Thursday 17 September 2015

Semi-detached houses seem best in Chichester

I was speaking with a prospective landlord the other day who wanted my opinion on what type of property would be best to buy in Chichester.

Many new landlords opt for flats as they are available at a lower purchase price and are believed to give comparatively stronger yields.

With a current median rent of £800pcm for a flat in Chichester, that equates to a yield of 4.5% based on the current average value of a flat (£215,073). This does indeed outperform terraced houses, which on average offer a 4.2% return and detached properties, which yield just 3.4%.

Interestingly though, it is actually the semi-detached houses that offer the highest average yield in Chichester. The median rent of a semi-detached house in Chichester is currently £1,270pcm. This equates to a superior 4.8% rental return based on a current average value of £314,851 for a semi-detached home in Chichester.

This doesn’t necessarily tell the full story of course. If you are selective about which property you buy you should outperform these averages whatever type of property you buy.

Ordinarily a higher yielding property generally brings with it a lower chance of capital growth.

It is here, however, that semi-detached properties have broken the norm. In the past one, five, ten and twenty year periods, semi-detached houses in Chichester have outperformed all other property types in the capital growth stakes.

In the past year the average semi-detached home in Chichester has increased a massive 9.55% in value. This compares to 1.94% for flats and 1.71% for terraced houses. Detached properties have actually seen a 3.02% drop in their average value over the past 12 months.

Looking back over the longer-term shows semi-detached homes in Chichester have leapt in price from £78,516 in 1995 to £314,851 today (an increase of 301%).

This just beats terraced houses 300% increase from £77,005 in 1995 to £308,021 now. Detached properties come next with a 257% increase from £148,966 in 1995 to £531,810 currently. Flats are lagging behind with an increase of ‘just’ 252%, rising from an average value of £61,100 in 1995 to today’s figure of £215,073.

If you’re thinking of investing near Chichester and would like some free advice about what particular property might give you the best returns, please get in touch.

(This article was featured in the Chichester Observer's property section on 17th September 2015)

Clive Janes, CRJ Lettings.


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