Colchester has a buoyant local housing market…
New Homes for a Growing Population
Colchester’s build rate reflects the Council’s willingness to work with developers to bring schemes forward, including a flexible approach to scheme cost appraisals, and to ensure quality of place so that communities can emerge and develop solid foundations too.
Colchester benefits from having an Adopted Local Plan which ensures that growth is taking place in a programmed way. This approach is also important in the Borough’s visionary role in pursuing the consideration of new Garden Communities as a way of addressing future long term growth across North Essex.
This approach would allow for the provision of high quality communities together with transformational new infrastructure, comprehensive networks of green space and considerable local economic growth opportunities.
Help to Buy equity loans
From 2013 to 2015 Help to Buy equity loan enabled 614 households to buy of which 511 were first time buyers of new homes.
Growth is expected to continue with a further 9454 net additional dwellings projected between 2015/16 to 2028/29.
Turnover of properties
There is a buoyant local housing market with turnover of properties 4% higher than neighbouring authorities in 2015/16.
Affordable housing units
259 affordable housing units were delivered in 2014/15 which represented 26.2% of all new homes delivered.
For those households that want more flexibility, there is a strong private rented sector which has more than doubled in the last 10 years.