COLCHESTER has been revealed to be among one of the cheapest places to buy a property in Essex.

Analysis from estate agent Nested showed house prices in the historic town are now more affordable than the county’s regional average.

The UK’s average house price currently sits at £274,712, having risen by about £25,000 in the past year, while the average price in the county of Essex is 29 per cent higher at £353,218.

Meanwhile, the average house price in Colchester, one of England’s most popular towns, is slightly lower than the county average at £342,737.

This means, although Colchester’s housing market is 25 per cent more expensive than the UK’s overall market, it does come in at three per cent more affordable than the average across Essex.

It follows a busy year for the town’s housing market in 2021, where there were 3,518 transactions in Colchester.

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Of these, 20.7 per cent were in the CO4 postcode area, 15.4 per cent in the CO3 postcode area and 15 per cent in the CO7 postcode area.

Andy Thripp, area partner for Nested, Colchester, said: “Colchester is always going to be in-demand from homebuyers, largely thanks to the amount of people leaving London in search of a better quality of life with more space and less stress, not to mention more bang for the buck when it comes to buying a home.

“Excellent commutability thanks to frequent, direct trains to London, excellent schooling for all ages, and the surrounding beauty of a truly historic town - one would think these things combine to make Colchester a very expensive place to live.

“But yet prices remain significantly lower than the Essex average. Such affordability only works to further increase buyer demand.

“This is all great news for current owners who might be thinking about selling their Colchester home, but not so great to buyers hoping to secure a great deal on their perfect home.

“The offers that are being received are towards the top end if not above the listed price. My advice to buyers is to offer sensibly and quickly to avoid disappointment.”