What is ‘average’ in Chichester’s property market?

The national newspapers love averages. The average property in the U.K is now worth £184,682, up an average of 4.2% from last year.

In fact, most people love to look at “what is average” as a gauge to how they compare. But the averages used in the national media doesn’t really help us to understand our local property market.

When it comes to Chichester property, we are very much above average in comparison to the rest of the U.K.

The average property price in the U.K (£184,682) would be firmly at the lower end of Chichester’s property market, where the average property is worth £390,788.

Currently on the market at this price range in Chichester your options could vary from a two bedroom period mid-terrace house near the City centre (1,054 square feet) or a four bedroom modern detached townhouse behind St Richard’s hospital (1,518 square feet).

With Chichester’s average salary being £25,801 (less than the U.K’s £26,500 average salary) it is clear that the ‘average’ Cicestrian would struggle to afford that ‘average’ local property.

In fact, with the average sale price of £350,258 being 13.5 times the local salary, Chichester is one of the most unaffordable places to live in the country. Brighton was recently given that accolade, with the average property there costing 15 times the local average salary.

This goes to show that it is very difficult for the ‘average’ person to purchase a property in Chichester, leading to more people wanting to or needing to rent in the City. Between 2001 and 2011 the number of people renting in Chichester increased 25%!

The average rent in Chichester sits at £925 per month, setting the benchmark for ‘average’ as a two bedroom flat or house. It also suggests that around 43% of a local employee’s salary is being spent on rent (this is slightly misleading of course, as many households will contain more than one breadwinner).

This is why national averages don’t really help that much when it comes to understanding what is happening in our local property market. For updates that are relevant to you, you can subscribe to my weekly ‘Chichester Property News’ e-newsletter free of charge at www.tinyurl.com/crjlettingssubscribe or feel free to pick up the phone and call me for a chat.

(This article was featured in the Chichester Observer's property section 

on 29th October 2015).

Clive Janes, CRJ Lettings.  

www.crjlettings.co.uk

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