Making money from property in Chichester

Most property commentators are starting to talk of the property market flattening out after an exuberant 2014 (average values in Chichester are up 8.4% in 12 months).

I thought it would be interesting to investigate whether there’s still money to be made in Chichester’s property market and this is what I found out.

It seems timing is everything in property, in several different ways.

Long-term owners are making significant gains; a 4-bed detached house in Stockbridge Road bought for £60,000 in 2000 sold in May for £620,000; a whopping 933% increase!

Then there are those that timed the market right, whether by luck or judgement, as they bought at the lows of 2008-2010. The owners of the 3-bed mid-terrace in Franklin Place who paid £250,000 in 2010 but sold it this year for over £400,000 made a gain of 62% in 4 years!

Then there's the true property 'flips'; the short-term developers who look to buy, renovate and sell on for profit. It’s harder to tell the true 'profits' without knowing what was spent on refurbishment, but two properties that were bought in 2013 and sold again earlier this year rose by 14% and 21% respectively in the process.

Property’s not all a one-way bet however, as there are numerous examples of properties selling for less than the previous owners had paid.

A beautiful 3-bed apartment in Church Road sold when it was new in 2005 for £239,950. Earlier this year it sold for just £211,500, an 11.9% drop in value some nine years later!

Even buying at the supposed ‘market low’ doesn’t necessarily guarantee financial success. Whilst the average property in Chichester has increased by 12% since 2010, earlier this year some smart buyer picked up a 2-bed flat on the Marchwood estate for £2,000 less than the £262,000 the previous owners had paid 4 years earlier.

In spite of these examples, I was speaking to a landlord this week when he said to me there were no property bargains for him to buy in Chichester.

On the market right now in fact is a 3-bed detached house in Donnington, advertised for sale at £279,995. When new in 2006 it had sold for over £297,000, so I think this offers great value now (along with a potential 5% yield).

As I don’t sell property I’m happy to give some free impartial advice to would-be investors to help find a property that suits their requirements.

I also reveal a ‘buy-to-let deal of the week’ on my blog and 3 days earlier in my free weekly property e-newsletter, which you can sign up to on the CRJ Lettings website or by e-mailing me.

___________________________________

If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:

Follow The Buy-To-Let Property Investment Market in Chichester

Chichester Property Market LinkedIn Page for Clive Janes

CRJ Letting Agents Chichester Facebook Page

CRJ Letting Agents Chichester Twitter Page

Chichester Investment Property Management Specialist CRJ Letting Agents Website

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

__________________________________