What the Census can tell us about Chichester property

It seems a distant memory that a little under five years ago we were filling out our Census forms, but as the final chunks of data about property are released it’s becoming a real treasure trove of information.

Information is vital when making decisions on what (or not) to buy when investing in property. So let’s take a look at Chichester’s figures as a whole (correct as of March 2011’s census).  

In the city there are a total of 49,848 households, of which just under seven out of ten are owner occupied (33,481 to be precise or 67.2%).

20,210 of these households don’t have a mortgage to worry about, meaning 40.5% of Chichester households are owned outright by the occupant (compared to 31% nationally).

This not only reflects the relative affluency throughout the city (and perhaps a nod to its demographics) but is also important when considering the future of its housing market.

You see, the biggest impact upon house prices could be an increase in interest rates. But, as there’s a greater percentage of Chichester households without mortgages, a rate rise will have less impact on the overall market. This should help insulate Chichester from any sharp drop in property prices.

I’m also clearly interested in the number of renters and what this suggests about the strength of the local rental market. With 6,356 householders renting their home (12.8%) compared to nearly 15% nationally, you may think Chichester’s rental market is a little weak.   

In actual fact it has positively boomed over the previous decade, increasing by a whopping 51.3% since the 2001 Census.

But, has this additional supply led to a glut of rental properties, the result of which would drive down rents?

In the lettings industry, it is recognised there will always be 5% of the rental market up for rent at any one time. This means there should be 318 properties to let today in Chichester (5% of 6,356 as mentioned above). I am pleased to tell you there are only 154 as I write this article, confirming rental property in Chichester is becoming an ever sought after commodity due to this under-supply.

That doesn’t mean you can get away with woodchip wallpaper and outdated fixtures and fittings though. Tenants are becoming more discerning in the properties they rent. However, present your Chichester property to a good standard whilst pricing it right and you should do very well.

If you are considering becoming a landlord or are looking to add to your current portfolio, feel free to contact me for a chat about how the local market is performing right now. 

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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.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:

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