Now is the time to think about selling

Essex County Standard: Now is the time to think about selling Now is the time to think about selling

HOUSE prices in Colchester are set to rise by 6 per cent next year, according to estate agents.

Research by the property website Zoopla has revealed the average house price in the town is £236,039, only a 1 per cent increase from December last year. It is the third lowest rise in the country.

However, estate agents believe prices will shoot up in the next 12 months.

John Palmer, managing director of Palmer and Partners, said: “We will see an improvement next year. Prices will rise by about 6 per cent in Colchester.

“It is not a boom, but it is nice and healthy.

“House prices in London are ridiculous so I think we will see people migrating to Colchester and Chelmsford as alternatives because they are cheaper.

“The Help to Buy scheme will also fuel demand.”

Nationally, the average increase in house prices over the past year is 4.4 per cent and 4.7 per cent in the east of England.

House prices in Colchester are still just below the national average of £244,289.

Mr Palmer said London prices had skewed the figures.

He said: “It’s been a good steady market this year. We’ve matched our sales figures from 2008. The last five years have been tough, but we’re back to those levels now.

“New developments help stem the need, but there is still not enough second-hand homes.

“Not everyone wants to buy a new build.”

David Knight, sales manager at Jackson and Co, is also expecting house prices to go up next year.

He said: “We’re almost defintely looking at an increase in prices next year.

“The market has picked up in the past three months. November was fantastic.

“We always know when there is a rise in the market because properties that had had no interest get four of five viewings a week.”

Mr Knight predicted a rise of between 3 and 5 per cent next year. He said: “People are more confident in investment.

“People who were looking to rent are buying with 5 per cent deposits.

“I think it will be very busy next year because there are so many people looking to buy.”

Essex estate agent Haart recorded a 2.7 per cent house price rise.

Paul Smith, chief executive, added: “The property market in Colchester is far more buoyant this year than last, in part fuelled by the Help to Buy scheme which means more people can afford a mortgage.

“We’re also achieving around 97 per cent of the asking price for properties.

“It’s a very steady picture, one which will please buyers who are wanting to get on or move up the housing ladder.

“However, because of pent up demand, we could see house prices rising more quickly in months to come so it’s now a very good time to put your house on the market.”

Comments (4)

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9:09am Tue 17 Dec 13

pinkteapot says...

Estate agents think that more people should sell their houses. Shocking.
Estate agents think that more people should sell their houses. Shocking. pinkteapot

9:39am Tue 17 Dec 13

creditcrunch2010 says...

However you look at the situation the simple fact is house price have far outstripped earning for years. The recent attempt to give buyers a helping hand has been dropped no sooner than being introduced. This is because it sounded like a good idea and in reality is a recipe for disaster. The has created a short tem artificial boost to house prices pushing them up. Just wait in a few years time when the interest rate goes up and watch the problems unfold!
However you look at the situation the simple fact is house price have far outstripped earning for years. The recent attempt to give buyers a helping hand has been dropped no sooner than being introduced. This is because it sounded like a good idea and in reality is a recipe for disaster. The has created a short tem artificial boost to house prices pushing them up. Just wait in a few years time when the interest rate goes up and watch the problems unfold! creditcrunch2010

2:56pm Tue 17 Dec 13

romantic says...

This might be good news if you own a house and want to sell up and move north. If you're a first-time buyer (as my kids may want to be in not so very long), it is not such good news. The recession was aided and abetted by people defaulting on their mortgages. So what do we do: push the market with an artificial boost, leaving people stranded when interest rates rise in a year or two. Another classic boom and bust, already the seeds of it are being sown.

What is actually needed is more council housing, available to ordinary working families. This would make buy to let (which also massively inflates the housing market) less attractive. Buy to letters snap up precisely the houses which first-time buyers would go for. This also pushes up rental costs, making it that much harder to save for a deposit.

Help to Buy must be great if you are one of those who will benefit, and I daresay I'd jump at it in their situation, but it is basically creating an artificial bubble, and the one lesson of childhood we all remember is that the bubbles always pop in the end.

From Zoopla's angle, naturally they want people to keep selling, as they get commission each time.
This might be good news if you own a house and want to sell up and move north. If you're a first-time buyer (as my kids may want to be in not so very long), it is not such good news. The recession was aided and abetted by people defaulting on their mortgages. So what do we do: push the market with an artificial boost, leaving people stranded when interest rates rise in a year or two. Another classic boom and bust, already the seeds of it are being sown. What is actually needed is more council housing, available to ordinary working families. This would make buy to let (which also massively inflates the housing market) less attractive. Buy to letters snap up precisely the houses which first-time buyers would go for. This also pushes up rental costs, making it that much harder to save for a deposit. Help to Buy must be great if you are one of those who will benefit, and I daresay I'd jump at it in their situation, but it is basically creating an artificial bubble, and the one lesson of childhood we all remember is that the bubbles always pop in the end. From Zoopla's angle, naturally they want people to keep selling, as they get commission each time. romantic

2:39am Wed 18 Dec 13

Boris says...

romantic is right. We need council houses for rent, with no discounts for right-to-buy tenants. We also need fair rent controls. These would squeeze out a lot of the buy-to-let merchants.
For an estate agent, rising house prices are good news. For normal human beings, falling house prices are good news.
romantic is right. We need council houses for rent, with no discounts for right-to-buy tenants. We also need fair rent controls. These would squeeze out a lot of the buy-to-let merchants. For an estate agent, rising house prices are good news. For normal human beings, falling house prices are good news. Boris

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