A look at the Colchester property market in 2016
The UK property market experienced a lot of changes in 2016 and the market had to withstand a lot of issues throughout the year. Now that we are into 2017, there is an agreement that there is now a sense of stability about the property market and that while some areas suffered, things could have been a lot worse in the property market.
Of course, while we talk about the property market as a single entity, this is far from the case. There are often places that experience great changes or notable changes while others do not. Colchester is an area that is regarded as being on the up, even with the market as a whole experiencing some difficulty or pressure.
As of January 2017, the average property price for Colchester stood at £309,324 which presented a rise of 8% on the figure at the start of 2016. The value change stood at £22,905 so the average property price at that time was £286,419.
Over the past 12 months, the average price paid in Colchester has stood at £272,736 with close to 4,000 property sales being made in this period of time.
The Colchester property market is one that has been growing sharply for a while and there are a number of factors involved in this outcome.
Quick transport links to Stratford and London Liverpool Street ensure that Colchester is highly regarded as a commuter location for the heart of London. There is also easy access to the A12 which ensures that Colchester is a destination that allows fast and simple transport.
Work in Colchester
The rise in the local economy has drawn a growing number of people and families to the area. With a greater chance of finding work or people looking to be located closer to their work, the Colchester property market has experienced a significant rise in demand.
One area where Colchester has developed is with respect to the creative industries. A report issued in the second half of 2016 has seen Colchester listed as the 8th best place in the entire country for drawing people to work in the creative industry. Affordable property is always important in reaching out to these professionals and this industry but there has been action over and above property pricing to make the area more attractive and hospitable to this sector.
The overall success of change in Colchester can be seen in the ranking of 20th spot, for the whole of the UK, with respect to high concentration and growth. Both of these findings were issued in a report called The Geography of Creativity in the UK, issued by Creative England and NESTA.
New build properties
There have been a number of property developments in Colchester in the past year, which is always going to have a positive impact on the property market. The west and north of the area have benefitted from a number of new developments, and these are handily located for commuters and people looking to travel to and from Colchester on a regular basis.
Colchester is an area that is going places for people who are going places and this can be seen in the local property market.
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