A housing study has revealed the fastest and slowest place to sell a property across Colchester.

Professional house buying firm Property Solvers’ speed of sale tool, has revealed that it is taking between 80 and 100 days to sell a property in CO postcodes in Colchester.

Updated monthly, the latest dataset analysed dozens of properties during January.

The statistics track the moment a property is listed on the UK’s largest property portal Rightmove to the point it is marked as officially ‘sold’ at the HM Land Registry.

Properties were selling the fastest in the CO7 postcode, which covers the likes of Wivenhoe, Alresford and Brightlingsea, as 63 homes in this area took 78 days to sell on average.

In the CO6 postcode, out of the 32 tracked properties, home sellers were waiting 103 days on average from listing to completion.

It comes as the housing market has had its strongest start to the year since 2005, according to an index. 

Annual house price growth increased to 11.2% in January 2022, accelerating from 10.4% in December 2021, Nationwide Building Society said.

But it said it is likely that the property market will slow this year.

Gazette:

Reduced housing affordability is likely to dampen market activity and house price growth, as people’s household budgets are also squeezed by the wider surge in living costs, it warned.

Robert Gardner, Nationwide’s chief economist, said: “Annual house price growth accelerated to 11.2% in January, the strongest pace since June last year, and the strongest start to the year for 17 years.

“Prices rose by 0.8% month on month, after taking account of seasonal effects, the sixth consecutive monthly increase.”

Across the UK, the average house price in January was £255,556.