COLCHESTER house prices have risen more than the regional and national average in the past year after increasing slightly in August.

House prices in Colchester increased by 0.6 per cent in August with an average price of now £309,760 according to new Land Registry Figures. 

This rise is part of a longer-term trend which has seen property prices grow by 3.1 per cent over the last year which is an equivalent to £9,300.

This is a higher annual rise than the East of England average,1.4 per cent, and the UK average of 2.8 per cent.

However, Colchester buyers paid 10 per cent less than the average price in the East of England, £344,000, in August.

This is partly due to the most expensive properties in the East of England including houses in St Albans which at £589,000 on average are 1.9 times the price as in Colchester. 

Colchester is now ranked the 10th area out of 45 local authorities in the East of England’s for known data for annual growth.

This is in contrast to March when Colchester was ranked 33 out of 45 local authorities in the East of England with known data for annual growth.

The highest annual growth in the region was in Broxbourne, where property prices increased on average by 8 per cent by £406,000.

The lowest annual growth was in Castle Point which saw a 6.8 per cent reduction, giving a lower average price of £350,000.

First-time buyers in Colchester spent an average of £263,500 on their property which is £9,700 more than a year ago and £37,600 more than in August 2019.

Meanwhile, former owner-occupiers paid £344,500 on average in August – 30.7% more than first-time buyers.

Owners of terraced houses saw the biggest rise in property prices in Colchester in August with prices increasing in August by 0.9 per cent and up annually by 3.9 per cent, to be worth £272,087 on average.

Detached houses saw the lowest rise being up 0.1 per cent monthly, 2.1 per cent annually and are worth £509,235 on average

Semi-detached houses were up 0.6 monthly, up 4.2 per cent annually, and are worth £331,634 on average.

While flats were up 0.9 per cent monthly, up 2.4 per cent annually and are worth £177,087 on average.