Why Are Properties in Colchester Not That Expensive?

If you’re thinking of selling your property in Colchester or perhaps thinking about buying, you might have noticed that property prices in Colchester are relatively affordable compared to other nearby places. In June 2024 the average house price in Colchester was £310,000, a hefty £29,000 less than the average price in the East of England (£339,000).

This affordability can come as a surprise. After all, there is plenty to like about Colchester — its charm, history and plenty of green spaces to name just a few. 

However, there are several reasons why property prices in this historic Essex city have remained more affordable than elsewhere. Let’s take a look at these factors, so you can make a fully informed decision about your next property move.

The geographical sweet spot

Colchester’s geographic position is important here. Being a one-and-a-quarter-hour train journey from central London it’s within London’s commuter belt — but not close enough to the capital to send the prices spiralling sky-high.

We get how for some, the slightly longer commute can be a dealbreaker, especially for those who can afford to pay through the nose for a few more minutes in bed in the morning. This reality keeps demand — and therefore asking prices — a bit lower. 

So, if value for money, a bit more space per person, and a slower pace of life are high on your list but London’s a part of your life too, Colchester offers the best of both worlds: London nearby, without the massive price tag.

A steady economy

Don’t get us wrong — Colchester’s economy is growing, but it’s not booming. The job market is steady, driven by essential sectors such as education, healthcare and retail, but here seven-figure salaries are few and far between, unlike a certain nearby capital city we could mention.

Colchester’s house prices reflect that slow-burn economic situation, meaning that buyers looking to get the most bang for their buck should seriously consider buying here.

There are some works in progress

Colchester has so much to offer: An array of dining options, thriving schools, plenty of shops, and a surprising number of cultural spots.

That said, when it comes to high-end facilities and infrastructure it’s still playing catch-up with some of its neighbours. As Colchester continues to develop and the amenities continue to improve, we can expect to see prices rise, meaning the sooner you’re able to buy here, the better.

Colchester is well-connected by train to London, giving it that all-important commuter-friendly status. In terms of more local transport links Colchester definitely falls into the ‘work in progress’ category, happily it seems to improve year on year.

Proudly working-class at heart

Colchester’s known as a working-class place, and this has influenced its property market and resulted in lower prices. Even now that the city is evolving and growing, this reputation has helped keep a level of affordability that you might not find in areas that are considered more upmarket.

And honestly, we think this working-class spirit is part of Colchester’s charm. We love its strong sense of community and tradition, and the fact you can become a part of it without breaking the bank.

Are you looking to buy or sell in Colchester?

Whether you’re buying or selling in Colchester, understanding the factors that influence property prices can help you make better decisions. If you’re selling, affordability can attract buyers, but sometimes it’s true that lower prices could affect your sale.

At SellHouseFast.co.uk, we understand the Colchester property market inside out. We appreciate what makes place special, and as experienced cash house buyers our uniquely personal, transparent service helps people like you sell your house fast and at a fair price. 

If you’re thinking of selling your property in Colchester let’s have a chat. We’re here to make the process as smooth and stress-free as possible.