Thursday 1 October 2015

Where have Chichester's two-bed houses gone?

As I type this, there are only 9 two bedroom houses available to rent in the whole of Chichester!

Considering two bed houses are among the most requested type of property by prospective tenants I come across, it is amazing that there are only 9 to choose from in Chichester (with its 14,091 households).

This compares to 21 one bedroom flats, 23 two bedroom flats and 21 three bedroom houses. Even those looking for a less-often requested four bedroom house have 8 to choose from.

Demand for rental property in Chichester is high but overall supply is low, with several tenants often wanting to rent each property as it becomes available. It also helps answer the question from concerned first-time landlords who worry whether their rental property will let.

I often advise new landlords that a decent buy-to-let purchase in Chichester would be a two bedroom house in the £200,000-£220,000 price range. You often found this type of property on Arundel Park, which would rent for around £850pcm to provide a 5% yield.

Unfortunately, I haven’t seen one of these for sale in a long time! The cheapest two bedroom house currently for sale in Chichester has an asking price of £250,000. Bizarrely, this is more expensive than the cheapest three bedroom house in Chichester (£239,995). In fact there are only 27 two bedroom houses currently for sale in Chichester, compared to a somewhat healthier supply of 63 three-bedroom houses.

These figures clearly demonstrate the lack of two bedroom houses available in Chichester, particularly at the more affordable end of the spectrum.

Additional two bedroom houses becoming available in Chichester in the future doesn’t look likely as developers simply aren’t building many anymore!  Why would they when they can make a plot a couple of feet wider or add an extra storey on top to create additional bedrooms (and a higher sale price).

Of all the new-builds in Chichester on Rightmove right now, this is the mix of properties:
1 x studio flat
5 x one bed flats
10 x two bed flats
7 x two bed houses
20 x three bed houses
23 x four bed houses

3 of the 7 two bedroom houses are not even available to the wider public (or buy-to-let landlords) as they are shared-ownership only.

If you’re a landlord with a two bedroom house in Chichester, bear in mind that you have the upper hand against the agents; so make sure you’re getting a good service in return for handing over your highly sought-after asset.

chichester observer property headline

(This article was featured in the Chichester Observer's property section on 1st October 2015).

Clive Janes, CRJ Lettings.


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