Over
the last 12 months in Colchester average property values have risen from £246,000
to £257,600 a rise of £11,600 or £223 per week. When I looked at some of the
surrounding areas, Ipswich has had a slightly lower than average increase in
property values, at around £192 per week (as the average value of a Ipswich
property has risen from £207,400 to £217,400) , whilst Clacton-on-Sea has had a
slightly lower rise of around £113 per week (taking an average property in Clacton-on-Sea
from £169,000 to £174,900).
Interestingly,
when one looks at the percentages, Ipswich has performed the best, rising by 4.8%
in the last 12 months, compared to Colchester at 4.7% and Clacton-on-Sea at 3.5%! It is,
nonetheless, a rise in all the town’s average property values which suggests
the market is increasing steadily in our area, but especially Colchester– good
news for home owners and landlords alike.
However,
back to Colchester, long term property values which track peaks and troughs are
more helpful to landlord investors. The questions I seem to be asked on an
almost daily basis by landlords are:-
·
“Should I sell my property in Colchester, or even buy another?”
·
“Is the time right to buy another buy to let property in Colchester and
if not Colchester, where?”
·
“Are there any property bargains out there in Colchester?”
When
considering this landlord’s buy to let portfolio, yields can be in the order of
an average 3.5% to 6% per year, depending where you buy, so combine that with
steady rental growth, excellent increases in capital values of the properties
themselves and it could be a good time to invest in the property market in Colchester
as property values start to rise.
If you would like some advice about buying to let,
be you a landlord with a portfolio or someone thinking of investing in the rental
market, do
what a number of other Colchester landlords do and visit the Colchester
Property Blog where I discuss the Colchester property market, how Colchester
compares with its neighbouring towns/ rivals, and at the same time, I can hopefully
answer the three questions above. I don’t bite, I don’t do hard sell, I will
just give you my honest and straight talking opinion. If you ever passing, do
pop in and see
me at our office on 2-4 Headgate, Colchester or telephone me on 01206 76 76 73.
