What’s for sale in Chichester?

There are 862 properties listed for sale in Chichester on Rightmove currently. 570 are still available to buy, whilst the other 292 have been sold (subject to completion). However, when you start to browse through these properties, you notice there are a lot of mobile homes (that can’t be used as a permanent residence), retirement flats (that are only good for people of a certain age), shared-ownership homes (that aren’t available to everyone) and properties advertised for ‘cash buyers only’ (which won’t apply to most). When you take all of these out of the mix, you’re left with just 456 properties to choose from.

Those looking to buy a three-bedroom home have the most choice, with 175 currently for sale (mostly terraced houses). Meanwhile those at the lower-end of the market looking for a one-bedroom property have the least to choose from, with just 24 on offer (all of which are flats).

Of course, what you can buy will largely depend on your budget. The cheapest of the 456 mortgageable properties that are suitable for non-retirees, can be called your own and lived in all year round, is a one-bedroom flat above shops if The Hornet, priced at ￡139,000.?

At the other end of the scale, the most expensive property for sale in Chichester today (despite having had ￡300,000 knocked off the price since it was listed last Spring) is a five-bedroom Grade II listed home in Lions Street, priced at ￡2,350,000. Located in the heart of the city, the property dates back to the early 1700’s and was honoured with a Chichester Heritage Award in 2016.?

Assuming your budget is somewhere in-between those two extremes, it might be useful to know that the average property marketed for sale in Chichester is priced at ￡425,000, which is 8% higher than the average figure from twelve months ago (￡395,000).?

Breaking the average down by property type provides a good indication of what your budget is likely to be able to afford in Chichester:

Interestingly, the average price of flats and three-bed houses have declined in the past year, whereas the other property types have risen (with two-bed houses having done so most strongly).?

This suggests it is primarily the lower end of the market that has been hit with property price drops, whereas the higher end of the market has remained resilient. This is likely because inflation and rising interest / mortgage rates are having a greater impact on the lower-income households who are further down the property ladder.

A lot has been said about a rush at the start of the year to purchase property before stamp duty increases in April. It is likely too late for most sales agreed now to get through conveyancing in time to beat the hike, so it fits that more supply is coming to and sticking on the market. It will be interesting to see whether prices are affected going forward, especially if mortgage rates do not drop as quickly as many had hoped.

If you’re thinking of investing in buy-to-let and would like some free advice about whether your local area can meet your needs, please get in touch.

For more tips about buying, selling, letting, and renting in Chichester, please visit www.chipropertynews.co.uk

E-mail me on [email protected] or call 01243 624 599