MORE than 40 residential properties sold for eye-watering sums of money in Colchester over the past year, it has been revealed.

Researchers from Property Solvers have found 48 homes in the CO postcode area were taken off the market for more than £1 million in the 12 months to September.

According to the home buying company and auctioneer, which used HM Land Registry to collate the data, the total of the sales was more than £61 million.

This represents a decrease of 32 per cent when compared to the same period between 2020 and 2021, when £85.5 million worth of properties were sold.

The most expensive property was in Church Road, Frating, which was shifted for £1.85 million, while the second highest sold for £1.75 million in Dedham.

In terms of the number of properties sold over £1 million, Colchester is positioned at number 53 when compared to other areas of England, Scotland and Wales.

Ruban Selvanayagam, co-founder of Property Solvers, said: “Even for the wealthy, properties over £1million are a major commitment.

“With inflationary pressures and rising interest rates, it would not be too much of a surprise to see a continued cooling off across the high-end property market.”