Latest prices in Chelmsford for Detached properties
The latest figures show that the average price for a Detached property in Chelmsford has now reached £665,101 as of Feb 2024. This value is based upon the average value of completed property transactions in the month of February.
Average prices for a Detached property have increased substantially over the longer term in Chelmsford. Back in January 1995, prices for this type of property averaged £106,805 based on sales at the time. Fast forward to January 2024, and averages reached £667,980 - representing a growth of 525% over 29 years.
This substantial triple-digit percentage rise in Detached property values far outpaced broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep price inflation seen for Detached homes in Chelmsford over the past 3 decades.
Our data is sourced directly from HM Land Registry and their UK House Price Index report. This dataset is updated several times a year and we always attempt to have the most up to data information available.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
Detached prices in Chelmsford over the last 12 months
Date
Price
Apr 2023
£680,313
May 2023
£668,649
Jun 2023
£676,057
Jul 2023
£687,042
Aug 2023
£701,692
Sep 2023
£691,901
Oct 2023
£673,795
Nov 2023
£672,501
Dec 2023
£656,678
Jan 2024
£667,980
Jan 2024
£667,980
Feb 2024
£665,101
Recent trends for prices in Chelmsford
The latest figures from February 2024 indicate the property market in Chelmsford continues to show rising price trends. Compared to January, 2024, average prices increased by 0.3% to £385,117. On an annual basis, average property prices have decreased -1.2% since 12 months ago.
In terms of sales activity, there were 97 residential property transactions completed in Chelmsford during February, 2024. Of these purchases, 56 were financed with a mortgage while 20 were all-cash sales. For cash buyers, average prices have changed by 0.1% since January, 2024, coming in at around £358,627. For properties purchased with a mortgage, the average price changed by 0.3% since January, 2024, to £395,142.
Compared to the overall picture in its national parent England, the average property price in Chelmsford are higher than the current national average of £297,735. While Chelmsford saw a change of 0.3% over the last month, England as a whole recorded a percentage change of 0.6% in average property values. And on an annual basis, prices across England have contracted by -1.1%, more than the -1.2% yearly change seen in Chelmsford.
Interested in purchasing a property in Chelmsford? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Chelmsford by housing type
Prices last recorded in February, 2024
average
£385,117
detached
£665,101
flat
£230,758
semi-detached
£423,704
terraced
£333,031
Prices by housing type in Chelmsford
Recent data shows that price growth has varied across different property types in Chelmsford over the last year. For terraced houses, property prices changed by 0.3% between February 2024 and January 2024 to reach £333,031, and changed by -2.2% over the last 12 months. The annual change was greater than the -1.7% change seen for terraced homes in England overall.
Meanwhile, semi-detached properties saw a rise in average prices locally, taking them to £423,704 in January 2024. This represents a 0.3% change from the same month last year.This is underperforming the 0.2% annual change in semi-detached values across the country.
Detached homes in Chelmsford lost 0% month-over-month to reach an average of £665,101. Annually, detached property values have changed by -1.7%. This is weaker price growth compared to England's -0.5% change for detached houses over the year.
For apartments and flats, average prices increased by 0.5% between February and January 2024, hitting £230,758. Over the last 12 months, apartment values have changed by -0.2%, surpassing England's flat and apartment growth rate of -2.8%.
Overall, flat properties have seen the strongest price momentum locally over the past year, with a change of -0.2%, while terraced properties lagged, with a change of -2.2%.
Recent purchases in Chelmsford
According to data from HM Land Registry, there were 97 completed property purchases in the area of Chelmsford in February 2024. Of these sales, 20 were recorded as cash purchases whilst 56 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by -1.1% and the percentage of properties purchased with cash has changed by -1.9%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in chelmsford.
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