What type of property sells the best in Chichester?

This article was featured in The Chichester Observer's property section on 20th November 2014.

One piece of the jigsaw when looking to buy a property is to identify how long you will keep it for. I’ve bought properties in the past near busy roads, train tracks and electric pylons for their impressive yields, knowing it’s a longer-term strategy as they won’t sell as easily.

I was asked recently by a landlord (with a shorter outlook in mind) what property in Chichester would sell the easiest if we should encounter another property slump and they needed to release funds? Everything will sell at the ‘right’ price, even in a slump, but I did some research and this is what I found…

Of the 437 properties in Chichester on the market for sale, 254 are still available whilst 183 of them have found buyers looking forward to receiving the keys to their new home. This means 42% of property on the market in Chichester has a buyer (compared to 40% in Midhurst & Petworth and 38% in Bognor Regis).

Delving deeper shows that, in Chichester, only 37% of detached houses on the market have a buyer lined up. This compares to 43% for both semi-detached and terraced houses and an impressive 47% of flats that have been snapped up already.

Presuming this meant price was very much the determining factor as to how quickly something sells (there’s seemingly more demand from the smaller properties), I thought I’d take a look at this too.

Half of all the properties in Chichester under £250,000 have sold, subject to contract. This compares to 43% of £250,000-£500,000 homes and 26% of properties priced above £500,000 (only two out of eleven (18%) properties above £1m have sold).

Focusing on the ‘under £250,000’ category, it seems that houses are actually more popular than flats, as 55% of terraced houses have sold versus 50% of flats.

Taking this a step further, you can also work out how saleable the properties in a particular street are by looking at how many sales there have been in the street versus the total number of households.

The removal vans have visited Stockbridge Road the most in the past 19 years, with 390 sales. This is unsurprising though, as it is the most populated street in Chichester, with 333 homes.

More impressive is the 101 homes of Chatsworth Road, which have changed hands 194 times in the same 19 years. Indeed, there are three properties for sale there now, of which two have already sold; both terraced houses priced below £250,000.

I am happy to talk to both existing and prospective landlords on what to buy for investment. I love analysing data to get the facts that can lead to the very best advice for my landlords.

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