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doesn’t mean you can get away with woodchip wallpaper and outdated fixtures and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.
Follow The Buy-To-Let Property Investment Market in Chichester
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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:
Chichester Property Market LinkedIn Page for Clive Janes
CRJ Letting Agents Chichester Facebook Page
CRJ Letting Agents Chichester Twitter Page
Chichester Investment Property Management Specialist CRJ Letting Agents Website
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