 25% of properties that sold recently were valued at more than £4,370m2. 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 'CO7 7' is £3,880. The table below shows how 'CO7 7' compares to neighbouring postcode sectors.

Postcode sector Lower quartile Middle quartile Upper quartile
CO7 0 Brightlingsea £2,810m2 £3,260m2 £3,870m2
CO7 7 Elmstead £3,200m2 £3,880m2 £4,370m2
CO7 6 East Bergholt £3,680m2 £4,230m2 £4,970m2
CO7 9 Wivenhoe £3,740m2 £4,250m2 £4,710m2
CO7 8 Alresford £3,230m2 £3,720m2 £4,340m2

Will Elmstead 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 CO7 7 (Elmstead). 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 CO7 7 and the blue dots are the individual property sales that inform this trend.

Price per square metre in Elmstead (CO7 7) over time
House price trends for Elmstead

Hover on any blue dot to see details of specific sales

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

Price map for Elmstead

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 Elmstead. 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 Elmstead
House price heatmap for Elmstead

Street level data

Street Avg size Avg £/m2 Recent sales
Lucerne Road, Elmstead, CO7 7Y 80m2 £3,845 14
Meadow Close, Elmstead, CO7 7H 55m2 £2,822 13
Church Road, Elmstead, CO7 7A 143m2 £3,608 13
Holly Way, Elmstead, CO7 7Y 87m2 £3,719 13
Colchester Road, Elmstead, CO7 7N 87m2 £3,366 12
Clacton Road, Elmstead, CO7 7A 159m2 £2,891 8
Old School Lane, Elmstead, CO7 7A 79m2 £3,631 8
Tokely Road, Elmstead, CO7 7G 88m2 £3,493 7

Search for your street here.

Raw data

Our analysis of Elmstead 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
128, Holly Way, Elmstead, Brightlingsea £350,000
Sep-2023
114 3,070
6, Church View, Elmstead, Brightlingsea £515,000
Aug-2023
189 2,724
3, Market Close, Elmstead, Brightlingsea £373,000
Aug-2023
94 3,968

See the entire list of all sales in Elmstead (CO7 7) 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.