Thursday, 9 October 2014

Property values in Chichester jump over £30,000 in a year


CRJ Lettings column in Chichester Observer property newspaper

This article was featured in The Chichester Observer's property section on 9th October 2014.

Property price growth has accelerated in Chichester over the past year, with the average property value in the area now standing at £359,461, compared to £328,998 a year ago (an increase of £30,463 or 9.3%).

This compares favourably to both the UK average (up £15,392) and other destinations in West Sussex, where Horsham has increased by £24,304, Worthing £22,194, Crawley is up £15,027 and Bognor Regis only £8,043.

Destinations in Hampshire have also been outshone as Winchester has seen a lower increase of £20,541, Petersfield is up £14,864, Portsmouth £15,091 and Southampton ‘just’ £11,904.

Whilst it’s not quite kept pace with the wild increases seen in London, Chichester’s property prices are now at their highest level ever, with the past year’s increase even outstripping the local average salary of £27,369.

This has meant that getting on the property ladder has become even more difficult in the area as first time buyers struggle to keep up with the booming property prices. They are either having to stretch their finances further in order to buy, or continue to sit out of the market as they continue saving for an ever increasing deposit.

This situation has led to opportunities for buy-to-let investors, as there is an even stronger demand for good quality rental accommodation throughout the city. This, coupled with the ability to access the increasing equity in their current properties, has led to some landlords being able to take advantage of the current opportunities and increase their property portfolios.

If you would like some advice about investing in Chichester or need assistance letting your property, please get in touch.

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This article was taken from CRJ Lettings’ latest issue of ‘Chichester Property News’. This report contains several of my (recently updated) articles plus the latest average property values and rental yields in Chichester. You can download it now from my website (www.crjlettings.co.uk/download).

Also, if you enjoy hearing about the latest goings on in the property market, you may like to sign up to my new weekly newsletter. Along with an article about the local market, I’ll highlight a few snippets of property news from the week. It’ll also contain the latest average rental values being achieved on the market plus a ‘buy-to-let deal of the week’.

You can sign up for this newsletter via my website or by sending me an e-mail with your details. I’ll then make sure you receive the latest property news and information each week.

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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:


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

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