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