May 10
19
The Colchester property market is experiencing an abundance of empty flats as buyers are holding out on getting mortgages until they find their ideal family home in Essex. Traditionally first time buyers in the area were around 20 years old and took their first step on the property investment ladder by purchasing a flat. However, the recent difficulties facing first time buyers looking to secure a mortgage has led to the ideal demographic skipping the first step and holding out for a larger property.
Unfortunately, Colchester has focussed regeneration efforts in Myle End and The Hythe on apartment buildings, which remain unoccupied as younger people continue to rent. Experts in the property market have reported an increased number of rentals in Colchester and mortgage brokers have noticed that the demographic of first time buyers has changed dramatically.
Rather than young singles purchasing flats in their late teens and early 20s, first time buyers now tend to be families where the parents are in their mid to late twenties looking for a family home. This means that the push to build apartments to meet the desires of first time buyers has backfired. All is not lost however, as there are plenty of ideal candidates who could snap up these properties as interest rates on mortgages on Essex properties remain low.
Colchester is a popular commuter town, and as property prices in London rise faster than anywhere else in the UK, city professionals would be the ideal residents for the plethora of empty flats in the town. This means there is a fantastic opportunity for property investors who want to cash in on the thriving rental market. Anyone interested in taking out buy to let mortgages for flats available in Colchester should speak to a local mortgage advisor and developers to find the best deals available.
